To all......You may have seen this but I just found it. Good luck:
FOR FURTHER INFORMATION PLEASE CONTACT:
Mountain Lake Resources Inc.
A.E. Sheito
President
(902) 542-9773
(902) 542-4442 (FAX)
Web site - mountain-lake.com
The Vancover Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: MOUNTAIN LAKE RESOURCES INC.
VSE SYMBOL: MOA
MAY 20, 1997
Mountain Lake Resources Inc. - Drilling And Exploration
Commences In South Africa
TORONTO, ONTARIO--Mountain Lake Resources Inc. ("MOA") is very
pleased to report on drilling and exploration activity regarding
its interests in South Africa.
Mountain Ash Diamond Project - Drilling to Commence
The Mountain Ash project owned by Mountain Ash (Pty) Limited, is a
joint venture of Ashton Mining Ltd. (51%) and MOA (49%). On May
5, 1997, Mountain Ash was granted a prospecting permit for its
newly acquired Hartbeestlaagte 146 IP property. On May 19, 1997,
Ashton Mining Ltd. as operator, will begin a 5,000 metre
percussion drilling programme to determine the tonnage of
diamondiferous gravel on these two concessions.
Mountain Ash's alluvial diamond project is comprised of three
contiguous concessions, Nootigedacht 131 IP, Zwartrand 145 IP and
Hartbeestlaagte 145 IP, which together total 132 km2. A palaeo
channel (buried stream) structure containing diamondiferous gravel
crosses all three concessions. Preliminary work, including past
sporadic production, indicates this is a highly prospective
project.
Ashton Mining Ltd. conducted an initial drilling programme on the
Nooitgedacht 131 IP concession in August/September, 1996, which
indicated the presence of 18 million tons of diamondiferous
gravel. Upon completion of this latest drilling programme by
Ashton Mining Ltd., the next step in the exploration process will
be a 50,000 ton bulk sample from all three concessions to
determine the grade of the entire deposit and the average value of
the diamonds recovered, followed by a mining feasibility study.
Moii River Diamond Project - Trenching and Diamond Recovery
An intense systematic exploration programme is in progress
consisting of back-hoe trenching along the north-south strike axis
of the river basin. To date, 14 diamonds weighing a total of 13
carats have been recovered from random spot sampling of the
diamondiferous gravel. The largest gem quality diamond, weighed 4
carats and the small parcel of diamonds was evaluated at U.S. $251
per carat. Since we are still in the exploration phase, the
remainder of the gravel resulting from the trenching will be
processed after the production decision is taken.
The Mooi River alluvial diamond project is 100% owned by MOA and
comprises seven contiguous concessions totalling 80 km2 located
approximately 75 km west of Johannesburg. The Mooi River alluvial
gravels have historically produced in excess of 260,000 carats of
excellent quality gem diamonds worth an estimated U.S. $80 Million
and exploration activities to date confirm this as a highly
prospective project.
MOA is an international resource company specializing in high
potential mineral exploration projects and currently is actively
exploring for diamonds, gold and base metals in Canada, the United
States and South Africa.
On Behalf of the Board of Directors
"Allen E. Sheito"
President |
