Off the wire this morning:
Wednesday May 29, 9:28 am Eastern Time
Press Release
SOURCE: Twin Mining Corporation
Twin Mining Reports First Quarter Results
Samples Confirm Encouraging Quality and Quantity of Diamonds of Jackson Inlet.
TORONTO, May 29 /CNW/ - Twin Mining Corporation ("Twin Mining") (TWG:TSX) today reported that results of diamond extractions during the first quarter of fiscal 2002 are very encouraging for further exploration of the Jackson Inlet property. Sample results from the kimberlite drill core of the Freightrain pipe indicate not only the reproducibility of actual results but also the presence of larger diamonds at depth (see press release Feb. 7, 2002). The two largest stones recovered measured 2.08 x 1.43 x 0.94 and 2.02 x 1.43 x 0.21 mm.
Diamond extraction and analysis for six mini-bulk samples was completed in March. The total weight of diamonds extracted now exceeds 50 carats. The largest diamond recovered so far was a 1.557-carat stone. There are 30 stones larger than 0.25 carats throughout the mini-bulk samples.
The results of the kimberlite samples for the TORNGAT dyke system will be known in the second quarter.
As a result of the recent strength of the gold price, Twin Mining will reactivate its Atlanta Gold Mine Project in Idaho, which has measured mineral resources of 18,042,000 tonnes at 1.9 g/tonne of gold (more than 1,000,000 ounces) (see Annual Report 2001).
Hermann Derbuch, Twin Mining's Chairman, President & CEO, stated, "We are very pleased with our first quarter results. They confirm our investor's confidence and willingness to invest. With the sudden change in gold prices and the activation of the Atlanta Gold Project, we expect the year to be better than anticipated a couple of months ago. Our future looks bright and our present is secure. We currently have Can. $1.6 million in cash on the balance sheet, no debt and gold and diamond markets are very buoyant."
Twin Mining, in addition to exploring the Jackson Inlet diamond project on Baffin Island and the TORNGAT diamond project on the east side of Ungava Bay in northern Québec, also holds a gold mining project in Idaho, United States of America.
Regards
Vaughn |
