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Gold/Mining/Energy : Churchill Resources Ltd.

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To: Augie Goldspechkt who wrote (20)	7/18/1997 6:20:00 PM
From: Augie Goldspechkt	of 23

Up 30% & HALTED - NEWS RELEASE: ****************************************************************** NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: GREYSTAR RESOURCES LTD. VSE SYMBOL: GSL AND CHURCHILL RESOURCES LTD. VSE SYMBOL: CHK JULY 18, 1997 Greystar and Churchill Resources Announce Drilling Results VANCOUVER, BRITISH COLUMBIA--Greystar Resources Ltd. (GSL-VSE) and Churchill Resources Ltd. (CHK-VSE) announce results from two diamond drill holes, SI-97-13 and AL-97-2, from their Angostura Project in North-Eastern Colombia. SI-97-13 was collared 90 meters ESE of the collar of hole SI-97-11. The hole was drilled to further explore the 300x500-m (1000x1600- ft) area located South of and adjacent to the Road to El Silencio (See News Release of 25 June 1997). The geology of the gold-bearing sections intersected by hole SI-97- 13 consists of silicified porphyry often brecciated, carrying pyrite as stockwork of stringers and disseminations. Small chert sections and fault zones often coincide with gold mineralization. /T/ SI-97-13 Total Depth 450m Inclination - 60 degrees Bearing 165 degrees From To Interval Interval Gold - Fire Gold - Fire Depth Depth (m) (ft) Assay (g/t) Assay (opt) (m) (m) 35 51 16.0 52.5 0.83 0.024 76 87 11.0 36.1 1.39 0.041 128 138 10.0 32.8 2.38 0.069 166 191 25.0 82.0 3.18 0.093 including 181 191 10.0 32.8 6.98 0.204 205 219 14.0 45.9 2.33 0.068 381.15 404 22.9 74.9 1.43 0.042 /T/ AL-97-2 was drilled 160 m SES of the collar of hole AL-97-1 (See news release of 11 July 1997). The hole was terminated prematurely at 422.5m (1385-ft), due to a mechanical break-down. To date, drilling completed at La Alta shows important near surface widths carrying both high grade gold values and gold disseminations averaging one to two grams per tonne. Gold mineralization occurs mostly in pyritized, silicified or argillized porphyry. Brecciated chert sections adjacent to faults almost invariably carry gold. /T/ AL-97-2 Total Depth 422.5m Inclination - 50 degrees Bearing 140 degrees From To Interval Interval Gold - Fire Gold - Fire Depth Depth (m) (ft) Assay (g/t) Assay (opt) (m) (m) 11.5 51.5 40.0 131.1 1.35 0.039 95.5 127 31.5 103.3 1.08 0.031 147 151 4.0 13.1 1.72 0.050 248 251 3.0 9.8 1.18 0.034 292.55 305 12.5 40.8 1.48 0.043 310 312 2.0 6.6 2.11 0.062 361.2 374 12.8 42.0 4.25 0.124 Including: 361.2 363 1.8 5.9 16.01 0.467 /T/ Please visit the Greystar website at greystarresources.com for location maps and other Angostura information. The Angostura Project is a 50/50 joint venture between Greystar and Churchill, with Greystar being the operator. The shareholders' meetings to approve the proposed amalgamation between Greystar and Churchill will be held in Vancouver, Monday 21 July 1997. -30-

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