Pallaum Minerals (ASE:PLM) Message Board

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Gold/Mining/Energy : Pallaum Minerals (ASE:PLM)

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To: Peter J Smit who wrote ()	9/18/1997 7:34:00 PM
From: Lloyd	of 536

Below is Pallaum's news release on the CVP and CVP wedge properties. This is excellent news to anyone who has done their DD on what is developing on these properties. For further information you can reach me at mcrowther@pallaum.com or at 1-800-895-2211. NEWS RELEASE: SEPTEMBER 18, 1997 UPDATE ON CRESCENT VALLEY PROPERTIES IN NEVADA The Company is continuing exploration on its properties in Crescent Valley, Nevada, immediately adjacent to Placer Dome's nine million ounce Pipeline deposit in north central Nevada. The focus of this exploration was the CVP Wedge and the CVP property. These properties lie between Placer Dome's Pipeline Mine and Cortez Mine. The objective of the most recent programs was to determine bedrock depth below surface in the Crescent Valley. Initial seismic studies completed in May gave more detailed information on the CVP Wedge property than on the CVP property. One hole was drilled on this property with the objective to test Utah Geophysic's prediction that upper plate bedrock was at 1000 feet; the bedrock would be siliceous or an altered zone; and the bedrock would be faulted at the drill location. The drilling confirmed this seismic interpretation. The bedrock was encountered at a depth of 1015 feet and anomalous gold was encountered from 1000 to 1225 feet and from 1600 feet and 1700 feet. Anomalous gold indicates that this area has the potential to host significant gold mineralization. Drilling on the CVP Wedge confirms all goals and expectations. The results of the seismic studies, further interpretation of previous gravity studies and drilling on the CVP Wedge property have identified a target that may host significant gold mineralization similar to the Pipeline deposit on the CVP main property. The Company is currently determining the most effective locations and type of drilling to fully test the CVP property for gold mineralization. Previous gravity studies indicated that depth to bedrock was probably greater than 5000 feet. In analyzing gravity studies certain information must be assumed. If the density of limestone rather than granite is used for the analysis, the depth to bedrock would be similar to that indicated by seismic study. The subsurface target area appears to lie within the Cortez-Gold Acres window of lower plate carbonate rock in a material similar to that which hosts the Pipeline deposit, being less than 1000 feet below the surface of the Valley. The CVP property has been optioned from Cimarron Minerals and the Company has the right to earn up to a 75% interest in the property. Advanced stage negotiations continue with major mining companies for two of the Company's properties. The Company is currently exploring on its other Nevada properties and will continue through the fall. ON BEHALF OF THE BOARD "Stanley R. Ford" Stanley R. Ford, P.Eng., MBA President

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