PALLAUM MINERALS LTD. NEWS RELEASE: February 13, 1998
Alberta Stock Exchange Trading Symbol: PLM
PROJECT UPDATE, SPRING 1998
NEVADA
Geological reports and recommendations are being received from the Company's geologists, David Blake, and Peter Leriche of Reliance Geological Services Inc. Details of the proposed 1998 work programs, including drilling, will be released upon finalization.
Pallaum is committed to a solid exploration program in Nevada this year to further develop its Nevada properties, including a proposed drill program on the CVP and Bullion Mountain Properties. Pallaum will also initiate additional work programs on the recently acquired 100% option on five Nevada properties (see News Release dated June 16, 1997). The W property, which hosts widespread gold mineralization, including an intersection of 110 feet of 1.41 g/t gold reported from a shallow drill program carried out in 1987.
The Company is committed to the development of its Nevada properties in search of multi-million ounce gold deposits.
SOUTH VOISEY'S BAY
A major work program, including drilling, is being planned for the 1998 exploration year on the Company's South Voisey's Bay properties. Details will be released when available.
STOCK OPTIONS
The Company has granted stock options to two individuals in the aggregate of 150,000 shares at an exercise price of $0.74 per share (based on today's closing price), exercisable over a two year period. This transaction is subject to Exchange acceptance and will be filed on an expedited basis.
ON BEHALF OF THE BOARD
Stanley R. Ford, P.Eng., MBA
President
Telephone: (604) 687-5257 úFacsimile: (604) 687-0384 úToll Free: 1-800-895-2211 e:mail: mcrowther@pallaum.com
ú Mark A.H. Crowther, Corporate Development |
