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Gold/Mining/Energy : SOUTHERNERA (t.SUF)

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To: GULL who wrote (808)	4/6/1998 3:11:00 PM
From: VAUGHN	Read Replies (1) of 7235

Hello Gull Interesting news, thank you. Here is a bit more..... NEWS RELEASE DRILL ARRIVES AT MUNN LAKE April 6, 1998 Press Release #10-98 Island-Arc Resources Corporation has been informed by SouthernEra Resources Ltd. that the diamond drill is now on site at Munn Lake. Drilling will begin through the ice on Munn Lake late Tuesday night or early Wednesday morning. During the exploration phase of this drill program, 10 to 13 targets will be tested under Munn Lake and three newly defined targets will be drilled under a nearby portion of Margaret Lake to the east. The two lakes are separated by less than two kilometers. The search under a bay on Munn Lake is designed to find the source of the "Yuryi" diamondiferous kimberlite float boulders found near the shore of Munn Lake last summer. The Margaret Lake drilling will test targets defined by bathymetric surveys and lake bottom sediment geochemical sampling carried out during the winter to follow up on indicator mineral trains down ice that lead to Margaret Lake. Upon discovery of a kimberlite pipe in the exploration phase of the current program, it is planned to bring in a second drill so that the discovery pipe(s) can be delineated as to extent and grade while the remaining targets are drilled. Ice conditions are expected to permit at least 6 to 7 weeks of drilling from lake ice. The current drilling program is the culmination of an exploration program on the Back Lake Project which has been ongoing for over five years and cost nearly $5,000,000. Both Munn Lake and Margaret Lake are part of the Back Lake Project. SouthernEra Resources Ltd. is the operator of the project, with a current interest of 70%. Island-Arc Resources Corporation has a 10.62% interest, carried to a production decision. Kalahari Resources Ltd. holds the remaining 19.38% carried interest. ON BEHALF OF THE BOARD OF DIRECTORS OF ISLAND-ARC RESOURCES CORPORATION "Lawrence D. Barr" Lawrence D. Barr President Regards

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