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Gold/Mining/Energy : Houston Lake Mining [HLM-ASE]
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To: Jebby Jiggs who wrote ()4/30/1998 12:10:00 PM
From: Jason Marcotte  Read Replies (1) of 364
 
FOR FURTHER INFORMATION PLEASE CONTACT:
Houston Lake Mining Inc.
E. Grayme Anthony
President
(705) 897-7622
(705) 897-7618 (FAX)
e-mail: houston@vianet.on.ca
The Alberta Stock Exchange has neither approved nor disapproved
of the information contained herein.

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS

FOR: HOUSTON LAKE MINING

ASE SYMBOL: HLM

APRIL 23, 1998

Private Placement Financing

CALGARY, ALBERTA--Houston Lake Mining Inc. ("Houston Lake") is
pleased to announce that the company is raising funds on a best
efforts basis through a non-brokered private placement to take
place in Ontario only. The company will offer up to 2,450,000
common shares at a price of $0.25 for maximum gross proceeds of
$612,500. Proceeds will be used for working capital purposes to
advance exploration on the Dogpaw Lake Gold Property (70 percent
option from Canadian Arrow Mines Limited), and for preliminary
exploration on the Puddy Lake Platinum Property (100 percent
option), and Tib Lake Palladium Property (100 percent option)
located in northwestern Ontario.

The private placement price of $0.25 per common share represents a
16.6 percent discount to the closing price of $0.30 on April 22,
1998. All shares subscribed will be subject to a hold period of
one year. The private placement will endeavor to be at
arm's-length. However, Directors and Insiders may participate to
maximize the proceeds in the event the private placement is not
fully ubscribed for. Houston Lake is in the process of submitting
the required form of Notice of Proposed Private Placement as
required by The Alberta Stock Exchange. The private placement is
subject to approval of the Alberta Stock Exchange.

The common shares of Houston Lake Mining Inc. trade through the
facilities of the Alberta Stock Exchange under the symbol HLM and
the common shares of Canadian Arrow Mines Limited trade through
the facilities of the Canadian Dealers Network in Toronto under
the symbol CAML.
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