ITL Capital Corp. Message Board

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Gold/Mining/Energy : ITL Capital Corp.

ICL 5.435

+0.7%

12:06 PM EST

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To: David R Girotto who wrote (131)	6/8/1998 11:55:00 PM
From: RBMac	Read Replies (1) of 173

Corporate Bulletin ITL Capital is pleased to announce that its agreement to earn a 50% interest in the Durham-McEwen property in the Red Lake mining camp from Rupert Resources has been extended from three to four years. The Company has already spent $550,000 on the property and will be required to expend $1.8 million over the four year life of the agreement. The Company expects to resume drilling at the Durham-McEwen property this summer. The collar location for the second hole has been moved two kilometers to the south near the boundary with the adjoining Goldcorp property which hosts one of the highest grade gold discoveries in North America. The Goldcorp discovery zone is less than one mile from the boundary with the Durham-McEwen property. Goldcorp recently announced proven, probable and possible reserves at the Goldcorp Mine of 1.865 million ounces averaging 0.74 ounce per ton. Within this reserve is a higher grade reserve of 1.284 million ounces averaging 1.31 ounces per tonne. All of these reserves were calculated using a gold price of $US300 per ounce and the grade estimate is believed to be conservative given Goldcorp’s stringent approach to cutting high grade assay values. ITL Capital completed a deep drill hole last year on the property which proved conclusively that the deformation zone hosting the high grade mineralization at the Goldcorp Mine extends onto the Durham-McEwen property. The Company’s property is the largest and most strategically located of any junior company in the Red Lake camp. The Campbell Red Lake Mine, the most profitable operation in the Placer Dome stable of operations, is located approximately three kilometers to the northwest. The site location for Hole No. 2 will allow the joint venture to test a wide cross section of the Goldcorp deformation zone, providing the greatest opportunity yet to produce tangible drill results from the property. ITL Capital also holds the right to earn a 50% interest in the CJ claim group in the Northwest Territories. This property adjoins claims of the same held by Mountain Province Mining which are being explored by Monopros, the exploration arm of De Beers Consolidated Mines. ON BEHALF OF THE BOARD OF DIRECTORS DONALD HUSTON President and Director THE VANCOUVER STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

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