Here it is:
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: INTERNATIONAL LARDER MINERALS INC.
CANADIAN DEALING NETWORK SYMBOL: LRDR
JANUARY 10, 1997
International Larder Minerals Inc. - Exploration Update
TORONTO, ONTARIO--
ALDER POND PROJECT - Maine, USA
International Larder Minerals Inc. ("Larder") is funding the first
$300,000 US of an exploration program, which is being operated by
Prospector's Alliance Corp. ("PAL") as part of its option to earn
50 percent of PAL's interest in the property.
To year end 1996 PAL has completed 10 vertical diamond drill holes
totalling 4,350 feet on its 1,796 acre optioned base metal Alder
Pond Property, 30 miles south of Jackman, in Somerset County.
The drill program currently underway is designed first to increase
drill indicated reserves in the Main Zone from the previous drill
indicated reserve total of 243,000 tons averaging 18.5 percent
zinc, 3.5 percent copper and 1.0 percent lead (all above a
vertical depth of 400 feet) and second to seek additional reserves
elsewhere on the property.
As previously reported, vertical hole no. AP-96-100 encountered
the Main Zone at 210.0 feet and continued in massive sulphides
until 248.4 feet for a total drill core length of 37.6 averaging
6.5 percent zinc, 0.3 percent lead, 1.9 percent copper, 2.6 ounces
silver per ton and .006 ounces gold per ton followed by 26.6 foot
core length of 0.8 percent zinc, 0.1 percent lead, 0.5 percent
copper, 0.6 ounces silver per ton and .001 ounces gold per ton for
a combined core length of 64.2 feet averaging 4.1 percent zinc,
0.2 percent lead, 1.3 percent copper, 1.8 ounces silver per ton
and .004 ounces gold per ton.
Vertical hole no. AP-96-101 situated 100 feet southeast along the
strike hole no AP-96-100 encountered the Main Zone at 174.6 feet
and continued in massive sulphides until 238.1 feet for a total
drill core length of 63.5 feet averaging 12.7 percent zinc, 0.1
percent lead, 2.0 percent copper, 1.5 ounces silver per ton and
.006 ounces gold per ton followed by 22.9 foot core length of 1.0
percent zinc, 0.1 percent lead, 1.9 percent copper, 0.7 ounces
silver per ton and .001 ounces gold per ton for a combined core
length of 86.4 feet averaging 9.6 percent zinc, 0.1 percent lead,
2.0 percent copper, 1.3 ounces silver per ton and .004 ounces gold
per ton.
Additional assay results on the other eight holes are expected to
be released, not earlier than mid-January.
Diamond Drilling which resumed on the Alder Pond Property on
January 6, 1997 is planned to further delineate the Main Zone and
commence further assessment of the deeper South Zone situated
southeast of the Main Zone at vertical depths of 500 to 1,000 feet
along the same mineralized andesite-rhyolite volcanic contact.
Geological reserves totalling 949,999 tons of 10.9 percent zinc,
2.4 percent copper and 0.7 percent lead were inferred by the
previous owner from four diamond drill holes.
QUEBEC JOINT VENTURE - BLUE EMERALD RESOURCES INC.
In October 1996, Larder announced a joint venture with Blue
Emerald Resources Inc. on a total of 160 claims in Capriquet,
Urban and Souart Townships, of Quebec. The companies commenced an
exploration program on these properties in December, 1996 which is
to include linecutting and geophysical survey work. The program
is budgeted at $160,000 and is scheduled for completion in
February, 1997.
DEBENTURE CONVERSION AND PRIVATE PLACEMENT FINANCING
The Company also announces that $1,252,901 of its outstanding
convertible debentures have today been converted into 8,352,675
common shares of the Company. The balance of the outstanding
debentures (convertible at $0.15 per share) is $653,986.
In addition the Company also announces that in order to fund its
ongoing exploration commitments, it has negotiated a private
placement of up to 6,000,000 units at $0.20 per unit, where each
unit comprises on common share and one common share purchase
warrant entitling the holder to purchase an additional common
share at $0.25 per share for two years.
Upon completion of the private placement, the Company will have a
total of 60,122,081 common shares outstanding.
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