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

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To: Valuepro who wrote (2197)	11/17/1998 5:56:00 PM
From: RBMac	Read Replies (1) of 7235

From stockhouse ISLAND-ARC RESOURCES CORP ("IAR-V;IARKF-L") SOUTHERNERA RESOURCES LTD ("SUF-T;SOARF-L") - SouthernEra Resources Updates Back Lake Diamond Project Lawrence D. Barr, President of Island-Arc Resources Corp., reports that SouthernEra Resources gave a presentation on the Back Lake Diamond Project on behalf of Island-Arc earlier this month. The company is very optimistic that the source of the diamond bearing kimberlite boulders at the Yuryi Occurrence will be found underneath the adjacent Munn Lake. This year's exploration program will total $1.0 million and begin in mid-February. Some other highlights from the talk are: Yuryi Diamond Occurrence - the Yuryi boulders are up to 25 meters in size. - their size and texture strongly suggest the source to be a kimberlite pipe and not a dyke. - indicator mineral trains and a glacial study indicate the source of the Yuryi boulders lies underneath Munn Lake. - sampling from the Yuryi boulders found 226 diamonds including 62 macro diamonds. - forty per cent of the garnets are G-10s' in composition, which is among the highest ratios in the world; typically eighteen to twenty-five per cent G-10s' are found in the Lac de Gras area. 1999 Sonic Drilling Program - the company will complete sonic drilling in a series of drill fences on the ice of Munn Lake at about 100 meter centres to sample the glacial till and drill up to three meters into bedrock. - this drilling is designed to intersect either kimberlite bedrock or define a cut-off to the indicator mineral train that contains the Yuryi boulders. - up to fifteen drill holes will be done per twelve hour shift. - a cut-off to the indicator mineral train will more accurately outline a prospective area for the Yuryi source. - the most promising obvious target is a lake bottom depression in Munn Lake located 300 meters up ice from Yuryi. - SouthernEra will set-up an on-site sample operation to quickly process and pick indicator minerals from till samples collected by the sonic drill with results expected within 36 hours. - Monopros will establish an auxiliary ice road from the main Lac de Gras winter road to their Kennedy Lake Project which will go through Munn Lake within one kilometer of the SouthernEra camp; SouthernEra expects a cost savings of twenty per cent from this road which means more money for the drill program. Margaret Lake Indicator Mineral Trains - three indicator mineral trains have been outlined on the west side of the lake, but none have been found on the east side suggesting the kimberlite source is under Margaret Lake. Other Back Lake Highlights - twenty geophysical anomalies in Munn Lake remain to be drill tested. - the shallow depths of Munn Lake (up to 20 meters) will not hinder any mine development. The Back Lake Project is held by SouthernEra Resources (70.0%), Island-Arc Resources (10.62%) and Kalahari Resources (19.38%). Kennecott has a back-in right to a 30% interest from SouthernEra's interest. TEL: (604) 682-4488 Lawrence D. Barr, President FAX: (604) 682-8728 E-MAIL: islandarc@islandarc.com TOLL FREE: 1-800-868-4788

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