Labrador report in response to negative drill results
Labrador International Mining Ltd
LAB
Shares issued 10,973,308
1999-01-21 close $0.06
Friday Jan 22 1999
Also Curion Ventures Corp (CUV)
Also Pallaum Minerals Ltd (PLM)
Mr. Eugene Larabie reports
The company has received an interim report from Donner Minerals regarding work undertaken on the
Labrador Nickel Syndicate (Labrador International Mining 50 per cent, Pallaum Minerals 25 per cent,
GlobeNet Resources 25 per cent) Adlatok River 2 property in South Voisey's Bay, Labrador. The report
is in response to negative drill results achieved on the LNS Adlatok River 2 property.
Geophysical data supplied to Labrador International Mining by the exploration contractor, Donner
Minerals, formed the basis for a decision to drill an exploratory hole in December 1998. On Dec. 6,
1998 a drill hole commenced, which was stopped at 200 metres on Dec. 9, 1998. No formation was
intercepted which accounted for the anomalous response indicated by the PEM geophysical program.
Donner Minerals and its subcontractor, in an effort to explain this inconsistency, undertook to conduct a
repeat PEM survey over the drill target. This work revealed that the original PEM survey was flawed,
and therefore inaccurate.
In response to this report, Labrador International Mining and the LNS partners are planning to meet with
Donner Minerals to review the repercussions of this report, and to plan a program for the coming
season.
The company, in response to the difficult results of the 1998 exploration season in South Voisey's Bay,
has determined that the company will proceed with the consolidation of the company shares approved at
an extraordinary general meeting held Sept. 25, 1997. This will result in the issuance of one new share
for each five presently outstanding shares, and a name change to Royal International Venture
Corporation. This reorganization will facilitate the future financing requirements of the company as it
continues work in South Voisey's Bay, as well as in the search for further mineral exploration projects
of merit.
The company has entered into an agreement with Curion Venture, a company with common directors,
whereby Curion Venture may acquire a 51 per cent interest in the Labrador International Mining interest
in the Adlatok River 1 and Adlatok River 2 properties in South Voisey's Bay. Consideration by Curion
Venture is the payment to Labrador International of $25,000 and the expenditure of $500,000 in
exploration on the Labrador International properties over the next five years.
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