$1.2 million 1999 exploration program...
January 28, 1999
AFRIDI LAKE DIAMOND PROPERTY - EXPLORATION UPDATE
Intertech Minerals Corp. (the "Company") has been advised by
Kennecott Canada Exploration Inc. ("Kennecott") that the $1.2
million 1999 exploration program for the Afridi Lake diamond
property will commence during the latter half of February. The initial
component of this campaign will be construction of a 52 km long ice
road from the main Lupin winter road to the east-central part of the
property to provide access for a portable exploration camp, drill
equipment and fuel and other supplies. Following this, thirty targets
with kimberlite potential, identified as a result of a review by
Kennecott of the data from a high-resolution, airborne magnetic and
electromagnetic survey (7,140 ln km; 75 m line spacing) carried out
by Geoterrex-Dighem in March, 1998, will be investigated further by
detailed ground geophysical surveys and, where results warrant,
diamond drilling. In addition, Kennecott intends to initiate a till
sampling survey which is designed to provide a better understanding
of the complex glacial history of Afridi Lake area and the distribution
of kimberlite indicator minerals in the glacial deposits present on the
property. Of the total budget, $1 million is a firm commitment by
Kennecott and approximately one-half is allocated to drilling.
The property, consisting of 52 DA and DAA claims, for a total of
52,591 hectares (129,952 acres), is located in the very prolific Lac
de Gras area, some 80 km southeast of the Ekati Diamond Mine,
operated by BHP Diamonds Inc. and DiaMet Minerals Corp., and
320 km northeast of Yellowknife, NWT. Diamondiferous kimberlite,
in narrow dyke-like bodies, was discovered in the extreme
northwest part of the claim block in early 1996, with the largest
contained stone being a dodecahedral fragment measuring 1.12 mm
x 0.83 mm x 0.24 mm
The Company owns an undivided 100% beneficial interest in the
claims, subject to a 5% GOR on diamonds, and a 10% Net Profits
Interest owned by 421346 B.C. Ltd., the original property vendor,
and has obtained an option from 421346 to reduce the GOR to
2.25% and eliminate entirely the Net Profits Interest.
In late 1998, the Company granted Kennecott an option to acquire a
undivided 60% interest in the claims which may be exercised at any
time prior to December 11, 2005, by either completing exploration
expenditures totalling C$25 million or, alternatively, by announcing a
decision to begin construction and development of a mine. During the
option period, Kennecott will be the project manager.
INTERTECH MINERALS CORP.
John R. Fraser
President & Director
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