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Gold/Mining/Energy : Mountain Lake Resources Ltd ( MOA) VSE

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To: Peter H. who wrote (265)	2/9/1999 9:48:00 AM
From: Peter H.	Read Replies (2) of 598

Here it is! Mooi River diamonds. MOUNTAIN LAKE STARTS DIAMOND PRODUCTION IN SOUTH AFRICA VANCOUVER, B.C.-- Mountain Lake Resources Inc. (MOA-VSE) is pleased to report that following a recent trip to South Africa by Mountain Lake's president, the exploration phases of the Klipgat 18 Concession is completed. This Concession is located on the flank of the Mooi River, Western Transvaal where over 250,000 carats of high gem quality diamonds have been mined from this district. The exploration program outlined 11 million tons of diamondiferous gravel and a decision to commence production at a rate of up to a maximum of 62,000 tons per month has been taken by the mining contractor, JOEK Diamante. Four 14 foot pans will be used to process the gravel estimated to have a grade of 1.8 carats per 100 tons. It is anticipated that this production will yield 1,100 carats per month (22 working days) valued at between U.S. $450 to $500 per carat. A sealed SORTEX Machine will be used to process the concentrates and hence monitor the security of the diamond production. Under an existing agreement between Mountain Lake and JOEK Diamante, Mountain Lake will receive 15% of the gross proceeds from the sale of the diamonds. This project will provide cash flow to our Company which will be used to finance other exploration projects. It is of interest to note that the same diamondiferous "gravel-run" on Klipgat 18 extends into the neighbouring concession called Goedgedacht 27 where a very successful mining operation has been ongoing for the last eight years. These local miners are currently mining 35,000 tons per month yielding 630 carats currently valued at U.S. $520 per carat. Regarding the Nooitgedacht 131, Harbeestlaagte 146 and Zwartrand 145 Concessions, previously optioned to Ashton Mining, there are several interested parties who are currently carrying out their due diligence with the objective of doing a 50,000 ton bulk sample test leading to a production decision.

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