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Gold/Mining/Energy : BALACLAVA MINING (BIL.V)

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To: chevalier who wrote (123)	2/11/1999 9:32:00 AM
From: George Castilarin	of 139

BALACLAVA MINES INC. ("BIL-V") - El Corazon Drill Results Henry E. Neugebauer, Director of Balaclava Mines Inc. is pleased to announce the results of a Phase II drill program on the El Corazon Project in Ecuador. This second round of drilling targeted high-grade stratabound gold mineralization in the Central Zone of the Tres X area. The Central Zone has been the focus of the Company over the last year and six diamond drill holes were completed in this round of drilling. Previous drilling has encountered numerous intersections of very attractive gold grades over mineable widths including BCD-13 which returned 48.9 g/t Au over 23.7 metres. Drill holes 15, 17, 18 and 20 tested a 200 metre long portion of the Central Zone that is characterized by strataform gold mineralization. All of the holes cut mineralization as predicted by the geologic model. The Central Zone remains open for testing to the east, west and down dip to the south. Given the predictability of the mineralization, it is felt that significant tonnage can be added by pursuing the geological model. Drill holes 16 and 19 were completed to test ancillary targets on the property. Both holes were aimed at a secondary swarm of NW trending quartz veins and both intersected weak but, nonetheless, interesting gold values. Hole No. From (m) To (m) width (m) Au g/t BCD-15 63.3 91.3 28.0 2.36 including 65.0 70.8 5.8 8.73 BCD-16 2.0 23.5 21.5 1.02 BCD-17 27.0 45.9 18.9 0.74 And 91.8 97.3 5.5 1.75 And 104.8 106.6 1.8 12.85 BCD.18 50.3 70.5 20.2 2.52 BCD-19 21.7 23.0 1.3 1.34 BCD-20 24.6 25.5 0.9 2.02 The Company is encouraged that these latest results demonstrate the economic potential of the El Corazon Project. Upon evaluation of these results, Balaclava will report on its future plans for the project. TEL: (604) 801-5432 Henry E. Neugebauer, Director FAX: (604) 662-8829 Email: balaclava@goldgroup.com Wabsite: www.goldgroup.com/bil

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