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ABITIBI MINING CORP.
1000 - 675 West Hastings Street, Vancouver, B.C., Canada
Tel: (604) 685-2222 Fax: (604) 6853764
NEWS RELEASE
April 14, 1999 Symbol: ABB - VSE #01-99
Abitibi Mining Corp. is pleased to announce it has signed a letter of intent with Rio Algom Exploration Inc. on three of its properties located in southeastern British Columbia. The properties include the Kitchener Claims, the Yahk Property and the Pyramid Peak Property. Rio Algom intends to enter into a formal option agreement whereby it may earn a 60% interest in each property by carrying out $2,500,000 in exploration expenditures per property and making a total cash payment of $90,000 upon signing a formal agreement. Rio Algom may earn an additional 10% interest upon bringing any property to a production decision.
On the Yahk Property, Abitibi completed a three hole drill program in the fall of 1998. Hole #1 was drilled to a depth of 500 feet and between 65-135 feet intercepted a 70 foot zone of fractured and altered Aldridge sediments with lesser zones of galena, sphalerite and pyrrhotite fracture filling. The chloritic-pyritic-sericitic-quartz alteration apprears to cross cut bedding. Hole #2 located approximately 250 feet north of hole #1 was drilled to a depth of 250 feet and showed a similar pyritic-sericitic-quartz alteration from top to bottom with minor base metal zones. Hole #3 was drilled approximately 100 feet south of hole #1 and intercepted a similar type and grade of mineralization and alteration. Two of the holes intercepted a varve type marker which indicates that Sullivan Time lies approximately 1,000 feet below the bottom of the hole. The large Mt. Mahon tourmalinite sheet lies 1 km northwest of the drilling area. It is believed that a vent system similar to that which produced the Sullivan deposit was at work in the vicinity of last years drilling by Abitibi. Elsewhere on the Yahk Property, three tourmalinized vents, one of which is anomalous in lead, zinc and arsenic, have been discovered but have yet to be drilled.
Abitibi completed a geochem survey over the Kithchener Claims in the fall of 1998. A total of 3,273 soil samples were taken along contour lines. The results indicated two areas anomalous in lead and zinc. The Kitchener Claims contain two vents situated at stratigraphy that is above the Sullivan Horizon.
The Pyramid Peak Property covers a large area west of Cominco's Sullivan deposit and south of the Kimberley Fault. During 1998, Abitibi did geological mapping and road improvement. Additional claims were staked to the northeast to cover an area with an active Sullivan Horizon. The Pyramid Property contains lead/zinc mineralization and signs of Sullivan type venting. Despite its proximity and similarity of environment to the Sullivan deposit, the Pyramid area has had little drilling completed to date.
On behalf of the Board of Directors,
ABITIBI MINING CORP.
"Richard W. Hughes"
President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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