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Gold/Mining/Energy : Prospectors Alliance Corp. (PALL- CDN) -- Ignore unavailable to you. Want to Upgrade?

To: Just G who wrote (63)	8/31/1999 3:07:00 PM
From: Midas	Read Replies (1) \| Respond to of 187

Just G and all other interested parties: I found this press release on the Carlson-on-line news source and thought you might be interested. Midas Prospectors Alliance Corporation - Exploration Update Toronto, Ontario-- Prospectors Alliance Corporation (PALL-CDN Toronto, 18,981,121 outstanding shares) wishes to report on the following results from its mining properties in the Timmins Area of Northeastern Ontario. Pipestone-Montclerg Project On the Pipestone-Montclerg Project, joint venture partner Pentland Firth Ventures has submitted an exploration summary which provides details of work completed in 1999. In addition to geological, geochemical and geophysical surveys, Pentland reports the completion of eight diamond drill holes totaling 1,644 meters. Four holes were drilled in the area of the Montclerg Zone where previous work has outlined a mineral resource of 408,100 tonnes grading 4.53 g/t. The remaining four holes were drilled in the area of the Canamax Zone where previous drilling had intersected 4.45 g/t/4.0m including 14.3 g/t/1.0m and 9.16 g/t/2.0m including 16.95 g/t/1.0m. Pentland reports that numerous arsenopyrite rich zones were intersected similar to previous drilling. A total of 972 and 720 samples were submitted to Swastika Laboratories for gold and arsenic analyses respectively. The assay results are pending. Upon receipt of the assay results, Pentland-Firth will provide comprehensive reports of the 1999 exploration. Pentland Firth Ventures is earning 100% interest in the property subject to an NSR which ranges between 1.5% and 2.5% based on the price of gold. To earn the 100% interest, Pentland must make option payments totaling $210, 000 and expend no less than $1,000,000 by 2001. Wallingford South Property On the Wallingford South property, which adjoins the Holmer Gold property in Bristol Township approximately 20 km southwest of Timmins, the Company has completed 729 meters of diamond drilling in four holes. These holes intersected mainly metasediments which were variably altered, sericitic, carbonatized and mafic volcanics. Assay results for gold were low, but highly anomalous values for zinc were secured for samples in holes 1, 3, 4. The sphalerite occurs as fracture fillings and disseminated grains with values to 0.58% Zn/1m being returned. The results of this work are presently under review. Falconbridge/Hudson Bay Joint Venture For the record the Falconbridge/Hudson Bay/Explorers Alliance Joint Venture Management Committee met on June 22, 1999. At that time a total of $923,023 had been spent on the JV which included $346,342 expended in 1999. The program to date has been designed to test high priority SpectrEM targets of which 53 have been evaluated through either drilling or geophysics. The Committee approved further 1999 expenditures totaling $461,000 to complete linecutting, geophysics and up to 14 drill holes. The program is tentatively scheduled to continue in the year 2000 pending management committee approval of a proposal by late October 1999. Arbutus The Company has staked an additional 110 claim units in Osway, Yeo, Fingal and Arbutus Townships. These additional claim units cover the strike extension of the favorable geology intersected in the four holes completed on this project. Other News In other developments in the Timmins Area, the Ontario Geological Survey and Geological Survey in collaboration with the Geological Survey of Canada CAMIRO (Canadian Association of Mining Industry Research Organizations) have chosen the Halfmoon Lake project area to study surface geochemical signatures over base metal and gold deposits covered by thick (>30m) glacial sediments. Halfmoon Lake is one of three test sites in the Abitibi region which will be studied over the next two years. Soil sampling and self potential surveys were conducted at the site in July. The methods being tested may provide inexpensive tools to explore in areas covered by thick glacial sediments and conductive glaciolacustrine clay. As has been announced previously, the Company is engaged in merger discussions with International Larder Minerals Inc., Explorers Alliance Corporation and a number of other private companies holding a variety of mining interests. If these discussions are successful, and Prospectors is confident they will be, it will see the emergence of a much larger company holding a much greater property position. For Further Information, Please Contact: J.C Bonhomme, President Tel: (416) 360-5333 Fax: (416) 360-4419 8th floor, 350 Bay St., Toronto Ontario, M5H 2S6 E-mail: info@prospectorsalliance.com Website: www.prospectorsalliance.com