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Gold/Mining/Energy : Pioneer Metals (T.PSM) -- Ignore unavailable to you. Want to Upgrade?

To: violet peterson who wrote (240)	10/20/1999 1:45:00 PM
From: Lino...	Read Replies (1) \| Respond to of 502

Pioneer Metals Corporation ("Pioneer") is pleased to announce that a budget has been approved by Pioneer and Cameco Corporation ("Cameco") for the winter program at its Riou Lake Uranium Project located in the Athabasca Basin of northern Saskatchewan, Canada. Pioneer is operator of the Project. In addition to the proposed budget for the 2000 winter program, the results of the summer exploration program were presented to Cameco representatives at Pioneer's offices on October 14. The 2000 winter program includes work on the PM claims under option to Cameco (News Release February 12, 1999) as well as Pioneer's 100% owned claims which together make up the Riou Lake Uranium Project. A budget of $650,000 has been allocated for work on the PM claims and a further $300,000 for work on the 100% Pioneer claims. The program of ground geophysics will be supervised by Patrick McGowan, M.Sc., and totals 100 line-kilometres of fixed loop and 10 line-kilometres of moving-loop time-domain electromagnetic (TDEM) surveys. The program is intended to further define structures identified in the past three field seasons and to investigate three other pelitic basins in the basement adjacent to the main Riou Lake corridor. One of these basins ("DF Basin") was previously drilled on a neighbouring property by D.F. Exploration Uranium where the basement was found to be a graphitic metapelite containing uranium mineralization. During the past summer field season radioactive springs were also found on the western margin of this pelitic basin (News Release September 16, 1999). D.F. Exploration Uranium has an agreement in principle with Pioneer with respect to the companies' 100% owned projects at Riou Lake (News Release October 5, 1999). The DF Basin underlies portions of both the PM and 100% Pioneer claims. A second basin ("Riou East Basin") lies adjacent to a metapelite corridor underlying Cameco's Black Lake Project that from historical drilling is known to host favourable graphitic metapelites and anomalous uranium mineralization. This basin is situated wholly within the PM claims. The third pelitic basin ("Riou South Basin") to the south of Riou Lake lies within the 100% Pioneer claims. The drilling program, approximately 4,500 metres, will be supervised by Daniel Faure, Project Geologist and consists of a minimum of six diamond drill holes, four of which are to be drilled on the PM claims and the remaining two on the 100% Pioneer claims. The main objective of the drill program is to follow up targets on the PM claims in the southeastern portion of Riou Lake, specifically those drilled during the 1999 winter program which intersected favourable structure, lithologies and a basement graphitic conductor (News Release June 2, 1999). These features make the area highly prospective for hosting unconformity-type uranium mineralization. Two drill holes have been allocated to this part of the Property. The remaining four drill holes will test the three peripheral pelitic basins at any favourable structures identified by the TDEM surveys. Of the four remaining drill holes, one will test the Riou East Basin and a second, the Riou South Basin, lying on the PM and 100% Pioneer claims, respectively. The balance of the drilling - two holes - will test the DF Basin with one hole being located on the PM claims and the other on the 100% Pioneer claims. Bids will be tendered shortly to drilling and geophysical contractors and the program is to commence as soon as ground and ice conditions at Riou Lake permit. ON BEHALF OF THE BOARD OF DIRECTORS OF PIONEER METALS CORPORATION "signed" Stephen H. Sorensen President & C.E.O. Stephen H. Sorensen, President & C.E.O.(604) 669-3383, FAX (604) 669-1240 Oct 18 there was a trade of 200,000 shares Oct 19 there was a trade of 100,000 shares Oct 20 there was a trade of 100,000 shares