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Gold/Mining/Energy : South Atlantic Resources -- Ignore unavailable to you. Want to Upgrade?

To: Gunnar who wrote (211)	7/27/2000 12:17:25 PM
From: Gunnar	Read Replies (1) \| Respond to of 225

South Atlantic Resources: NAN Wins Bid for Koillismaa Platinum-Palladium Project in Finland VANCOUVER, BRITISH COLUMBIA--South Atlantic Resources Ltd. is pleased to announce that it's 38% owned publicly-traded Swedish subsidiary, North Atlantic Natural Resources AB (NAN), was the successful bidder for the Koillismaa platinum-palladium project offered by the Ministry of Trade and Industry (MTI) of the Republic of Finland. The Koillismaa Project, located in northern Finland, was part of an extensive exploration program for platinum group metals (PGM), gold, copper and nickel in layered ultramafic intrusions carried out by the Finnish Geological Survey (GTK). The project covers an area in excess of 700 square kilometers. Several international companies expressed an interest in bidding on the Koillismaa project and management of NAN are very pleased at being chosen the successful bidder. The global interest in the Koillismaa project is stated by the MTI as being due to "recent increases in PGE prices, especially palladium and the fact that a major part of the world's PGE production comes from layered mafic intrusions of the Koillismaa type". Extensive work was carried out by the GTK in the form of mapping, sampling, excavating, geophysical and geochemical surveying and diamond drilling. Two geologic environments have been identified bearing anomalous PGM values - a basal PGM-gold-copper-nickel layer in the lower "marginal" series and a "reef-type" PGM enrichment associated with gabbroic rocks in the upper series. To date, 144 scout drill holes have been completed along scattered portions of the marginal series which extends for a combined total length of 100 kilometers. Sulphide mineralization exhibiting values ranging from 0.4 to 1.2% copper and 0.4 to 1.1% nickel have been found in association with precious metal values ranging from 0.5 to 3 ppm PGM plus gold. Mr. E. F. Posey, Managing Director of NAN stated, "The size and geologic characteristics of the Koillismaa complex is believed to represent potential for discovery of an important new deposit. NAN will embark on a thorough, systematic exploration program on this exciting new project." Upon finalization of a formal agreement, NAN will immediately initiate a detailed evaluation of available project data, including examination of existing drill core, mapping, sampling and geophysical surveying to be followed by a new drill program aimed at evaluating the most prospective targets. Terms of the bid allow NAN to earn the right to acquire a 100% interest in the claims held by the GTK by making minimum yearly expenditures in exploration over a three year period. On making the decision to acquire a 100% interest, NAN must reimburse the GTK for all expenses previously incurred on the project. If an economic deposit is found, a yearly production royalty will be payable which increases after NAN recovers all its costs. The offering of mining prospects by the MTI at an early stage of exploration is in accordance with the new role of the Finnish government. Prospective mining targets discovered by the GTK are reported to the MTI who is responsible for offering them, through a tender process, to the private sector as soon as there is sufficient economic interest. ON BEHALF OF THE BOARD Edward F. Posey, President