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Gold/Mining/Energy : SUDBURY AREA AND THE PGM PLAY -- Ignore unavailable to you. Want to Upgrade?

To: Brumell who wrote (293)	7/13/2000 5:49:19 PM
From: Brumell	Read Replies (1) \| Respond to of 349

Slightly off topic but relevant to those watching ITF at River Valley and/or interested in PGM exploration. ________________________________________________________ International Freegold Mineral Dev Inc ITF Shares issued 30,295,059 Jul 12 close $0.22 Thu 13 Jul 2000 News Release Mr. Harry Barr reports International Freegold Mineral Developments has acquired an additional platinum group metal (PGM) project in Alaska. Over the past few months Avalon Development, Freegold's prime geological consultants, have been conducting a comprehensive analysis of PGM projects in Alaska and recommended the acquisition of the Union Bay prospect which consists of 105 unpatented federal lode mining claims covering 2,100 acres in southeastern Alaska. The Union Bay prospect is located near tidewater on the Cleveland Peninsula of mainland southeast Alaska approximately 35 miles northwest of Ketchikan. The Unio Bay prospect is composed of a zoned ultramafic-mafic complex which ranges from dunite in the core on the southeastern side of the complex through wehrlite and magnetite-bearing olivine clinopyroxenite to hornblendite and gabbro on the margins. Previous mapping suggests the Union Bay complex is a pipe and lopolith complex. Highly anomalous platinum and palladium values have been detected from sampling conducted by the U.S. Geological Survey and the U.S. Bureau of Mines in the 1970s through 1995. Samples collected by these agencies contained values up to 1,600 parts per billion platinum and 40 parts ber billion palladium along with anomalous chromium, nickel and copper. Heavy mineral concentrates from streams draining the complex returned values up to 19.7 parts per million platinum and 4.9 parts per million gold. Platinum group elements (PGE) minerals identified include platinum iron alloy, osmium, osmiridium and hollingworthite. Reconnaissance exploration is expected to begin in mid-July. A base camp will be established on the property to facilitate exploration. Work will focus on geological mapping, reconnaissance rock sampling, heavy mineral concentrate sampling and reconnaissance soil sampling. A Phase 1 summer exploration program is underway on the previously acquired Tonsina PGM project in south-central Alaska (as seen in Stockwatch news, April 26, 2000). Freegold staked 5,600 acres and acquired an additional 36 square miles through an option agreement with Ahtna Minerals Inc., a subsidiary of one of Alaska's 13 regional native corporations. Field work will concentrate on defining the extent of PGM mineralization of PGM mineralization in the vicinity of previous sampling by various workers which returned significant platinum and palladium values including 8.9 grams per tonne platinum plus 11.9 grams per tonne palladium, 4.5 grams per tonne platinum plus 4.6 grams per tonne palladium and 2.4 grams per ton platinum plus 2.1 grams per tonne palladium. Michael Philpot resigned as a director of Freegold effective June 6, 2000. The management and directors of Freegold would like to thank Mr. Philpot for his contributions to the company over the past few years.