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To: InAndOut who wrote (57324)	8/1/2000 9:38:16 AM
From: herry iball	Read Replies (1) \| Respond to of 150070

STBY - News DENVER, Aug. 1 /PRNewswire/ -- Stansbury Holdings Corporation (OTC Bulletin Board: STBY) announced today that it has completed the acquisition of Sweetwater Garnet, Inc., a Nevada corporation, formerly owned by Absolut Resources Corp (CDNX: ALR), a Canadian corporation. The acquisition negotiations were previously announced by the Stansbury on June 22, 2000. Stansbury expects to commence operations at the fully permitted facilities this week. Sweetwater Garnet, Inc., qualified to do business in Montana, is the owner of (1) an 1860 acre lease in Madison County, Montana, upon which a garnet concentrating mine and mill are located, and (2) the owner in fee of a finishing mill located on four acres in Beaverhead County, Montana, about six miles south of the town of Dillon, Montana, adjacent to Interstate 15 and a rail siding. The book value of the Sweetwater garnet mine and mill reflect a capital investment in the garnet project of over 7,000,000 Canadian dollars. Stansbury acquired one hundred percent of the issued and outstanding shares of Sweetwater Garnet in a "stock for stock" exchange. Planned operations initially call for utilizing the finishing mill to process purchased concentrate for the balance of this mining season, and to commence full mining operations next spring. Stansbury has been approached by an industry leader to enter into a sales contract for all of its production of finished garnet for several years forward, although the terms of such an agreement are still under negotiation, and have not been presented to its Board of Directors. The Sweetwater Garnet facilities have a capacity of at least 12,000 tons per year of finished garnet, which in the past has been sold to the abrasives and water treatment industries. With modest expenditures, the mine and two mills can be increased to 20,000 tons per year output, which represents an estimated 20% of current worldwide demand. Industrial grade garnet, used in the abrasives industry, water-jet cutting, water treatment facilities, and oilfield "fact-ing" sands, is graded according to hardness and particle size. The different grades sell for $180 to $700 per ton, FOB Dillon, depending upon grade. The Sweetwater Garnet deposit contains the full suite of particle sizes, and the mills can produce the full suite of grades used in industry. The known ore body covers an extensive area from the surface to an average depth of nine feet, with an estimated resource able to supply 16 years of ore to the mills at a production rate of 20,000 tons of finished garnet per year. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The matters covered by such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Stansbury Holdings Corporation to differ materially from those contemplated or implied by such forward-looking statements. Stansbury Holdings Corporation is a natural resource holding company, whose website is www.stansburyholdings.com.