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Gold/Mining/Energy : Santa Catalina Mining SLM.V -- Ignore unavailable to you. Want to Upgrade?

To: Greywolf who wrote (5)	10/24/2000 1:36:16 PM
From: Greywolf	Read Replies (1) \| Respond to of 30

NEW DRILLING CONTRACTOR HIRED FOR THIRD UPCOMING WELL October 24, 2000 (SLM - CDNX) ... Santa Catalina Mining Corp. (the "Company") is pleased to announce that it has been advised by BP Amoco that a new drilling contractor has been hired for the upcoming Sahara El Mehadjer-1 (SEM-1) well on the Hassi Bir Rekaiz concession onshore Algeria. BP, the third largest oil company in the world (next to Exxon and Shell) is the operator of the project and holds a 50% interest. The SEM-1 will be the third well drilled on the 70,000 acre (283 km2) Semhari mega-structure, following the two successful SMR-1 and SMRE-1 wells. The access road to the SEM-1 location has already been completed and the drill site prepared. Spudding of the well is anticipated in the third week of November. Santa Catalina is fully funded for the drilling program. Please see attached map. The rig to be used is a Pride Forasol Rig 2. It has a top drive which will allow the well to be drilled more quickly and with a reduced potential for lost time and drilling related problems. It is a "hot" rig which means that it was recently used in the area and the crew are familiar with operating the rig and drilling our targeted reservoirs. Pride are very professional, internationally recognized contractors with an excellent reputation. The recent successfully drilled SMRE-1 well was a 15 kilometre step out to the east of the SMR-1 discovery well and the data shows that a continuous oil column of at least 60 metres in height is present between the two wells (top quality, light sweet crude of 40 degree API). The upcoming SEM-1 well will be a 10 kilometre step out to the north from these two wells and is prognosed to intersect the main reservoirs at least 20 metres higher, thereby potentially establishing an even larger oil column and confirming the continuity of a significant portion of the Semhari structure. The Semhari structure is one of the largest structures in northern Africa and is one of several promising structures within the 3,192 square kilometre Hassi Bir Rekaiz concession. The project is located within a prolific oil producing region hosting multi-billion barrel oil fields with extensive oil facilities and pipeline infrastructure in place. Santa Catalina's 50% owned subsidiary, Santa Catalina (Algeria) Ltd., holds a 25% interest in the Hassi Bir Rekaiz concession . ARCO Ghadames Inc. (BP Amoco) is the operator holding a 50% interest. Turkish Petroleum holds the remaining 25%. ON BEHALF OF THE BOARD "Lukas H. Lundin" President