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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge -- Ignore unavailable to you. Want to Upgrade?

To: lorne who wrote (8338)	5/27/2002 12:01:42 PM
From: Al Collard	Read Replies (1) \| Respond to of 11802

HGM-v...in the news: Holmer Gold commences Timmins gold project Mon 27 May 2002 Dr. Sethu Raman HOLMER GOLD COMMENCES MAJOR DRILLING PROGRAM TO DECIDE ON DEV ... Holmer Gold Mines has commenced a major drilling program on its 100-per-cent owned Timmins gold project in Bristol township near Timmins. Based on the recommendation by Watts, Griffiths and McOuat Ltd., the objectives of this 13,000-foot drill program are: To confirm and extend the known gold zones to a depth of 350 metres by fill-in diamond drilling; to drill test the west extension of the high-grade portion of the main gold zone. Previous drilling indicated a resource of 176,000 tonnes grading 28 grams per tonne gold (0.8 ounce per ton); and to investigate the new Ultramafic gold zone for the depth potential using downhole geophysical surveys if warranted by further drilling. The results of this program are expected to provide sufficient data to justify the economics of a decline development for mining the high-grade part of the deposit referred above. Previous exploration by Holmer has outlined a gold deposit within a 200-metre wide zone of intense deformation and alteration called the Holmer fault. The Holmer fault is believed to be the western extension of the Destor Porcupine fault which hosts a number of world-class mines in Timmins and Kirkland lake mining districts. To date, five parallel gold zones have been outlined. All the zones remain open down-plunge, while the Ultramafic zone has not been sufficiently tested below the 200-metre level. In 1997, four of the five widely spaced holes within the Ultramafic zone encountered significant gold intersections over widths of up to seven metres and at vertical depths ranging between 550 and 850 metres. The deepest hole, H-97-56, had nine gold intersections at a depth of about 800 metres, of which six were between six and 20 grams per tonne gold. This is one of the best deep drill holes ever drilled in the Timmins gold camp. The project is strategically located about 18 kilometres west of the prolific Timmins camp, where more than 70 million ounces of gold have been produced since 1908. The company believes that the project has the potential to develop into a mine in the very near future, given the recent increase in gold price to $320 per ounce.