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Gold/Mining/Energy : Gallery Resources (Alberta GYR) -- Ignore unavailable to you. Want to Upgrade?

To: Supervalue who wrote (1818)	9/9/2002 1:02:42 PM
From: Al Collard	Read Replies (2) \| Respond to of 1829

Gallery's Hole KP-32 Intersects Epithermal Gold System VANCOUVER, BRITISH COLUMBIA--Gallery Resources Limited (GYR: TSX.V) of Vancouver B.C. is pleased to announce a significant drill intersection on its Black Bart Katie Property in south central Newfoundland. Hole KP-32, drilled 1600 metres (5200 ft) south of its main zinc enriched, VMS prospect, has intersected a zone of intense, epithermal style alteration which typically carries gold mineralization. The alteration was first encountered at a vertical depth of 83 metres (270 ft) and is observed throughout the core over 58 metres (190 ft) to a depth of 141 metres (460 ft). This is the first known drill intersection of an epithermal system on the Katie Property and in the immediate area. This type of system, only recently discovered in Newfoundland, generated a new gold staking rush which has attracted many companies including Barrick Gold. 18,000 claims have been staked this past summer within what is now known as the Botwood Basin, which displays many geological similarities to the prolific Carlin Trend in Nevada, one of the world's major gold producing areas. The staking is concentrated along a major structure which trends north-south through central Newfoundland and through the Katie Property. Recent exploration in the Basin and along the structural trend has identified several epithermal style, gold prospects. These prospects include a significant discovery of epithermal style gold mineralization at the Rolling Pond Prospect by Altius Minerals, north of the Katie Property. The epithermal system intersected in KP-32 contains spectacular, epithermal textures identical to the textures observed at Rolling Pond. Project Manager, Victor French, P.Geo., states this new Katie discovery extends the southern limit of the Basin previously defined to extend to the north boundary of the property. KP-32 is located 20 kms (12 miles) south of the Botwood Basin and in the central portion of the 30 km (18 miles) long Katie Property. Mr. French also states this thick epithermal alteration may explain several gold mineralized prospects discovered on surface and in drill core during Gallery's 2001 - 2002 exploration program. These prospects trend 10 kms north from KP-32 through the property and consistently contain gold values ranging between 0.10 and 3.60 g/t. Epithermal systems are extensive and the alteration seen in KP-32 is often located above deeper, Bonanza (high-grade) Gold Deposits. The upper levels generally contain low-grade gold. Industry consultant, Dr. Derek Wilton, P.Geo. has reviewed several sections of core from the epithermal zone. Dr. Wilton states "the textures are typical boiling textures observed in the top of the epithermal systems and suggest KP-32 has indeed intersected an upper level of the system". He also states that the core represents a, "dynamic fluid system of multi-phase quartz veining accompanied by boiling and brecciation textures associated with an epithermal system." Assays received yesterday returned low-grade gold values up to 0.15 grams/tonne, which are also typical of the upper levels of these systems. The Company is encouraged by these results in the first hole, which confirms the system is carrying gold with the potential for higher-grade gold at deeper levels. Considering the significance of this latest intersection, Gallery Resources will display the drill core at the International Gold Show in New York on September 23 - 24, 2002. The mineralization and alteration system fits the epithermal model and next week Gallery will be showing this information on its website. Dr. Wilton is carrying out detailed research investigations on the core to determine the mineralizing potential and size of the system. The Company will also carry out detailed, grid controlled geophysics surveys over this new target to assist with continued drill testing scheduled for later this month. Bruce Costerd, President & C.E.O.