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Gold/Mining/Energy : Zappa Resources -- Ignore unavailable to you. Want to Upgrade?

To: Alan Whirlwind who wrote (173)	2/25/2003 9:15:26 PM
From: Alan Whirlwind	Respond to of 174

February 20 2003 Zappa Resources Ltd has signed a LOI (Letter of Intent) with Hudson Bay Exploration and Development Limited of Flin Flon Manitoba Canada to option 100% of the Hudvam Property located 75 road kilometers from Flin Flon. The property consists of 19 claims encompassing an area of 1,714 hectares. There are no under lying royalties or interest in the property with Hudson Bay having a 100% interest. The Geology and mineralization consist of massive sulphide lenses that occur within a 600 meter wide belt of volcanic rocks of the Proterozoic Flin Flon Snow Lake greenstone belt. “Ore mineralization is associated with medium to coarse grained pyrite, pyrrhotite, chalcopyrite and sphalerite with gold mineralization occurring as finely distributed electrum. There are two main sulphide lenses discovered, No.1C lens is located between 183 and 305 meters below surface and has a strike length of 135 meters with an average width of 4.7 meters. The No. 3 lens occurs under Vamp lake approximately 425 meters west of the No1 lens and has been traced to a depth of 120 meters below surface with a strike length of 90 meters and average width of 8.5 meters.” Geological resources have been established both polygonally and geostatistically for two lenses with the polygonal resource outlined in the table below. Indicated Resource – drill spacing of less than 60 meters and all above the 300m Level. Inferred Resource – drill spacing greater than 60 meters with resource below the 300m level. No dilution or recoveries are attached to the resource. Gold grades uncut. ZONE CLASSIFICATION TONNES G/TAU G/TAG %CU %ZN No 1C Indicated190,116 7.89 19.71 2.45 2.53 No 3 Indicated 176,705 2.72 13.80 1.33 2.64 Total Indicated 366,816 5.42 17.76 1.91 2.53 No 1C Inferred 157,776 3.39 7.86 1.16 2.08 Total Indicated & Inf. 524,592 4.81 14.78 1.68 2.39 There is potential of other lenses in the area above the 300 meter Level to add to the resource base. Zappa is to spend $3,000,000 on exploration or development over a five year period with $100,000 to be spent in the first year and paying 50,000 shares of Zappa stock each year for five years. Hudson Bay Exploration and Development has the right to earn back into the project for a 51% interest by matching Zappa’s cost to date or up to a 75% interest by carrying Zappa though to a producing mining. The letter of intent allows Zappa 60 days to carry out detail due diligence period. Formal agreements are subject to regulatory authorities. ON BEHALF OF THE BOARD OF DIRECTORS: ALBERT GERRY President Warning: The Company relies on litigation protection for “forward looking” statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release