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Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: Peter Bourgeois who wrote (522)	12/16/1997 3:03:00 PM
From: VAUGHN	Read Replies (3) \| Respond to of 7235

Hello Peter For those who didn't get it: FOR FURTHER INFORMATION PLEASE CONTACT: Island-Arc Resources Corporation Kim M. Phillips President (604) 682-4488 (604) 682-8728 (FAX) Toll Free: 1-800-868-4788 The Vancouver Stock Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of the contents hereof. -------------------------------------------------------------------------------- NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ISLAND-ARC RESOURCES CORPORATION VSE SYMBOL: IAR DECEMBER 15, 1997 Island-Arc Resources: Back Lake Diamond Project Update VANCOUVER, BRITISH COLUMBIA--The following information has been received from Island-Arc's Back Lake Diamond Project joint venture partner, SouthernEra Resources Ltd. Island-Arc has a 10.62 percent carried interest in the Back Lake Diamond Project. 226 DIAMONDS RECOVERED AT YURI KIMBERLITE EXPOSURE ON BACK LAKE CLAIMS Following a strong indicator mineral train in August a kimberlite occurrence was discovered (the "Yuri") on the Back Lake Claims. Six pits were subsequently put down and 1,590 lb. of green clay kimberlite was deslimed and screened. The resulting diamond counts are listed below: /T/ SAMPLE KIMBERLITE TOTAL DIAMONDS DRY WEIGHT (KG) DIAMONDS <.5mm >.5mm IN ONE DIMENSION Kim A 213.87 81 60 21 Kim B 200.07 89 66 23 Kim C 115.17 32 24 8 Kim D 97.35 17 12 5 971060 19.60 3 0 3 971061 20.00 4 2 2 TOTALS 666.06 226 164 62 micros macros Note the size of these diamonds from the various pits: Kim A 1 diamond .01 ct Kim B 2 diamonds .01 ct Kim D 1 diamond .03 ct 971061 1 diamond .12 ct /T/ Drilling in the pit area has confirmed that the Yuri kimberlite is not in place and is likely the result of the deposition of large fragments transported from a source area in Munn Lake located in the Back Lake Claim area. 75km of geophysics (EM-47, horizontal loop and detailed mag) on the ice of Munn Lake, opposite the Yuri diamond discovery, is just being completed. A crew of six men has been on geophysics while two other men are taking 240 sediment samples from the bottom of Munn Lake (one sample taken every 300 ft). 1,700 indicator mineral samples were taken this year and are currently being processed. The above data will be processed, targets prioritized and refined targets on the Back Lake Claims will be drilled in February-May 1998. A winterized camp is in place in the discovery area as are the drill and supplies. Currently, there are six indicator mineral trains in the southwest corner of Back Lake to follow up to their respective sources. ON BEHALF OF THE BOARD OF DIRECTORS OF ISLAND-ARC RESOURCES CORPORATION Kim M. Phillips, President Again, I am not an expert Peter so take my comments within that context, but I think it would be a mistake to assume that the concentration of diamond in the clay has anything to do with the concentration inb the original source. For example, SUF is practically able to scoop diamonds out of some of their river "glory holes" in Angola, but the Camafuca pipe runs less than a carat per tonne. IF there was any correlation between the "clay" sourced diamond concentration and the original kimberlite source, then the 38% macro to micro ratio would be considered outstanding, but again, you can't make those kinds of assumptions. Presumably that is why Island-Arc is pumping this information while SUF has not even bothered to comment. When SUF announces that they have discovered six large magnetic lows coincident with six distinct EM anomolies, all concuring with increased geochemical lake bottom indicator mineral sendiment concentrations and circular hydrographically surveyed lake bottom depressions, then you can start dancing around like "Barney". Generally, it is considered extremely prospective, if a kimberlite drill core assays a ratio of 25% macros to micros, but glacial, river or otherwise mechanically concentrated ratios really are only indicative of the presence of diamonds. i would have been more interested to hear about the level of abraison on the stones, their crystal quality, colour, etc. Regards