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

To: Leigh McBain who wrote (3408)	1/12/1998 6:45:00 PM
From: Steve Stakiw	Read Replies (2) \| Respond to of 4057

Encouraging Results from Initial Sampling at Highland Project FAIRMILE GOLD CORPORATION Telephone: (604) 257-4262 or 1-888-599-6777 Toll Free Fax: (604) 683-2540 ASE: FLA NASDAQ Bulletin: FAMQF Fairmile Reports Encouraging Results from Initial Sampling at Highland Project January 12, 1998 Vancouver- Fairmile Gold Corp. (Fairmile) reported today the positive results of recently completed reconnaissance mapping and sampling at Fairmile's Highland Project, located along the Walker Lane Gold Trend in west-central Nevada. An area of approximately five square miles containing alteration with anomalous gold and pathfinder geochemistry has been identified. Four targets have been identified for detailed follow-up work, which will include trenching and drilling. Based on these positive results, Fairmile's land position was expanded to approximately 3,200 acres. Mapping has revealed that approximately 70% of the project is covered by gravel with numerous small windows of outcrop. These exposures of silicified and argillized Tertiary volcanic rocks were discovered away from the original target area during reconnaissance mapping. Samples from several of these areas contain anomalous concentrations of gold and pathfinder elements. The four targets identified for further investigation are: Highland Target: This target was the site of previous, small-scale mining. While records are incomplete, they indicate that a small amount of high-grade gold, in excess of 0.5 ounces per ton, and several ounces per ton of silver was produced from shallow mine workings. None of the limited surface drilling done previously tested the vein system deeper than 200' vertically. Initial geologic modeling suggests that the strongest gold occurrences should lie below previous drilling. Deb Target: Newly discovered mineralization at this target occurs in outcrops of silicified and brecciated volcanic rocks over an area more than 500' in diameter. Numerous grab samples contain 0.01 to 0.085 ounces of gold per ton. Several faults and lineaments pass through the target, and mineralization appears to be related the intersection of these structures. We will investigate whether mineralization extends outward from the exposed area under shallow gravel and post-mineral volcanic rocks, as well as test the exposed area at depth. This target has never been trenched or drilled. Big Hammer Target: This target consists of volcanic rocks that have been silicified, veined with quartz, and hydrothermally brecciated in places. Grab samples of altered rock contain anomalous gold and pathfinder elements, with values of as much as 0.015 ounce of gold per ton exposed in old trenches. A few widely scattered holes were previously drilled in and around this target; however, results are not known. Jeep Target: This target is covered by gravel, with a few small areas of altered volcanic rocks exposed along an extensive northwesterly trending lineament. Samples of soil with opaline fragments show anomalous gold values. This target has never been drilled or trenched. Initial evaluation indicates that the geologic setting at Highland is similar to other low-sulfidation, volcanic dome-related gold systems such as Sleeper (Nevada) and Midas (Nevada). Each of the four targets has the potential to host either high-grade, bonanza-type gold/silver veins or disseminated, fracture-controlled precious metals deposits. Year-end Reports for the Highland and Buffalo Valley Projects are being posted on Fairmile's web site. For further information visit Fairmile's web site at www.fairmile.com or contact Investor Relations at 1-888-599-6777. "Thomas R. Kelly" Thomas R. Kelly, President The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.