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Gold/Mining/Energy : Darnley Bay Resources - DBL. VSE -- Ignore unavailable to you. Want to Upgrade?

To: Mr Metals who wrote (45)	1/12/1998 9:03:00 PM
From: Grant Baker	Read Replies (2) \| Respond to of 221

To all: News release.... Darnley Bay Resources Ltd DBL VSE January 12, 1998 Project Update TORONTO, Jan. 12 /CNW/ - The company's common shares were posted for trading on the Vancouver Stock Exchange on December 31st, 1997, with the trading symbol of DBL. The Darnley Bay Project centres on the strongest isolated gravity anomaly in North America. Given the existing geological and geophysical indications, this anomaly, if mineral-bearing, could well prove to be a large mineral source. The site lies in the centre of the Paulatuk area on the Arctic coast and any economic activity generated would have a significant impact on the economies of the region and the rest of the Northwest Territories. Scintrex Limited flew an aeromagnetic survey over the Darnley Bay area in October, 1997 and compiled the data in November and December. The data was made available to both Paterson, Grant & Watson Limited, geophysical consultants of Toronto and Commonwealth Geophysical Development Company, Ltd. of Calgary, for detailed interpretation. Paterson, Grant & Watson Limited, in a report dated December 10th, 1997, states: ''Our preliminary analysis confirms, in more detail, the earlier information about the Darnley Bay anomaly, and discloses that there are important geological structures including at least four separate intrusive structures and more than one period of eruption, that the intrusive structures are at shallow depths with possible near-surface offshoots, and that there are several fault zones and dike systems with both vertical and horizontal movements alongside the offshoots. When we complete our interpretation of the magnetic data, we will recommend further exploration, which, at present, we anticipate will generally consist of the following for Phase II with the following approximate costs: Gravity survey to locate the horizontal and vertical structures that are heavier than the surrounding rocks with which potential ore bodies may be associated; an electromagnetic survey to measure electromagnetic fields caused by sulphide occurrences that will assist in detecting potential ore bodies; geological mapping; field geochemical stream and lake sediment sampling. The estimated cost is $2,200,000.'' Paterson, Grant & Watson Limited is carrying out detailed processing and interpretation of the aeromagnetic data, which is anticipated to be completed by the end of February. Commonwealth Geophysical Development Company, Ltd., on January 5th, 1998, submitted a preliminary interpretation of the aeromagnetic survey data, indicating six major intrusion systems of at least three different ages and concludes: ''Preliminary interpretation of this very high quality data indicates a complex but highly prospective geology with acidic and basic veins and dikes within tens of metres of the surface. Survey area includes a large variety of prospects and there is a very high probability of finding one or more commercial bodies. Electromagnetic surveys over the outlined areas will pinpoint drilling locations for both acidic and basic intrusives.'' In the continuing program, ground geophysical surveys will be conducted to locate initial targets. Following these, a drilling program will be undertaken to provide definitive answers regarding the mineral potential of the targets. The ground geophysics will continue and will also be followed by drilling as additional targets are discovered. If you wish additional information, please contact us. We will be keeping you in touch as to our progress. For further information: Leon F. LaPrairie, President, (416) 862-7885 This Report Updated by Canstock at 15:19:31 Pacific Time