EXALL INCREASES TOTAL OUNCES TO 2,093,825 AT GLIMMER
MINE
TORONTO, ONTARIO--
Exall Resources Limited announced today the results of its ore reserve
calculation at the Glimmer Mine as of December 31, 1997. The table below
outlines all categories including geological potential. Only reserves and
resources have been audited by Roscoe Postle Associates Ltd. of Toronto. The
reserves (proven, probable, possible) under the new CIMM (Canadian Institute
of Mining, Metallurgy and Petroleum) classification are considered mineable
reserves. In this regard, mineable reserves have increased 46% to 401,941
ounces over the figure of 275,100 ounces reported for March 31, 1997 (Press
Release April 23, 1997) and 73% since December 31, 1996.
---------------------------------------------------------------------------
Geological Potential Resources
Evaluation (Meas/Ind/Inf)
m. Down Tonnes g/t Gold oz Tonnes g/t Gold oz
---------------------------------------------------------------------------
Crown Pillar 13,147 4.80 2,028
0 - 120 220,114 6.68 47,271
120 - 250 1,600,000 8.5 437,299 299,458 9.72 93,590
Below 250 2,000,000 8.5 546,624 46,975 12.21 18,449
60-250 2,000,000 8.5 546,624
---------------------------------------------------------------------------
TOTAL 5,600,000 8.5 1,530,547 579,694 8.66 161,337
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Mineable Reserves Total All Catergories
Evaluation (Proven/Prod/Poss)
m. Down Tonnes g/t Gold oz. Tonnes g/t Gold oz.
---------------------------------------------------------------------------
Crown Pillar 48,254 14.38 22,316 61,401 12.33 24,344
0 - 120 849,871 9.88 270,062 1,069 9.22 317,333
120 - 250 354,618 9.61 109,563 2,254,076 8.84 640,452
Below 250 2,046,975 8.59 565,073
60 - 250 200,000,000 8.50 546,624
---------------------------------------------------------------------------
TOTAL 1,252,743 9.98 401,941 7,432,437 8.76 2,093,825
---------------------------------------------------------------------------
Exall is also pleased to report that subsequent to this reserve study two new
ore zones have been discovered. These zones will be included in a reserve
study update planned for June 30, 1998.
"Congratulations are in order to the management and employees at Exall who
continue to make impressive gains in the value of this asset," said Stephen
Roman, Exall's Chairman, President and CEO. "From an initial 2 1/2 year mine
life we now see the potential to mine this deposit for well over 10 years,"
Mr. Roman said.
The mine is currently expected to produce 65,000 ounces annually at cash
costs of US$220/ounce.
Exall Resources Limited is a mining and mineral exploration company operating
and controlling the Glimmer Mine in northeastern Ontario as well as
developing other gold and copper projects in the Americas. Shares of the
Company trade on the Toronto Stock Exchange under the symbol EXL. (S.E.C.
registration # 82-3535.)
For additional information contact:
Stephen G. Roman or Michael P. Gross at (416) 368-3949 |
