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

To: Famularo who wrote (324)	6/15/1998 10:20:00 PM
From: Adam Morse	Read Replies (1) \| Respond to of 531

Buffalo Head Hills, Alberta Exploration Update NEW CLAYMORE RESOURCES LTD ("NCS-V;NCLYF-L") - Buffalo Head Hills, Alberta - Exploration Update In May 1998, New Claymore Resources Ltd. ("New Claymore" or "the Company"), together with its option partners, contracted with Geoterrex-Dighem to fly a magnetometer/deepEM (electromagnetic) survey over selected areas of certain prospects in the Buffalo Head Hills area. The GEOTEM system is able to differentiate between overburden anomalies and potential kimberlites. The system was tested by first flying a GEOTEM control survey over ten of the Ashton kimberlites. Seven of the pipes responded to EM showing it to be effective to a depth 70 - 75 meters below ground surface; all of the pipes have magnetic signatures. The Mountain Lake kimberlite and New Claymore's surrounding Manon Prospect were also flown. The model generated from the orientation survey was then applied to the interpretation of data obtained from New Claymore's prospects with the following results: 9 targets selected for drill testing on the Keppler Creek Prospect (25% interest optioned to Everest Mines & Minerals Ltd.); 12 targets selected for drill testing on the I.T.S. Prospect (50% interest optioned to Lucero Resource Corp.); 10 targets selected for drill testing on the Elektra Prospect (50% interest optioned to Primero Industries Ltd.); and 6 targets selected for drill testing on the Tosca Prospect (25% interest optioned to each of Meteor Minerals Ltd. and Cambridge Minerals Ltd.). The drill program on the I.T.S. Prospect is presently underway. A GEOTEM survey was also conducted on 80% of the Company's 100%-owned Figaro Prospect. The geophysical interpretation of the survey is expected shortly however, preliminary information suggests that the Figaro Prospect contains a number of high priority targets. Once the interpretation has been completed, these targets will be confirmed using ground surveys, and drill tested. In other developments, the Company announces that it has entered into an option agreement with New Blue Ribbon Resources Ltd. whereby New Blue Ribbon may earn a 50% interest in the 60,000-acre Erda Prospect located in the south-central portion of the Buffalo Head Hills area. The Company also advises that the previously announced option agreements on the Horseshoe and Wotan Prospects have been terminated by the optionee companies and accordingly the Company now holds the properties as to a 100% interest. TEL: (604) 669-1084 Anthony Rich, P. Geol. President FAX: (604) 669-7659 ______________________________ (c) Corporate Dissemination Services Inc. All rights reserved.