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Gold/Mining/Energy : ITL Capital Corp. -- Ignore unavailable to you. Want to Upgrade?

To: Cal Coish who wrote (145)	7/27/1998 8:56:00 AM
From: Ron Waller	Respond to of 173

Cal and All: Seems that with drilling either happening or about to... We should be starting to see some more action on this!? I usually buy in hopes to make some gains on my investment not the other way, so hopefully the Red Lake drill will hit some good numbers this summer. Cheers, Ron.

To: Cal Coish who wrote (145)	9/8/1998 12:48:00 PM
From: Ron Waller	Read Replies (1) \| Respond to of 173

Cal and All: News...Drilling resumes at Red Lake Mining Camp... Tuesday, Sep 8 1998 11:28AM ET Durham-McEwen drilling resumes Cypress Minerals Corp CYP Shares issued 13,970,781 Sep 4 close $0.19 Tue 8 Sept 98 News Release Also Rupert Resources Ltd (RUP) Also ITL Capital Corporation (ICL) Mr. Robert Paul and Mr. Donald Huston report Diamond drilling has resumed at the Durham-McEwen gold property in the Red Lake mining camp. Heath and Sherwood Drilling of Kirkland Lake, Ontario has moved a high capacity drill rig onto the property, with the expectation of completing up to 6,000 feet of diamond drilling. As reported in Stockwatch Sept. 4, 1998, Goldcorp announced a 47 per cent increase in high grade reserves at its historic mining operation adjoining ITL/Cypress approximately 3,000 feet to the west. Goldcorp's high grade discovery now constitutes a reserve of approximately 1.9 million ounces with an average grade of 1.36 ounces gold per ton. The uncut grade of this reserve is 2.63 ounces gold per ton and previous test mining suggests the actual mined grade could be much higher. Goldcorp has been generous with respect to sharing information and one of its former geologists now acts as a consultant to ITL/Cypress. This has allowed the companies to optimize collar placement for the second drill hole which is designed to cross the Goldcorp deformation zone from south to north. The high grade Goldcorp discovery is approximately 3,000 feet west of its common boundary with ITL/Cypress. This will be the second hole in a multi-phased exploration program on the Durham-McEwen property. Hole No. 2 has been collared 3,000 feet south of hole No. 1 which was completed in March 1997 after penetrating 2,000 feet of mafic volcanics including the geologically favourable environment that hosts the Goldcorp discovery. The hole deviated to the northeast and it was decided not to drill a wedge hole until the results from a second hole to the south were completed and evaluated. The ITL/Cypress claim group lies within the Ghenour-Gullrock Lake deformation zone as does the Campbell mine of Placer Dome and the high grade Goldcorp discovery. The ITL and Cypress property is within the eastern part of the Red Lake greenstone belt and hosts two sequences of metavolcanics and minor metasedimentary rocks. The ore zones at the Goldcorp and Campbell mines consist of quartz carbonate veins hosted by mafic volcanics within a southeast trending regional-scale anticlinal structure. The veins terminate in fold noses of younger ultramafic rocks which make excellent marker horizons. Economic ore zones in the Red Lake camp have been mined along 15,000 feet of strike length from the boundary of the Campbell mine to the new discovery by Goldcorp. According to Goldcorp, its high grade discovery is still open to the east where it continues to be delineated by drifting and drilling from newly developed areas on the lower levels of the mine. Six recent drill holes from surface and a third from the 34 level extended the prospective Goldcorp ore horizon another 1,300 feet towards its common boundary with ITL/Cypress. Geological and geophysical projections indicate that the gold-bearing horizon in the adjoining Goldcorp mine has the potential to extend onto the ITL/Cypress property, a hypothesis that will be tested in the upcoming drill program which is expected to cost approximately $350,000. The companies have sufficient working capital to extend the program depending on results. With the high grade reserves in place and the prospects for discovering even more reserves, Goldcorp has confirmed the long-term viability of sinking a deep, single lift shaft and constructing a new milling facility about 4,500 feet from the ITL/Cypress western boundary. The Red Lake camp is the second largest gold producing region in Canada with more than 18 million ounces of production from one of the world's most prolific but largely untested greenstone belts. The Goldcorp property hosts a world class gold reserve that averages five to ten times the grade of anything mined in the Timmins camp which ranks among the largest gold producing regions anywhere. Placer Dome's Campbell Red Lake mine is one of the lowest cost producers in the world and is believed to be the most profitable in its stable of domestic and global mining operations. ITL/Cypress hold the right to earn a 50 percent interest (25 per cent interest each) in the Durham-McEwen property from Rupert Resources by incurring exploration expenditures of $1.8-million over a four year period. To date, approximately $650,000 has been spent on diamond drilling on the gold property.