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Gold/Mining/Energy : Pallaum Minerals (ASE:PLM) -- Ignore unavailable to you. Want to Upgrade?

To: Ed Pakstas who wrote (475)	8/24/1998 9:28:00 PM
From: Lloyd	Respond to of 536

AUGUST 24, 1998 NEWS RELEASE: GROUND WORK IN SOUTH VOISEY'S BAY COMPLETE Stan Ford, President of Pallaum Minerals Ltd., is pleased to announce that the phase I summer work program in South Voisey's Bay, under contract to Donner and Teck, has been completed and that results from the gravity and detailed geology surveys are expected within the next couple of weeks. Detailed exploration has focused on the areas that have yielded best potential for massive sulfides similar to those hosted in world class base metal deposits around the world. The following positive indications on the property suggest the potential exists for a deposit to be located on the Adlatok River 2 property.  Magnetic, EM and UTEM surveys have all identified coincident geophysical anomalies. The geophysical response could potentially be a result of massive sulfides at depth.  Previous drilling in 1996 encountered leopard-textured troctolite at the northern and southern reaches of the Central Gabbro (similar to core observed above the Voisey's Bay discovery).  Following a recent site visit to the Adlatok River 2 property, consulting geological engineer, Roy Wares, P.Eng., P.Geo., notes that the property is central to the exploration efforts currently underway in South Voisey's Bay. A second altered gabbro sill, which indicates potential for feeder zones, has been discovered (i.e. massive sulfide can concentrate in a feeder). Drilling is expected to commence once the first phase results have been interpreted and drill targets have been identified. Donner and Teck recently proposed to the joint venture that they wanted to conduct pulse EM surveys on the Adlatok River 2 property prior to drilling. The Crone low frequency multi-channel pulse EM survey ("PEM") discriminates between any significant thickness of potentially economic massive sulfides and the enveloping widely-spread disseminated and blebby sulfides within the basal contaminated gabbro (blanket mineralization). A major nickel producer, who has an interest in joint venturing the property, has also approached Pallaum. WORK PROGRAMS BEGIN IN NEVADA The Company is also pleased to announce that preliminary work programs have commenced in Nevada. David Blake, senior consulting geologist to Pallaum, has begun phase I work on the W and Buff properties, with drilling anticipated in the fall. The exploration program on the W property is aimed at following up on an area of gold mineralization that graded 1.4 g/t gold over 33 meters. The Company still is evaluating potential joint venture opportunities with majors. Pallaum holds nine gold properties in Nevada. ON BEHALF OF THE BOARD "Stanley R. Ford", P.Eng., MBA, President