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

To: Ron Waller who wrote (149)	9/15/1998 9:59:00 PM
From: Ron Waller	Read Replies (1) \| Respond to of 173

September 15, 1998. ICL Red Lake Drilling Update Progress Report On Diamond Drilling Program ITL CAPITAL CORP ("ICL-V;ITLLF-L") CYPRESS MINERALS CORP ("CYP-V;CYPMF-L") RUPERT RESOURCES LTD ("RUP-V;RUPRF-L") - Progress Report On Diamond Drilling Program Donald C. Huston, President and Director of ITL Capital Corporation and Robert J. Paul, Director of Cypress Minerals Corp are pleased to provide a progress report on the diamond drilling program that is currently under way at their Durham-McEwen gold property in Ontario's Red Late mining camp. The Companies hold the right to earn a 50% interest in the property (25% each) from Rupert Resources. Hole 98-01 is being drilled approximately 3,500 feet east of the Goldcorp discovery which is among the highest grade ever reported in North America, In a September 11th news release, Goldcorp announced an extension of its high-grade discovery another 1,000 to 1,400 feet eastward towards the Durham-McEwen property and the collar location of 98-01. Goldcorp continues to drill underground and surface targets to the southeast of known gold occurrences and is extending the discovery towards its common boundary with ITL Capital/Cypress Minerals. According to Goldcorp, "the volcanic host rock common to our mine and the adjoining Campbell mine is more widespread in this area than previously thought." In addition, the company notes that "widespread mineralization has been encountered over a vertical distance of 5,000 feet," suggesting the area around the discovery hosts the potential to produce shallow gold discoveries as well. The Companies' site geologist reports that hole 98-01 is currently drilling in mafic volcanics at a vertical depth of 1,650 feet. Hole deviation has been minor and only two wedges have been required so far, a considerable improvement over a previous hole which was collared in sediments and was completed in March of 1997. Mineralized samples from hole 98-01 have been submitted for assay to Bondar Clegg in Timmins, Ontario, however, the most favorable horizon for gold occurrences is believed to be deeper. Goldcorp and Placer Dome have secured virtually all of the most prospective ground to the west, north and south of this important discovery, while ITL Capital/Cypress Minerals-Rupert Resources hold the eastern extension of the gold trend hosting the recent high grade values reported by Goldcorp. TEL: (604) 687-3376 ITL CAPITAL CORPORATION/CYPRESS MINERALS CORP FAX: (604) 687-3119 ______________________________________