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Gold/Mining/Energy : BALACLAVA MINING (BIL.V) -- Ignore unavailable to you. Want to Upgrade?

To: John E.Quinn who wrote (109)	10/21/1998 10:19:00 PM
From: chevalier	Read Replies (1) \| Respond to of 139

Just got the results from the first few holes that BIL drilled. They definitely hit a significant discovery hole at Tres X. Hole 13 intersected 23.7 meters (50.8 m - 74.5m) of 48.97 g/t. Hows that for an impressive discovery hole? any comments?

To: John E.Quinn who wrote (109)	10/21/1998 10:31:00 PM
From: chevalier	Respond to of 139

Heres the NR: EL CORAZON DRILL RESULTS Balaclava Mines Inc. is pleased to announce the results of the Phase I Drill Program on the El Corazon Project located 60 km NE of Quito, Ecuador. A total of 1126 metres in 14 diamond drill holes were completed. Drilling was confined to the Rio Verde Chico and Tres'X Zones. The program was designed to test at depth several high grade structures located by surface trenching and gain an understanding of the mineralizing controls for the exceptional gold grades found on the property. All samples from the drilling were submitted to Bondar Clegg in Quito and were assayed for gold and silver along with 33 element ICP analysis. All gold mineralized intervals are being check assayed at an independent third party laboratory. The extremely high-grade gold assays will also be rerun using metallic assay procedures to address any coarse or nugget gold effect. Visible gold has been sighted in several of the core samples. Tres'X Zone Eight drill holes (BCD07 to BCD14) were completed in the Tres'X area. Holes BCD07,08,10,11 and 12 tested a continuous NNW trending structure approximately 750 meters long that forms the eastern limits of the zone. Trenching at the northern end of this system returned multi-ounce gold values across mineable widths. Drilling has now confirmed that the high grade values continue at depth (see table below). Hole BCD09 tested a zone on the west side of the Tres'X that returned interesting values at surface. Drilling cut the structure at depth but returned significantly weaker values. Holes BCD13 & 14 are located within the central portion of the Tres'X zone. This area hosts a 250,000 ounce gold resource as defined by nine vertical or northerly trending holes completed by previous operators on the property. The complete lack of exposure on the property makes a determination of attitude and geometry of mineralized bodies difficult. However, the majority of the vein sets that have been exposed in trenches trend NS to NW with steep dips. Holes 13 and 14 were drilled EW, fifty meters apart, testing the potential for high-grade north trending structures. The exceptional broad intersection in hole 13 is hosted by a highly silicified, porous lapilli tuff unit (stratagraphic) cut by a series of high grade veins. Management at Balaclava believes that the previous drilling may be subparallel to the mineralized structures. As a result, the true thickness of the zone in BCD13 is unknown and the significance of this hole is yet to be determined. Due to the high grade nature of some of the veins, cutting of gold assays has been employed. The high gold values have been arbitrarily capped at 34.29 g/t or one ounce per ton gold. No statistical work has been completed to define the appropriate value for cutting. - 2- Drill Hole From To Length Gold Grade Gold Grade No. metres metres metres g/t (uncut) g/t (cut) BCD07 8.8 15.5 6.7 13.86 10.10 BCD08 8.0 10.1 2.1 5.88 BCD09 No significant values BCD10 39.5 42.0 2.5 84.56 13.15 BCD11 No significant results BCD12 No significant results BCD13 50.8 74.5 23.7 48.97 15.20 BCD14 18.0 23.0 5.0 4.72 As the above results indicate, the Tres'X Zone has the potential to host significant gold grades across mineable widths. Future work programs will include further drilling, detailed structural mapping and geophysics. Rio Verde Chico Zone Six drill holes (BCD01 to BC06) were completed in the Rio Verde Chico Area. The majority of the holes cut low grade material with only sporadic high grade values, as did previous drilling in this area. Other Zones Surface work continues in the Paraiso and Magdelena zones, results will be reported in due coarse. Symbol BIL (VSE) ON BEHALF OF THE BOARD Shares Issued: 12.2 million Fully Diluted: 13.6 million Working Capital $1.1 million Cdn Simon T. Ridgway President The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the information contained in this release. 409 Granville Street, Suite 855 Email: balaclava@goldgroup.com Vancouver, B.C. V6C 1T2 Canada Website: www.goldgroup.com/bil Tel: 604.801.5432 Fax: 604.662.8829 EMBED CorelDraw.Graphic.7