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Gold/Mining/Energy : LEADER MINING INTERNATIONAL - LMN:ASE -- Ignore unavailable to you. Want to Upgrade?

To: average joe who wrote (33)	11/10/1998 12:03:00 PM
From: Gord Bolton	Read Replies (1) \| Respond to of 94

Leader Mining International Inc. 11/10/98 - Knife Lake Project Update Quick Quote: C.LMN 0.700 (+0.050) LEADER MINING INTERNATIONAL INC. ("LMN-Y") - Knife Lake Project Update Management of Leader Mining International Inc. announces that the Company has completed a detailed review and a scoping study of the Knife Lake deposit, located 110km Northwest of Flin Flon, Manitoba. Flin Flon hosts a major copper-zinc mining/smelting complex which has produced over 103 million tonnes at an average grade of 2.29% Cu and 4.2% Zn. The Knife Lake Belt is interpreted to be a northward extension of the Flin Flon volcanics. To date, a total of 26,397 meters of diamond drilling among 308 drill holes have been completed on the Knife Lake deposit and a digital geological model has been constructed. The mineralization is outlined over a distance of 4,300 meters to a depth of 100 meters. Geological modelling has generated a drill indicated resource of 20.3 million tonnes, grading 0.83 eCu for the deposit. An initial open pit design shows that 11.0 million tonnes grading 0.95 eCu can be exploited by open pit method t a strip ratio of 2.63:1; whereas an economic scoping study, at the present metal pries, indicates that a threshold tonnage of 25 million tonnes would be commercially viable. Leader's initial exploration program, conducted during 1996-'97 resulted in the following observations, discoveries and conclusions: * Drilling of 181 diamond drill holes confirmed a strike length of approximately 4,500m for the mineralization at the Knife Lake deposit, with reasonable inferences of continuity. The dimensions of the copper occurrence were calculated as follows: Horizontal Width (at surface) = 300m Average Dip = 30 degrees Dip Length (Depth) = 300m/cos 30 degrees=346m Strike Length = 4,500m Average Thickness = 15m Average Specific Gravity = 3.4 Yielding a Geological Inferred Resource = 79 million tonnes The potential for additional mineable tonnage lies along the felsic horizon which hosts the Knife Lake deposit. This horizon has been traced for over 10km to the eastern shore of Scimitar Lake, where outcrop samples yield values up to 0.90% Cu. The Knife Lake deposit is interpreted to be remobilized fraction of a larger primary VMS deposit. Which remains a high priority exploration target. In addition, at least nine similar felsic domains, favourable for VMS deposits, have been mapped within Leader's 970 sq. km land holdings over the Knife Lake Copper Belt. Results are being reviewed and compiled in order to launch a follow-up geophysical and drilling program on the recent silver and gold discoveries and potential diamond targets, near the Knife Lake deposit. An update will be reported in the next press release. Leader Mining has incurred an exploration expenditure of $7.3 million over 2-1/2 years. An excellent technical data base has been generated which points to a strong mineral potential of this Belt. Systematic exploration for base and precious metals will continue. TEL: (403) 234-7501 Mr. Jasi Nikhanj FAX: (403) 234-7504 EMAIL: gen-info@leadermining.com INET: www.leadermining.com