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

To: Ron Waller who wrote (155)	11/16/1998 4:00:00 PM
From: Ron Waller	Read Replies (1) \| Respond to of 173

Drilling Resumes at Red Lake... Drilling Resumes At Durham McEwen Gold Property ITL CAPITAL CORP ("ICL-V;ITLLF-L") CYPRESS MINERALS CORP ("CYP-V;CYPMF-L") - Drilling Resumes At Durham-McEwen Gold Property ITL Capital Corp. and Cypress Minerals Corp. (collectively "ITL/Cypress") are pleased to announce that drilling has resumed at their Durham-McEwen gold property in the Red Lake mining camp. The Companies expect to encounter the stratigraphic horizon hosting the adjoining high grade Goldcorp discovery (1.4 ounces gold per ton) within the next month. Hole 98-1, which has a projected depth of 7,000 feet vertical, will be the deepest test hole to date on the Durham-McEwen property. ITL/Cypress hold the largest land position of any junior company along the Red Lake Deformation Zone which hosts three of the largest gold producers in the Red Lake Camp. The Cochenour Willans, Campbell Red Lake (Placer Dome) and Goldcorp mines have accounted for over 14 million ounces of gold production from a relatively small four-mile section of this prolific greenstone belt. The Goldcorp discovery is trending eastward towards the Durham-McEwen property and is presently less than 4,000 feet from the Companies' western boundary