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Gold/Mining/Energy : Flag Resources (FGR.A A) -- Ignore unavailable to you. Want to Upgrade?

To: ali who wrote (884)	11/17/1998 1:09:00 PM
From: ali	Read Replies (1) \| Respond to of 4269

To all:the latest news release: Flag Resources (1985) Limited and Golden Briar Mines Limited announce preliminary exploration results from exploration of the Wanapitei Gabbro Intrusion, Rathbun Township, Sudbury, Ontario, for platinum and palladium CALGARY, Nov. 17 /CNW/ - ''In exploring Nipissing Gabbro for platinum and palladium, recent studies have strongly recommended doing geochemical sampling of the gabbro rock as there is well documented association of mineralization with high magnesium oxide and lower abundance of titanium and zirconium in the rock. Fortuitously for Flag and Golden Briar, a large area of the Wanapitei Gabbro Intrusion, located on their joint venture holdings in Rathbun Township, was geochemically sampled by the Ontario Geological Survey. Geochemical sampling of the Nipissing Gabbro, one mile southwest of the Rathbun Lake Occurrence, by the Ontario Geological Survey, gave consistent high magnesium oxide and low titanium values in the rock over an approximate strike length of 700 feet. It appears to be enriched with the same metals as the Rathbun Lake Occurrence. It is on the same western contact as the high grade Rathbun Lake Occurrence (selected grab sample by the Ontario Geological Survey yielded 10.2% copper, 0.14% nickel, 0.056 ounces platinum, 34.6 ounces palladium, 0.02 ounces gold and 2.22 ounces silver per ton). Ontario Geological Survey Report 213, pages 55 and 101. Preliminary exploration has confirmed a 300 foot wide surface exposure of sulfides, two thousand feet southwest of the Rathbun Lake Occurrence. Best values from grab sampling yielded 1.3% copper, 0.29% nickel, 0.07 ounces platinum and 0.16 ounces palladium per ton. An exploratory drill hole is to be drilled to evaluate the grade and extent of the mineralization. One and a half miles southeast of the Rathbun Lake Occurrence, a VLF conductor has been outlined over an area of high magnesium oxide and severe alteration. An exploratory drill hole is currently being drilled into the geophysical conductor. Golden Briar can earn a 50% interest in the exploration project, from Flag, by completing exploration expenditures of $400,000.00 over a four year period. The Wanapitei Gabbro Intrusion is located close to the southern boundary of the regional 54 mile long Wanapitei Anomaly, in which Flag holds 76,000 acres, in 6 adjoining townships.'' The Alberta Stock Exchange has neither approved nor disapproved of the contents herein. -30- For further information: M.C. McLeod, President (403) 262-8883, Fax (403) 262-8886, www.flagresources.