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Gold/Mining/Energy : LAYFIELD RESSOURCES (LAY-VSE) -- Ignore unavailable to you. Want to Upgrade?

To: John Fairchild who wrote (458)	1/11/1999 1:50:00 PM
From: John Fairchild	Read Replies (1) \| Respond to of 528

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: LAYFIELD RESOURCES INC. VSE SYMBOL: LAY JANUARY 11, 1999 Layfield Resources: First Positive Microdiamond Results from Molopo Drill Program VANCOUVER, BRITISH COLUMBIA--Layfield Resources Inc. is pleased to report initial microdiamond results from the first two drillholes of the Phase 1 drilling program on its Molopo Diamond Property in Botswana. Lakefield Research carried out microdiamond analysis by their standard caustic dissolution method. Two white transparent microdiamonds were recovered from 50kg of drill chips from magnetic anomaly 98-01 which, now that diamondiferous characteristics have been confirmed, will be referred to as the "Antelope" kimberlite pipe. Layfield's Antelope results are very encouraging as they demonstrate that diamonds are present in the lithosphere beneath the Molopo kimberlite field, that some of the kimberlite pipes pass through the diamondiferous area and that some of the diamonds have survived the long trip to the surface. Antelope is located in an unexplored portion of the Molopo kimberlite field and has proven that this new group of kimberlites is mineralized. It is common exploration practice in southern Africa to follow up kimberlites with more than 1 microdiamond per 100kg, Antelope has four times this amount of microdiamonds. Generally less than 10 percent of the kimberlites in a diamondiferous field have enough diamonds to deserve further study. Layfield's current plan is to enhance the chances of intercepting an economic kimberlite by testing as many kimberlites as possible. Diamondiferous kimberlites will be further tested to decide which ones should undergo mini-bulk sampling. No microdiamonds were recovered from a 50kg sample from magnetic anomaly 98-97. Layfield can earn an interest in over 1.7 million acres in the Molopo Diamond Property. Sporadic exploration in the Molopo kimberlite field over the last 25 years has discovered 14 diamondiferous kimberlite pipes, some of which are large to extremely large. Only one of these, namely the M1 pipe, which is the largest known pipe in the world, has undergone any detailed exploration. In addition there are over 100 geophysical targets that show the characteristics of kimberlite pipes and have not, as yet been drill tested. Because the area is so large and has so many targets Layfield is actively seeking other joint venture partners for the further exploration of this exciting area. For further information visit our website at www.layfieldresources.com ON BEHALF OF THE BOARD Donald G. Moore, Director -30- <Picture> <Picture>