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

To: Gord Bolton who wrote (460)	1/22/1999 12:42:00 PM
From: Gord Bolton	Read Replies (1) \| Respond to of 528

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: CONTIKI RESOURCES LTD. VSE SYMBOL: TKI JANUARY 22, 1999 Contiki Resources: Kimberlite Found on Six out of Seven Targets; Drill Program Ongoing VANCOUVER, BRITISH COLUMBIA--Contiki Resources Ltd. is pleased to report the results of the continuing drill program on its license PL 139/93 in the heart of the Molopo kimberlite field, Botswana. Five additional holes have been completed and four intersected kimberlite, bringing the total to six kimberlite pipes from the seven holes drilled to date. Kimberlite has been reported from previous drilling at all five of these locations. The drill program is ongoing with a minimum of twelve holes planned. The greater Molopo kimberlite field is known from work to date to contain at least 63 kimberlite pipes, 57 have been tested for microdiamond content and 14 or 1 in 4 have proven to be diamondiferous. We anticipate similar statistics will continue to apply to ongoing exploration in the area. Samples have been taken for microdiamond analysis and will be processed at Lakefield Research by their standard caustic dissolution methods with initial results expected in four to six weeks. Contiki will select the most favourable kimberlite pipes for more detailed testing, and evaluation of their economic diamond potential after the Phase 1 drilling program. Molopo is one of eight known kimberlite fields in Botswana. Two already have developed mines - Jwaneng and Orapa/Letlhakane and a third, Gope has a project in feasibility. Botswana is the largest producer of diamonds, by value, in the world and Molopo has some of the largest kimberlite pipes in the world. Contiki is earning a 60 percent interest in PL 139/93, Southern Africa Minerals Corporation will retain a 25 percent participating interest and Layfield Resources Inc. will retain a 15 percent participating interest. ON BEHALF OF THE BOARD Donald G. Moore, President and Director -30-