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

To: IKE who wrote (40)	1/26/1999 3:32:00 PM
From: Gord Bolton	Read Replies (1) \| Respond to of 94

LEADER MINING INTERNATIONAL INC ("LMN-Y") - Corporate Progress Report 1. KNIFE LAKE, NORTHERN SASKATCHEWAN, CANADA - GEOPHYSICAL SURVEYS a. Gold/Silver Discovery Areas Leader Mining is pleased to announce that approximately 40% of the combined I.P., VLF and Ground Magnetic Surveys have been completed over the Au-Ag discoveries located immediately south and east of its Knife Lake Copper Deposit. As reported earlier, the Au-Ag mineralization at the Knife Lake camp is wide spread and is considered to be a younger phase than the volcanogenic massive sulfide (VMS) episode that formed the Knife Lake Copper Deposit. Consequently, it is easier to define a sizable target. Upon completion of the ground geophysical surveys, scheduled by February 1999, Leader will initiate a diamond drilling program to define extensions to the known gold and silver discovery areas. Leader has also commissioned an in-depth review of its geophysical and geological databases for the Scimitar Complex. Four new VMS targets for ground follow-up and drill testing have been identified within 5 km of the Knife Lake Deposit. b. Kimberlite-Diamond Targets Five well defined high priority circular aeromagnetic anomalies with diametres of 200-400 m have been identified near Knife Lake. The most promising magnetic targets show a near surface conductivity response which may correspond to the weathered cap of a kimberlite body. Drill testing of the most favourable targets is scheduled for March 1999. A large diamond kimberlite body has been discovered in central Saskatchewan, located approximately 300 km south of Knife Lake. 2. ACQUISITIONS IN SOUTH AFRICA The Company has signed a Memorandum of Understanding with Poplar Resources Ltd. and a South African Private Company (Karmel Diamond Holdings (Pty) Ltd.) to acquire a 75% working interest in 7,500 hectares of prime diamond exploration terrain The Karmel Project contains Group II kimberlite fissures/pipes which are known to be more favourable for their diamond content over the Group I kimberlites. The Project is located in a close proximity to a number of major diamond producers. A series of kimberlite fissure systems are known to exist on the Property and a kimberlite pipe associated with the fissure system has been mined for diamonds in the past. Historical information indicates that this kimberlite pipe was discovered following the find of a ten carat diamond by a Shepherd. The Project at the moment consists of 3 known fissures; a kimberlite pipe; and a possible blow. There is also a high probability of more pipes and fissures being identified, offering excellent exploration targets. Leader Mining is providing funding of $1.5 million over the next three years with a minimum of $500,000 investment in the first year. The initial budget includes an aeromagnetic survey to be followed up by sampling of the known kimberlite bodies, including a bulk sample of the known diamondiferous kimberlite pipe. Additional prospective diamond properties located within the prolific diamond camps of South Africa are being negotiated. These low cost acquisitions among proven diamond mining camps, offer excellent upside potential to Leader shareholders. Leader Mining is proceeding rapidly to evaluate these targets. The management has just completed a field visit to the sites and is very pleased with the unexplored potential of the area. Details are to follow shortly. 3. FINANCING Leader Mining has closed a $1.5 million Private Placement for funding acquisitions and to provide additional short term working capital. TEL: (403) 234-7501 MR. JASI NIKHANJ FAX: (403) 234-7504 E-mail: gen-info@leadermining.com Website: www.leadermining.com TEL: (403) 531-1387 YVONNE SHELDRAKE TEL: (888) 608-1387 FAX: (403) 269-8881 ______________________________