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Gold/Mining/Energy : Diamonds in Alberta, Ashton, Pure Gold, Montello, New Cla -- Ignore unavailable to you. Want to Upgrade?

To: Thomas Boychuk who wrote (780)	1/21/1999 10:15:00 PM
From: Jesse	Read Replies (1) \| Respond to of 822

Marum Resources NEWS: A core drilling program using HQ rods (~2.5") is to commence: INTERNATIONAL TOWER HILL MINES LTD. #570, 837 West Hastings Street Vancouver, BC V6C 3N6 Tel: (604) 685-1017 Fax: (604) 685-5777 towerhillmines.com ITH - Trading Symbol on The Vancouver Stock Exchange #82-3248 - S.E.C. 12g-3(b) Exemption Standard & Poor's Listing MARUM RESOURCES INC. #400, 606 - 4th Street SW Calgary, AB T2P 1T1 Tel: (403) 264-2220 Fax: (403) 243-9517 marumresources.com MMU - Trading Symbol on The Alberta Stock Exchange #82-4100 - S.E.C. 12g-3(b) Exemption Standard & Poor's Listing INTERNATIONAL TOWER HILL MINES AND MARUM RESOURCES FORM ALBERTA DIAMOND JOINT VENTURE January 21, 1999 - International Tower Hill Mines Ltd. (ITH - VSE) and Marum Resources Inc. (MMU - ASE) report that they have formed a joint venture to explore for diamonds in the Chinchaga area of northern Alberta. The area under agreement consists of three townships, comprising approximately 70,000 acres in an area of demonstrated geological interest. In March 1998 a reconnaissance drill program, based on coarse 600 meter aeromagnetic data, was undertaken using a light reconnaissance auger coring drill. Volcanic ash layers with diamond indicators were encountered. Subsequently, during April, a 200-meter high-resolution aeromagnetic survey was conducted over 12 townships and revealed an entirely new population of magnetic anomalies. Three sampling programs conducted during 1998 recovered a number of indicator minerals and unusual volcanic fragments with probable kimberlitic or ultramafic pedigrees from streams draining the new anomalies. Marum on behalf of the Joint Venture has applied for drill permits. A core drilling program using HQ rods (about 2 ½" diameter core) is to commence as soon as possible. Overburden is expected to be thin, between one to five meters for most targets. Approximately one week will be required to construct access roads and to perform final ground magnetometer surveys on seven to ten initial targets. The project will be managed by APEX Geoscience of Edmonton. The agreement provides for International Tower Hill to expend $300,000 to earn a 50% interest in two townships (T99,100R3W6) under permit to Marum and a 25% interest in one township (T98R3W6) in which Marum holds a net 50% interest. International Tower Hill agrees to spend $150,000 by June 30, 1999 to earn a 25% interest in the joint venture and an additional $150,000 by December 31, 2000 to earn an additional 25% interest. International Tower Hill will subscribe for a $75,000 private placement in Marum and this amount will be credited to International Tower Hill's exploration contribution. The private placement will consist of 750,000 units at a price of $0.10 per unit. Each unit will consist of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one share at $0.12 for a period of two years. The terms of the agreement are subject to the approval of all regulatory authorities where applicable. FOR FURTHER INFORMATION: International Tower Hill Mines Ltd. Mr. Anton Drescher, President Tel: (604) 685-1017 Website: towerhillmines.com Marum Resources Inc. Mr. Richard Boulay, President Tel: (403) 264-2220 or Mr. Arness Cordick, Director Tel: (604) 602-1440 Toll Free: 800-321-8564 Website: marumresources.com The Vancouver Stock Exchange and The Alberta Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release. ---------------- -j :>