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Gold/Mining/Energy : Latitude Minerals LTU.V -- Ignore unavailable to you. Want to Upgrade?

To: M. Boldo who wrote (231)	2/3/1999 10:58:00 PM
From: Paul S.	Read Replies (1) \| Respond to of 366

LATITUDE MINERALS CORP. SUITE 612, 475 HOWE STREET, VANCOUVER, BC. V6C 2B3 Tel: (604) 688-2010; Fax: (604) 688-2015; Toll-free: 1 800 668-0071 e-mail: mineral @ mineweb.com trading symbol: LTU.V Latitude acquires 250,000 ounce Nevada Gold Deposit VANCOUVER, BC, February 03, 1999: Latitude Minerals Corp. (LTU.V) is pleased to announce that it has entered into an agreement to acquire a 100% interest in the 250,000 ounce PAN GOLD DEPOSIT in White Pine County, Nevada. Pan is an open-pit, heap-leachable, oxide deposit lying within a 620 acre claim block (31 claims), located within the prolific Battle Mountain-Eureka Gold Trend. To date, 400 holes have outlined a deposit of approximately 250,000 ounces of gold. The gold mineralization is contained within two pods known as the North and South orebodies. Mineralization is open-ended along strike and at depth in both pods. Furthermore, the gap between the North and South Pan orebodies has potential to contain a significant amount of additional mineralization. Of the small number of exploration holes drilled in this gap, several encountered ore-grade intercepts that were never followed up on. Some of these intercepts include 180' @ 0.043 opt and 175' @ 0.036 opt, with the latter bottoming in mineralization @ 0.15 opt gold. None of the holes in the gap are included in the ore reserve calculation. The Company is undertaking a scoping study that will enable management to evaluate the mineability and exploration potential of the deposit. Furthermore, metallurgical work is planned to determine the extent of coarse gold which can be recovered by gravity separation and increase the overall recovery of the deposit The Pan Gold Deposit is part of an extremely large hydrothermal system on the east side of a north-trending anticline. The anticline is cut by major high-angle structures and several major cross structures. Mineralization is confined to the lower part of the Devonian Pilot Shale, host to numerous gold deposits in eastern Nevada. Numerous additional oxide targets exist at the Pan Deposit which could quickly increase the existing resource dramatically along the 2.5 mile mineralized trend. These targets include : 1. Numerous open-ended ore grade intercepts at North Pan where infill and stepout holes are needed; 2. The "Gap" area between North and South Pan where scattered holes containing ore-grade intercepts suggest that the area may connect or link the deposits into one continuous deposit; 3. Mineralization at South Pan which is open in several directions, particularly along the west side of the structure; and 4. The deep potential of the property which has never been explored. Higher grades at depth appear to be associated with high-angle structural zones along the 2.5 mile trace of jasperoid and brecciated rock; these feeders have not been explored to depth. Latitude is currently planning a 40-hole (16,000 foot) drill programme. The programme will focus on adding reserves and bringing the deposit to a preliminary feasibility study. The Company's plan after feasibility is to begin the permitting process and ultimately move the deposit toward full commercial production within 24 months. Terms of the acquisition call for Latitude Minerals Corp. to make property payments totaling USD$350,000 over five years with USD$15,000 payable upon regulatory approval. The Company is also obligated to spend USD$850,000 on exploration over five years including USD$100,000 in the first year. The vendor retains a sliding scale gross production royalty based on the price of gold varying from 1.5% at under $350 gold to 4% over $500 gold on the first 200,000 ounces recovered. The royalty can be purchased by Latitude at any time during the first five years for USD$1.5 million, with the vendors retaining a 1% gross production royalty after payback. A finders fee acceptable to the Vancouver Stock Exchange is payable on the acquisition. Latitude Minerals Corp. is a junior exploration company developing a number of advanced-stage gold deposits in the western United States. The current global resource of the Company is 2.1 million ounces of gold of which approximately 975,000 ounces are currently mineable. The Company is also evaluating a number of additional opportunities in the Americas. Additional information can be obtained by contacting the Company at (800) 668-0071 or by visiting the company's website at www.latitudeminerals.com. On Behalf of the Board of Directors, LATITUDE MINERALS CORP. "John R. Carden" John R. Carden President THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE INFORMATION CONTAINED HEREIN