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

To: Gord Bolton who wrote (466)	2/11/1999 2:06:00 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 FEBRUARY 11, 1999 Contiki Resources: Kimberlite Sampled on Ten of Twelve Holes, Microdiamond Analyses in Progress VANCOUVER, BRITISH COLUMBIA--Contiki Resources Ltd. is pleased to report the results of the drill program on its license PL 139/93 in the heart of the Molopo kimberlite field, Botswana. Five additional holes have been drilled and four of these encountered kimberlite. A total of ten kimberlites were encountered in the twelve completed holes. Five of these holes were on previously known kimberlite pipes and five are new discoveries by Contiki. /T/ Magnetic Previous Comments Anomaly Designation 94-39 - New Kimberlite Discovery 94-70 M-31 Known Kimberlite Probable Olivine Macrocrysts 94-41A - No Kimberlite 94-40 - New Kimberlite Discovery 94-33 M-38 Known Kimberlite 94-57 T-5 Known Kimberlite 94-58 T-7 Known Kimberlite 94-54 - New Kimberlite Discovery 94-51 - New Kimberlite Discovery 94-61 - New Kimberlite Discovery Probable Olivine Macrocrysts 94-63 T-19 Known Kimberlite Probable Olivine Macrocrysts 94-78 - No Kimberlite /T/ Probable olivine macrocrysts have been observed in three of the kimberlites tested. This is most significant as these large olive crystals tend to be derived from the same part of the earth's mantle as diamonds. The greater Molopo kimberlite field is known from work to date to contain at least 67 kimberlite pipes, 57 have been tested for microdiamond content and 14 or about 1 in 4 have proven to be diamondiferous. Contiki anticipates similar statistics will continue to apply to ongoing exploration in the area. Samples have been taken for microdiamond analysis and have been sent to Lakefield Research for processing by their standard caustic dissolution methods with initial results expected by early March. 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. To date only one of the known Molopo pipes (M-1) has had any serious evaluation. 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 D. Neil Briggs, Director -30-