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Gold/Mining/Energy : Cypress Min. (CYP.V) Diamond Fields clone? -- Ignore unavailable to you. Want to Upgrade?

To: Marek who wrote (512)	3/24/1999 9:57:00 PM
From: Marek	Read Replies (1) \| Respond to of 595

ITL Capital and Cypress to resume drilling at Rupert's Red Lake property Cypress Minerals Corp CYP Shares issued 19,956,571 Mar 23 close $0.15 Wed 24 Mar 99 News Release See ITL Capital Corporation (ICL) News Release Mr. David Duval and Mr. Donald Huston report Drill crews are being mobilized for the resumption of diamond drilling on ITL Capital and Cypress Minerals' Durham-McEwen gold project in the Red Lake mining camp in Northwestern Ontario. Hole 98-1, which was terminated at 5,900 feet last December, will be deepened to approximately 7,000 feet to test for the down-plunge extension of the adjoining two million ounce Goldcorp discovery which averages approximately 1.4 ounces gold (cut) per ton. Surface drilling by Goldcorp has extended the favourable high-grade gold horizon eastward to within 3,000 feet of the western boundary of the companies' Durham-McEwen property. The ITL Capital/Cypress Minerals Durham-McEwen gold property is within one of the world's lowest cost gold producing environments. Goldcorp is forecasting cash production costs of $88 (U.S.) per ounce from its high-grade deposit while Placer Dome's adjoining Campbell mine, with approximately one-half of Goldcorp's grade, produces gold for approximately $140 per ounce. The depth, placement and tenor of the high-grade gold zones at the Goldcorp mine defies conventional wisdom of the area and suggests a new era of discovery has arrived in the camp. Economic ore zones in the Red Lake camp have been mined along 15,000 feet of strike length from the boundary of the Campbell mine to the high-grade Goldcorp discovery which remains open to the east toward the Durham-McEwen property. ITL and Cypress have the right to earn a combined 50 per cent interest in the Durham-McEwen property from Rupert Resources. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com