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Gold/Mining/Energy : Prospectors Alliance Corp. (PALL- CDN) -- Ignore unavailable to you. Want to Upgrade?

To: Just G who wrote (40)	5/10/1999 9:52:00 AM
From: Midas	Read Replies (1) \| Respond to of 187

Willithit: Here is the PALL press release released through Carlson on line. It looks good in my opinion! Drilling resuming and positive results from its joint ventures with a major, what more can one ask for? Midas PROSPECTORS ALLIANCE CORPORATION - RESUMPTION OF DRILLING - HALF MOON LAKE KAMISKOKIA WEST AREA TORONTO, ONTARIO-- Prospectors Alliance Corporation (PALL - CDN Toronto, 18,181,121 outstanding shares) wishes to announce the resumption of drilling at Half Moon Lake, Robb Township, Porcupine Mining Division. PALL ( and its equal partner, Explorers Alliance Corporation) hold earn-in rights to 50% of this and other properties under the Kamiskotia Joint Venture with Falconbridge Limited. The joint venture includes approximately 1,200 mining claim units located in 8 townships lying to the west of the Hudson Bay Joint Venture referred to below. Having completed additional geophysical work, PALL will drill an initial 2 holes to test a new geophysical interpretation of the results achieved in earlier drilling. One of these holes will test the down dip extension of HM 98-19 which intersected 7.12% Zn, 0.38% Cu, 0.25% Pb, 18.94 g/t Ag and 477 ppb Au over 8.3 meters. The second will test the down dip extension of low grade base metal mineralization encountered in drill hole R44-10 completed by Falconbridge in November, 1995. HUDSON BAY JOINT VENTURE KAMISKOTIA/KIDD CREEK AREA PALL (and its equal partner, Explorers Alliance Corporation) share a 20% interest in a joint venture with Hudson Bay Exploration and Development Company Limited and Falconbridge Limited covering approximately 920 mining claim units in 9 townships lying to both the west and south of Falconbridge's Kidd Creek mine. PALL and Explorers are carried for their share of the costs incurred on every property they had an interest in prior to the joint venture until Hudson Bay and Falconbridge have expended $1.0 million thereon. Falconbridge, the joint venture Operator, has reported that in 1998, the joint venture drilled a total of 24 holes totalling 6,143 m and incurred a total of $649,665 in expenditures. Of particular interest to the Operator were two 1998 holes: one drilled in northwest Macdiarmid Township which intersected 1.5 m of semi-massive to massive pyrrhotite in a previously unknown package of felsic volcaniclastics. This material contained minor amounts of zinc. The other hole was in southwest Jessop Township where anomalous zinc values were encountered and the Operator reported the "prospectivity of this unit along strike is considered good". The Operator is conducting additional geological and geophysical interpretative work in order to vector additional drill targets. Falconbridge has also advised that a total of 50 high priority, AEM targets remain to be evaluated. The joint venture has to date in 1999 approved of a total of $741,179 to carry out testing of a number of favourable SpectrEM (airborne) targets. Thus far in 1999, 13 drill holes totalling 3,074 m have been completed. Falconbridge has also reported that hole MF 12-28 drilled earlier this year in the south part of Mahaffy Township intersected 3.3 m of 10% pyrite at the base of a strongly chloritized and silicified mixed rhyolite fragmental. Down-hole geophysics indicate a strong off-hole anomaly west of the sulphide interval, about 160 m down-hole. In the Operator's opinion, the off-hole anomaly appears to correspond to conductive material located down-plunge from stringer mineralization intersected by Black River Mining in 1964 - 1.05% Zn, 0.15% Cu over 0.9 m. The Operator is planning additional PEM work to target follow-up drilling. BRISTOL TOWNSHIP OPTION - TIMMINS WEST PALL TO DRILL TWO HOLES PALL also announces it has entered into an option agreement with Marl Resources Inc. (60%) and Pelangio-Larder Mines Ltd. (40%) pursuant to which it can earn a 60% interest in the three claim property in Bristol Township, Porcupine Mining Division held by these parties. These claims tie on to the east of PALL's optioned South Wallingford claim block which ties on southeast of the property of Holmer Gold Mines Ltd. With these properties, PALL believes it has over 1 km of strike length on the same structure Holmer has been drilling on to the west. Holmer has indicated that it has drilled off a resource of 2.14 million tons grading 0.23 ounces of gold per ton. PALL proposes to drill at least 2 holes on this structure testing previously outlined geophysical (I.P.) targets.. ARBUTUS AND HOFFMAN TOWNSHIPS - SOUTH SWAYZE AREA PALL TO DRILL TWO INITIAL HOLES PALL holds an option to acquire a 100% interest in 8 mining claims containing 81 mining claim units (3,300 acres) in the Townships of Arbutus, Hoffman, Fingal and Osway, Sudbury Mining Division. The optionors had previously drilled an east-west structure intersecting significant widths of anomalous zinc, copper and lead mineralization coincident with strong airborne geophysical anomalies. Further ground geophysical and geochemical surveys by PALL has outlined strong anomalies warranting testing to the east of the Optionors' drill holes. PALL intends to drill an initial two drill holes to test this structure. FOR FURTHER INFORMATION, PLEASE CONTACT: John D. Harvey, President or Robert N. Granger, Vice President Tel: (416) 360-5333 Fax: (416) 360-4419 8th Floor, 350 Bay Street, Toronto, Ontario, M5H 2S6 E-Mail: info@prospectorsalliance.com Website: www.prospectorsalliance.com