Elgin Resources Inc.

Jonpol Explorations Ltd.

February 07, 2005 11:34 ET

Elgin Resources Inc. and Jonpol Explorations Ltd. Retain Harbour Financial Inc.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ELGIN RESOURCES INC.

TSX SYMBOL: ELR

AND JONPOL EXPLORATIONS LTD.

TSX SYMBOL: JON

FEBRUARY 7, 2005 - 11:34 ET

Elgin Resources Inc. and Jonpol Explorations Ltd.
Retain Harbour Financial Inc.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 7, 2005) - Elgin
Resources Inc. (TSX:ELR) and Jonpol Explorations Ltd. (TSX:JON)

Mr. Ian Rozier, President of Elgin Resources Inc. ("Elgin") and Mr.
Gordon Keep, President of Jonpol Explorations Ltd. ("Jonpol") are
pleased to report that the two companies have engaged Harbour Financial
Inc. ("Harbour"), an independent company, to provide investor relations
services to the companies. Harbour is based in Calgary and provides
investor relations services for companies involved in the mining, oil &
gas and high tech sectors. The Principals of Harbour are Mr. Brian
Barbour and Mr. Tom Hart, both based in Calgary, Alberta. Mr. Barbour
and Mr. Hart have collectively over 35 years experience in the Corporate
Finance and Brokerage business.

Elgin's agreement with Harbour includes consulting fees of Cdn$2500 per
month over the six month term of the agreement. Pursuant to the
agreement, Elgin has granted Harbour 90,000 stock options with an
exercise price of Cdn$1.70 per share subject to a 12 month vesting
schedule. Jonpol's agreement with Harbour includes consulting fees of
$2500 per month over the six month term of the agreement. Pursuant to
the agreement, Jonpol has granted Harbour 360,000 stock options with an
exercise price of Cdn$0.425 per share.

Following the joint news release made on November 01, 2004 by Elgin and
Jonpol with respect to their proposed merger that will enable the
consolidation of their PGM interests in South Africa, the two companies
are combining their corporate development and investor relations efforts
in conjunction with Vanguard Solutions Inc. of Vancouver, and Harbour
Financial Inc. of Calgary. On the successful completion of the Spitzkop
acquisition, the Spitzkop joint venture, and the proposed merger,
Harbour will be retained by the merged entity on the basis of consulting
fees of $5,000 per month, with stock options totaling 180,000 at an
exercise price of Cdn$1.70 per share.

During 2004, Elgin and Jonpol have focused their efforts on the
acquisition of high grade, near surface, platinum rich PGM deposits on
the eastern limb of the Bushveld complex in South Africa. The merger of
the two companies will consolidate the combined assets of the two
companies, being a 75.5% interest in Mareesburg and an 87% interest in
Spitzkop, as well as over $17 million in the treasury. The two companies
anticipate a very active year in 2005, with two projects in feasibility
study, and Harbour will be instrumental in assisting the company in
investor relations during this period.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Vanguard Shareholder Solutions Inc.
    (604) 608-0824 or Toll Free: 1-866-801-0779
    or
    Harbour Financial Inc.
    Brian Barbour
    (403) 813-5832
    or
    Harbour Financial Inc.
    Tom Hart
    (403) 701-4278
    or
    Elgin Resources Inc.
    Mr. Ian Rozier, M.Sc., P. Eng.
    President
    (604) 685-6851
    (604) 685-6493 (FAX)
    www.elginresources.com
    or
    Jonpol Explorations Ltd.
    Mr. Gordon Keep
    President
    (604) 609-6110
    (604) 609-6145 (FAX)