Boulder Mining Corporation

Boulder Mining Corporation

March 15, 2005 11:40 ET

Boulder Mining Corporation: $3.33 million for Indian River Gold Project Closed


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BOULDER MINING CORPORATION

TSX VENTURE SYMBOL: BDR

MARCH 15, 2005 - 11:40 ET

Boulder Mining Corporation: $3.33 million for Indian
River Gold Project Closed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2005) - Boulder
Mining Corporation (TSX VENTURE:BDR)

The Company has closed a non-brokered private placement totalling $3.33
million. The financing consisted of 22,200,000 units priced at $0.15 per
unit ( the "Units"). Each Unit is comprised of one common share and one
transferable share purchase warrant entitling the holder of each full
warrant to purchase one additional common share at a price of $0.20
prior to 4PM March 14, 2006. Finder's fees in the amount of 7% (payable
in cash) relate to substantially all of the funding secured. The shares
and any shares to be issued upon the exercise of the warrants are
subject to a 4-month hold period which expires July 15, 2005.

Boulder Mining intends to use the funds to continue to expedite work
programs on the large volume, gold bearing alluvial deposits hosted
within the Indian River property. The property, located 25 kilometers
south of Dawson City, Yukon, is within the famous Klondike District
that, historically, has produced in excess of 11 million ounces of gold
from local alluvial deposits. Beginning in early May, the Company will
initiate a program of collecting and processing large samples from the
Downstream Bench. To the extent warranted, bulk mining equipment and a
modular plant will be mobilized to the Downstream Bench to mine three
separate panels dug at various locations across the 9 km long by 1.5 km
wide Downstream Bench. These work programs should allow for the
calculation of a resource on the Downstream Bench. As positive economic
parameters from the above programs are received, plans to mobilize
additional modular bulk mining plants will be implemented.

Boulder Mining is earning a 70% interest in the Indian River Property
from Western Prospector Group (TSX VENTURE:WNP). Boulder Mining is also
actively exploring the promising Tevrede iron oxide-copper-gold project
in Namibia in which the Company has the right to earn a 100% interest
subject to a 3% NSR from Helio Resource Corp. (TSX VENTURE:HRC).

On behalf of the Board of Directors Boulder Mining Corporation

John McAdam, President and Director

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Boulder Mining Corporation
    Brad Aelicks
    VP Corporate Finance
    (604) 899-4300
    (604) 899-4303 (FAX)
    bouldermining@bouldermining.com
    www.bouldermining.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.