Carpathian Gold Inc.
TSX : CPN

Carpathian Gold Inc.

August 24, 2009 07:00 ET

Carpathian Phase II Drilling Intersects 13.1 m of 2.28 g/t Au, Including 4.7 m of 3.97 g/t Au on the RDM Gold Project, Brazil

TORONTO, ONTARIO--(Marketwire - Aug. 24, 2009) - Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") is pleased to announce the initial results from its 2009, Phase II Drill Program at the 100% owned Riacho Dos Machados gold project ("RDM") located in Minas Gerais State, Brazil. A total of 18,000 to 22,000 metres of drilling is planned for this Phase II program and follows the results from the initial NI 43-101 Resource Estimate announced on May 18th and the results from a Preliminary Economic Assessment ("PEA") announced on August 17th. Two diamond core drill rigs and one reverse circulation ("RC") drill rig are presently active. The RC drill rig is used principally for pre-collars and for short drill-holes through the mineralized zone above the water table or only where dry samples can be obtained.

The principle objective of the Phase II drill program is to upgrade the open-pit inferred resources to the Measured + Indicated categories as well as extend its strike length for use in a planned feasibility study in late 2009/early 2010. The drill program started on May 23rd and to date 34 drill holes have been completed for a total of approximately 7,000 m. Results from 14 drill holes have been received and are reported herein. In addition, results from the re-sampling program of another 41 diamond drill holes completed prior to 1996 by the previous operator, Companhia Vale do Rio Doce ("Vale"), are also reported.

The initial results are demonstrating good geologic and gold-grade continuity both along strike and at depth below the existing shallow open-pit (maximum 60 m) with significant intersections (estimated true-widths) as shown by drill hole FRM-72 which intersected 13.1 m at 2.28 g/t Au 118 m below the pit and re-sampled Vale drill hole F-53 which intersected 12.1 m at 3.35 g/t Au only 5 m below the pit.

Highlight assay intersections recently received for the Phase II drill program are listed below. All of these results represent the portion of the mineralized zone that is considered to be accessible through the deepening of the open-pit as shown in the PEA. The gold mineralization occurs in a shear zone with the existing open-pit developed over a strike length of 1,350 m and to depths corresponding to top-of-fresh rock. A complete list of the assay results can be found at the end of this press release. A map showing the location of the drill holes completed can be found on the Corporation's website at www.carpathiangold.com.

i) North Pit Area (known as Area V)

- 17.6 m at 2.80 g/t Au, including 1.8 m of 9.55 g/t Au (hole FD-16)

- 12.1 m at 3.35 g/t Au, including 4.0 m at 6.59 g/t Au (hole F-53)

ii) Central Pit Area (know as Area IV)

- 13.4 m at 1.16 g/t Au, including 2.7 m at 3.61 g/t Au (hole FRM 80)

- 19.5 m at 1.98 g/t Au, including 3.3 m of 6.03 g/t Au in (hole F-97)

- 11.7 m of 1.29 g/t Au, including 1.8 m of 4.48 g/t Au (hole F-116)

iii) South Pit Area (known as Area III)

- 12.3 m at 2.01 g/t Au, including 3.8 m at 4.01 g/t Au (hole FRM-70)

- 13.1 m at 2.28 g/t Au, including 4.7 m at 3.97 g/t Au (hole FRM-72)

- 6.9 m at 3.54 g/t Au, including 1.4 m at 6.87 g/t Au (hole SU-05)

Notes: Widths are approximate true thicknesses. Drill hole prefixes 'FRM' are Carpathian drill holes and 'F', 'FD', and 'SU' are re-sampled drill core from the Vale drill program.

"We are pleased with the initial results from our infill drill program as they are validating the geologic model and demonstrating good gold-grade continuity along strike and down-dip. We believe these results and further planned drilling will provide an updated resource estimate that will support and improve the total contained tonnes at open-pit mining grades from the initial NI 43-101 Resource Estimate released on May 18th, 2009", said Dino Titaro, President and CEO. "We also expect that this Phase II drill program will further enhance the robust nature of the Preliminary Economic Assessment announced August 12th, 2009, not only supporting the results with higher confidence resource category but possibly enhancing the mine life and economics through strike extensions to the mineralization. Engineering and environmental consultants are diligently working with our team on the project to realize our vision of near-term open-pit gold production from the RDM project."

Preliminary Economic Assessment Study Result Highlights

On August 18th, 2009 the Corporation announced the results of the Preliminary Economic Assessment ("PEA") Study on the project which was based solely on the open-pit mineralization defined in a NI 43-101 Mineral Resource Estimate released on May 18th, 2009 (see below). The open-pit resource was constrained within an open-pit shell utilizing the pit-optimizer software (Whittle) with appropriate mining costs, US$800 per ounce gold price, and a 0.30 g/t Au cut-off grade. The open-pit mine design for the PEA was constrained to the depth using a $704 per ounce gold-price whittle pit-shell, as a strategy for lowering the risk of the Project.

Highlights of the PEA Study include:

- Average annual production of 102,000 ounces of gold per annum over an initial 7.1 year mine life.

- Total operating cash cost of US$428 per gold ounce.

- Project after tax net present value ("NPV") of US$123.3 million based on a 5% discount rate and a gold price of US$900 per ounce.

- Project after tax internal rate of return ("IRR") of 32.0%, with a 2.9 year payback on Project capital expenditures, at a gold price of US$900 per ounce.

The Project will be a conventional open pit mine with down-the-hole drill rigs and blasting, backhoe excavators, and conventional haul trucks. The processing operation will include crushing the ore to minus 19 mm and processing it in an industry standard carbon in leach and ADR (adsorption, desorption, and recovery) plant followed by a detoxification process prior to placing the tailings in an impoundment area. Based on metallurgical test work, the gold recovery is estimated at 90%. The open pit mining operation will be at a rate of 6,000 tonnes per day with a life-of-mine average plant feed grade of 1.65 g/t gold over a life of mine of 7.1 years.

According to the cautionary statement required by NI 43-101, it should be noted that this assessment is preliminary in nature as it includes inferred mineral resources that cannot be categorized as reserves at this time and as such there is no certainty that the preliminary assessment and economics will be realized.

Initial NI 43-101 Compliant Mineral Resource Estimate

The Corporation announced the results of the initial NI 43-101 compliant Resource Estimate on May 18th, 2009. This Resource Estimate utilized open-pit optimization software to constrain an open-pit resource and underground resource for material below the open pit using appropriate cutoff grades, costs, and 800 USD/ounce gold price. This open-pit is 1,700 m in length and ranges from 60 m deep in the south extension to 270 m deep in Area III (middle to south part of existing open-pit).

The open pit resource includes (combined oxide, transition, fresh zones and 0.30 g/t Au cut-off):

- Measured + Indicated - 4.547 M tonnes at 1.84 g/t Au for 268,800 ounces Au

- Inferred - 15.164 M tonnes at 1.56 g/t Au for 762,700 ounces Au

The underground resource includes (1.0 g/t Au cut-off):

- Measured + Indicated - 0.201 M tonnes at 3.31 g/t Au for 21,400 ounces Au

- Inferred - 2.733 M tonnes at 2.84 g/t Au for 249,700 ounces Au

The combined open pit and underground resource includes:

- Measured + Indicated - 4.748 M tonnes at 1.90 g/t Au for 290,200 ounces Au

- Inferred - 17.897 M tonnes at 1.76 g/t Au for 1,012,400 ounces Au

The underground resource has a geological potential of 12 million tonnes at 2.91 g/t Au for a total in-situ metal content of 1.12 million gold ounces. This was determined by the independent consultant group, NCL Brasil Ltda., through the measurement of the volume of the mineralized zone from the geological model provided by Carpathian for the Resource Estimate, using the average grade of the composite samples below the open-pit, less the current underground resource. This geologic potential exists within the underground grade shell model where data from existing drill holes is too widely spaced to properly interpolate grade and should not be relied upon as a NI 43-101 compliant resource. Further deep drilling will be required to ascertain the extent of this mineralization and convert the mineralization into a resource. The grade of this underground mineralization is similar to existing underground operating mines in Brazil.

Project Background

The RDM gold project is a 22,000 hectare land parcel comprised of 12 Exploration Licenses and one Mining Concession that covers a 20 kilometre long north-south shear zone. The Mining Concession hosts a past producing open-pit gold mine, which was previously operated by Vale between 1986 and 1997 from which oxide gold ore was mined to maximum depths of 60 m below the surface. The gold mineralization at RDM is shear zone hosted, within a package of Precambrian aged metamorphic rocks. This shear zone strikes 20 degrees and dips 40 to 50 degrees west. The gold mineralization is known to be continuous over a strike length of 1,350 m and open at depth to greater than 550 m at the RDM mine-site. The 2008 drilling program has demonstrated that this mineralization is now continuous for a strike length of at least 2,000 m.

Sample Protocol

All sample results presented in this news release are half-core from split NQ drill core and sampled on a metre by metre basis through the mineralized zone and into surrounding altered rock. Re-sampling of Vale drill core utilizes mostly quarter-core samples. All samples collected from Brazil are prepared and analyzed at the independent ISO Certified SGS laboratory, located near Belo Horizonte, Brazil using industry standard fire assay techniques for gold on 50-gram sample charges with AAS finish. Coarse blanks, pulp blanks, pulp duplicates, and known gold standards are inserted on a routine basis. They consist of 20% per cent of submitted samples. In addition, on a periodic basis 3% of the crusher rejects are re-submitted and a minimum of 3% of the pulps will be analyzed at the ISO Certified ALS Chemex Laboratory near Belo Horizonte, Brazil for check assays.

Mr. Titaro is the qualified person (as defined in National Instrument 43-101) overseeing the design and implementation of the present exploration programs. He is responsible for preparing the technical information contained in this news release.

Carpathian is an exploration and development company whose primary business interest is developing near-term gold production on its 100% owned Riacho dos Machados Gold Project in Brazil along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu project located in Romania.

Forward-Looking Statements: This press release includes certain statements that may be deemed "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Corporation expects, are forward-looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurance that forward-looking statements will prove to be accurate, as results and future events could differ materially from those anticipated statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.



Table I. Diamond drill hole assay intersections from Phase II Carpathian
drilling program at the RDM project, Minas Gerais, Brazil, August 2009.

----------------------------------------------------------------------------
----------------------------------------------------------------------------
True
Drill From To Length Thickness Au
Hole Area (m) (m) (m) (m) (g/t)
----------------------------------------------------------------------------
FRM-65 III 126.5 130.5 4.0 3.6 2.23
----------------------------------------------------------------------------
FRM-66 III 141.5 144.5 3.0 2.8 1.12
----------------------------------------------------------------------------
157.5 169.5 12.0 11.5 1.74
----------------------------------------------------------------------------
Incl. 164.5 169.5 5.0 4.8 3.08
----------------------------------------------------------------------------
FRM-67 III 133.5 138.5 5.0 4.7 1.81
----------------------------------------------------------------------------
150.5 153.5 3.0 2.8 1.1
----------------------------------------------------------------------------
FRM-68 III 122.1 124.1 2.0 1.9 1.04
----------------------------------------------------------------------------
134.1 138.1 4.0 3.7 2.28
----------------------------------------------------------------------------
FRM-69 III 141.65 153.65 12.0 11.6 0.93
----------------------------------------------------------------------------
Incl. 141.65 146.65 5.0 4.8 1.69
----------------------------------------------------------------------------
156.65 158.65 2.0 1.9 1.04
----------------------------------------------------------------------------
FRM-70 III 138.1 151.1 13.0 12.3 2.01
----------------------------------------------------------------------------
Incl. 144.1 148.1 4.0 3.8 4.01
----------------------------------------------------------------------------
FRM-71 III 116 118 2.0 1.9 1.59
----------------------------------------------------------------------------
122 130 8.0 7.6 1.02
----------------------------------------------------------------------------
Incl. 125 127 2.0 1.9 2.06
----------------------------------------------------------------------------
FRM-72 III 158 163 5.0 4.6 4.98
----------------------------------------------------------------------------
Incl. 160 162 2.0 1.9 9.8
----------------------------------------------------------------------------
167 169 2.0 1.9 1.63
----------------------------------------------------------------------------
178 192 14.0 13.1 2.28
----------------------------------------------------------------------------
Incl. 180 185 5.0 4.7 3.97
----------------------------------------------------------------------------
FRM-76 IV 166 168 2.0 1.9 1.24
----------------------------------------------------------------------------
173 182 9.0 8.8 0.88
----------------------------------------------------------------------------
Incl. 173 182 3.0 2.9 1.37
----------------------------------------------------------------------------
FRM-77 IV 172.63 178.63 6.0 5.9 1.44
----------------------------------------------------------------------------
Incl. 172.63 175.63 3.0 2.9 2.21
----------------------------------------------------------------------------
206.63 208.63 2.0 1.9 1.15
----------------------------------------------------------------------------
FRM-78 IV 178 181 3.0 2.9 1.22
----------------------------------------------------------------------------
222 225 3.0 2.9 1.13
----------------------------------------------------------------------------
FRM-79 IV 199 201 2.0 1.9 3.33
----------------------------------------------------------------------------
233 242 9.0 8.5 0.58
----------------------------------------------------------------------------
FRM-80 IV 214.65 229.65 15.0 13.4 1.16
----------------------------------------------------------------------------
Incl. 223.65 226.65 3.0 2.7 3.61
----------------------------------------------------------------------------
FRM-81 IV 82.5 85.5 3.0 2.9 1.1
----------------------------------------------------------------------------
102.5 104.5 2.0 1.9 4.58
----------------------------------------------------------------------------
119.5 122.5 3.0 2.9 0.99
----------------------------------------------------------------------------
133.5 141.5 8.0 7.9 0.58
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Notes: Assay intersections are calculated using a 0.30 g/t Au cut-off and
maximum allowable dilution of three consecutive metres at less than 0.30 g/t
Au. NSI equals no significant intersection. Drill hole details i.e. Azimuth,
declination and total depth are shown in Drill Hole Descriptions in Table
III below.



Table II. Diamond drill hole assay intersections from Carpathian Phase II
re-sampling and assays of diamond core drilled by Vale at the RDM project,
Minas Gerais, Brazil, August 2009.

----------------------------------------------------------------------------
----------------------------------------------------------------------------
True
Drill From To Length Thickness Au
Hole Area (m) (m) (m) (m) (g/t)
----------------------------------------------------------------------------
F-27 IV 86 102 16.0 15.9 1.52
----------------------------------------------------------------------------
Incl. 88 96 8.0 7.9 2.21
----------------------------------------------------------------------------
F-29 North Ext. 9 11 2.0 1.9 1.14
----------------------------------------------------------------------------
F-41 III 134 143 9.0 8.2 1.36
----------------------------------------------------------------------------
Incl. 134 135 1.0 0.9 7.49
----------------------------------------------------------------------------
F-53 V 32 47 15.0 12.1 3.35
----------------------------------------------------------------------------
Incl. 40 45 5.0 4.0 6.59
----------------------------------------------------------------------------
57 62 5.0 4.1 2.35
----------------------------------------------------------------------------
F-54 III 67 80 13.0 10.8 1.42
----------------------------------------------------------------------------
Incl. 78 80 2.0 1.7 4.57
----------------------------------------------------------------------------
F-55 IV 30 32 2.0 1.6 1.05
----------------------------------------------------------------------------
54 73 19.0 15.5 0.84
----------------------------------------------------------------------------
Incl. 69 73 4.0 3.3 1.78
----------------------------------------------------------------------------
F-57 51 54 3.0 2.4 1.7
----------------------------------------------------------------------------
F-62 III 53 67 14.0 11.0 0.71
----------------------------------------------------------------------------
Incl. 53 56 3.0 2.4 2.04
----------------------------------------------------------------------------
75 86 11.0 8.7 1.31
----------------------------------------------------------------------------
Incl. 79 82 3.0 2.4 2.24
----------------------------------------------------------------------------
F-64 IV 122 126 4.0 3.5 2.63
----------------------------------------------------------------------------
F-65 III 44 52 8.0 6.5 2.31
----------------------------------------------------------------------------
Incl. 46 48 2.0 1.6 6.9
----------------------------------------------------------------------------
62 75 13.0 10.7 0.75
----------------------------------------------------------------------------
Incl. 72 75 3.0 2.5 1.47
----------------------------------------------------------------------------
F-68 III 63 73 10.0 8.5 1.42
----------------------------------------------------------------------------
F-69 IV 49 59 10.0 7.8 0.88
----------------------------------------------------------------------------
Incl. 50 54 4.0 3.1 1.57
----------------------------------------------------------------------------
F-70 South Ext. 42 43 1.0 0.8 1.16
----------------------------------------------------------------------------
F-71 III 65 72 7.0 5.6 2.14
----------------------------------------------------------------------------
Incl. 65 67 2.0 1.6 3.78
----------------------------------------------------------------------------
F-91 North Ext. 9 17 8.0 6.2 1.18
----------------------------------------------------------------------------
32 36 4.0 3.2 1.76
----------------------------------------------------------------------------
F-95 III 47 53 6.0 4.8 1.36
----------------------------------------------------------------------------
F-97 IV 42 66 24.0 19.5 1.98
----------------------------------------------------------------------------
Incl. 60 64 4.0 3.3 6.03
----------------------------------------------------------------------------
F-108 IV 94 100 6.0 5.2 4.07
----------------------------------------------------------------------------
134 141 7.0 6.3 1.1
----------------------------------------------------------------------------
F-109 IV 11 22 11.0 8.6 0.8
----------------------------------------------------------------------------
Incl. 20 22 2.0 1.6 2.28
----------------------------------------------------------------------------
43 50 7.0 5.7 1.59
----------------------------------------------------------------------------
F-116 IV 140 153 13.0 11.7 1.29
----------------------------------------------------------------------------
Incl. 140 142 2.0 1.8 4.48
----------------------------------------------------------------------------
F-117 V 61 75 14.0 11.5 0.96
----------------------------------------------------------------------------
Incl. 61 67 6.0 4.9 1.2
----------------------------------------------------------------------------
F-120 IV 56 58 2.0 1.6 3.01
----------------------------------------------------------------------------
114 117 3.0 2.7 1.38
----------------------------------------------------------------------------
F-122 V 96 110 14.0 12.4 1.01
----------------------------------------------------------------------------
Incl. 96 98 2.0 1.8 2.66
----------------------------------------------------------------------------
F-131 III 14 15 1.0 0.8 1
----------------------------------------------------------------------------
F-132 III 18 19 1.0 0.8 1.08
----------------------------------------------------------------------------
F-133 South Ext. 22 24 2.0 1.5 1.68
----------------------------------------------------------------------------
F-134 South Ext. 14 21 7.0 5.4 1.16
----------------------------------------------------------------------------
Incl. 20 21 1.0 0.8 4.07
----------------------------------------------------------------------------
F-135 South Ext. 15 18 3.0 2.3 1.1
----------------------------------------------------------------------------
F-136 South Ext. 14 19 5.0 3.8 1.21
----------------------------------------------------------------------------
F-137 South Ext. 7 8 1.0 0.8 1.03
----------------------------------------------------------------------------
F-138 South Ext. 19 22 3.0 2.3 0.37
----------------------------------------------------------------------------
F-141 III 14 16 2.0 1.5 0.41
----------------------------------------------------------------------------
F-142 V 126.9 134.9 8.0 7.1 1.1
----------------------------------------------------------------------------
139.9 146.9 7.0 6.3 1.87
----------------------------------------------------------------------------
Incl. 142.9 144.9 2.0 1.8 3.27
----------------------------------------------------------------------------
FD-16 V 37 40.7 3.0 2.6 1.08
----------------------------------------------------------------------------
52 55 3.0 2.7 1.47
----------------------------------------------------------------------------
62 81 19.0 17.6 2.80
----------------------------------------------------------------------------
Incl. 62 64 2.0 1.8 9.55
----------------------------------------------------------------------------
FD-18 IV 156 158 2.0 2.0 1.73
----------------------------------------------------------------------------
FD-20 IV 129 131 2.0 1.9 1.14
----------------------------------------------------------------------------
FD-23 IV 130 136 6.0 5.4 1.89
----------------------------------------------------------------------------
Incl. 134 136 2.0 1.8 3.63
----------------------------------------------------------------------------
FD-25 V NSI
----------------------------------------------------------------------------
SU-05 III 24 34 10.0 6.9 3.54
----------------------------------------------------------------------------
Incl. 26 28 2.0 1.4 6.87
----------------------------------------------------------------------------
SU-29 III 11 17 6.0 4.6 1.48
----------------------------------------------------------------------------
31 37 6.0 4.6 1.06
----------------------------------------------------------------------------
SU-39 III 16 23 7.0 6.3 5.19
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Notes: Assay intersections are calculated using a 0.30 g/t Au cut-off and
maximum allowable dilution of three consecutive metres at less than 0.30 g/t
Au. Drill hole details ie. Azimuth, declination and total depth are shown in
Drill Hole Descriptions in Table III below.



Table III. Details for drill holes completed by Carpathian at the RDM
Project during Phase II drill program to August, 2009 with label prefix
FRM-xx. Also included are diamond drill holes completed by Vale which
Carpathian has re-sampled and assayed with drill hole prefix F-xx during the
Phase II drill program to August 2009.

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Drill Azimuth(ii) Declination Total Depth
Hole Area Northing(i) (degrees) (degrees) (m)
----------------------------------------------------------------------------
FRM-65 III 9,539 270 -81 161.3
----------------------------------------------------------------------------
FRM-66 III 9,704 270 -73 211.0
----------------------------------------------------------------------------
FRM-67 III 9,629 270 -76 169.3
----------------------------------------------------------------------------
FRM-68 III 9,668 270 -79 154.7
----------------------------------------------------------------------------
FRM-69 III 9,747 270 -76 196.6
----------------------------------------------------------------------------
FRM-70 III 9,575 270 -71 160.8
----------------------------------------------------------------------------
FRM-71 III 9,483 270 -76 161.3
----------------------------------------------------------------------------
FRM-72 III 9,895 270 -83 221.3
----------------------------------------------------------------------------
FRM-76 IV 10,005 270 -73 196.7
----------------------------------------------------------------------------
FRM-77 IV 10,124 270 -61 240.1
----------------------------------------------------------------------------
FRM-78 IV 10,078 270 -73 240.2
----------------------------------------------------------------------------
FRM-79 IV 10,121 270 -70 260.3
----------------------------------------------------------------------------
FRM-80 IV 10,016 270 -82 249.4
----------------------------------------------------------------------------
FRM-81 IV 10,187 275 -63 160.1
----------------------------------------------------------------------------
F-27 IV 10,361 269 -60 112.6
----------------------------------------------------------------------------
F-29 North Ext. 10,924 270 -60 44.0
----------------------------------------------------------------------------
F-34 III 9,775 NA -90 52.4
----------------------------------------------------------------------------
F-41 III 9,460 NA -90 159.4
----------------------------------------------------------------------------
F-53 V 10,591 NA -90 83.5
----------------------------------------------------------------------------
F-54 III 9,518 NA -90 97.4
----------------------------------------------------------------------------
F-55 IV 10,386 NA -90 79.9
----------------------------------------------------------------------------
F-57 IV 10,377 NA -90 63.1
----------------------------------------------------------------------------
F-62 III 9,982 NA -90 105.5
----------------------------------------------------------------------------
F-64 IV 10,080 NA -90 193.5
----------------------------------------------------------------------------
F-65 III 9,887 NA -90 96.0
----------------------------------------------------------------------------
F-68 III 9,691 NA -90 92.2
----------------------------------------------------------------------------
F-69 IV 10,078 NA -90 115.9
----------------------------------------------------------------------------
F-70 South Ext. 9,292 NA -90 59.8
----------------------------------------------------------------------------
F-71 III 9,589 NA -90 87.8
----------------------------------------------------------------------------
F-91 North Ext. 10,942 NA -90 60.2
----------------------------------------------------------------------------
F-92 III 9,625 NA -90 44.7
----------------------------------------------------------------------------
F-95 III 9,826 NA -90 55.9
----------------------------------------------------------------------------
F-97 IV 10,030 NA -90 75.5
----------------------------------------------------------------------------
F-108 IV 10,035 NA -90 171.5
----------------------------------------------------------------------------
F-109 IV 10,128 NA -90 79.0
----------------------------------------------------------------------------
F-116 IV 10,386 NA -90 203.3
----------------------------------------------------------------------------
F-117 V 10,425 NA -89 90.1
----------------------------------------------------------------------------
F-120 IV 10,270 NA -90 160.2
----------------------------------------------------------------------------
F-122 V 10,493 NA -90 172.0
----------------------------------------------------------------------------
F-131 III 9,466 NA -90 24.9
----------------------------------------------------------------------------
F-132 III 9,438 NA -90 27.1
----------------------------------------------------------------------------
F-133 South Ext. 9,368 NA -90 26.1
----------------------------------------------------------------------------
F-134 South Ext. 9,344 NA -90 26.1
----------------------------------------------------------------------------
F-135 South Ext. 9,318 NA -90 34.5
----------------------------------------------------------------------------
F-136 South Ext. 9,296 NA -90 25.4
----------------------------------------------------------------------------
F-137 South Ext. 9,271 NA -89 26.8
----------------------------------------------------------------------------
F-138 South Ext. 9,246 NA -89 24.3
----------------------------------------------------------------------------
F-141 III 9,492 NA -90 23.9
----------------------------------------------------------------------------
F-142 V 10,457 NA -90 177.0
----------------------------------------------------------------------------
FD-16 V 10,630 NA -90 118.4
----------------------------------------------------------------------------
FD-18 IV 10,035 NA -90 194.6
----------------------------------------------------------------------------
FD-20 IV 10,200 NA -90 193.2
----------------------------------------------------------------------------
FD-23 IV 10,385 NA -90 189.2
----------------------------------------------------------------------------
FD-25 V 10,565 NA -90 190.0
----------------------------------------------------------------------------
SU-05 III 9,762 211 -33 41.3
----------------------------------------------------------------------------
SU-29 III 9,853 NA 90 43.3
----------------------------------------------------------------------------
SU-39 III 9,707 309 -68 30.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Notes: (i) All Northings are in local grid coordinates which are rotated 20
degrees west from true north. (ii) All drill hole azimuths are local grid
azimuths, i.e. rotated 20 degrees west from true north.


The TSX does not accept responsibility for the adequacy or accuracy of this news release.

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