Cross Lake Minerals Ltd.
TSX : CRN

Cross Lake Minerals Ltd.

July 18, 2005 09:00 ET

Cross Lake Minerals Ltd.: Drilling Confirms High Grade in West Zone QR Mine British Columbia; Plan of Arrangement Approved

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 18, 2005) - Cross Lake Minerals Ltd. (TSX:CRN) (the "Company" or "Cross Lake") is pleased to provide this further report for 2005 on operations at the QR Mine Site, which is located 58 km southeast of Quesnel, BC. In conjunction with the completion of an updated resource calculation and the Independent Engineering Study, four drill holes were commissioned to extend and define the West Zone Deposit. Three of the four holes intersected high grade gold mineralization near surface outside the limits of the West Zone included in previous resource calculations. The following table summarizes the significant intersection from this drilling:



West Zone: South Lobe

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Drill Hole From (m) To (m) Interval (m) Gold (g/t)
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CL-05-2054 10.1 13.3 3.2 44.23
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and 20.4 23.1 2.7 22.45
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CL-05-2055 1.5 3.1 1.6 17.9
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and 23.9 26.6 2.7 12.07
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and 34.4 35.9 1.5 3.21
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CL-05-2056 32.4 33.6 1.2 18.37
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These results highlight the high grade potential of the QR Gold Zones and particularly the West Zone. The area drilled is part of the initial open pit development of the West Zone included in the redevelopment plan now being finalized. The presence of such high grade gold mineralization in this area was a surprise and will result in an increase in gold recovery at an early stage of development. This is expected to further improve the economics of the proposed redevelopment of the QR Mine. Exploration work is being conducted under the supervision of Qualified Person Jim Miller-Tait, P.Geo, Vice President, Exploration of Cross Lake. Acme Analytical Laboratories Ltd. of Vancouver, B.C. completed all assays of the drill core.

In Corporate news, the Company's proposed Plan of Arrangement was overwhelmingly approved by the shareholders of the Company at the Annual General and Special Meeting held on June 15, 2005. This commodity based reorganization of the Company allows the shareholders of the Company to participate in a new company called Selkirk Metals Corp. that will focus on base metals allowing Cross Lake to focus on development of the QR Mine and expanding its precious metal holdings.

12(g) No. 82-2636


Contact Information

  • Cross Lake Minerals Ltd.
    Gordon A. Keevil
    President
    (604) 687-2038
    (604) 687-3141 (FAX)
    www.crosslakeminerals.com
    or
    Tangent Management Corp.
    Investor Relations
    (604) 642-0115