Curlew Lake Resources Inc.
TSX VENTURE : CWQ

Curlew Lake Resources Inc.

May 31, 2005 15:46 ET

Curlew Lake Gold Property Agreement

LANGLEY, BRITISH COLUMBIA--(CCNMatthews - May 31, 2005) - Curlew Lake Resources Inc. (TSX VENTURE:CWQ) announces that it has executed a Letter of Intent with Select Resources Corporation, a wholly owned subsidiary of Tri-Valley Corporation (TIV:Amex), whereby Select Resources may earn a 51% interest in the Typhoon gold project in the Clear Creek area, Dawson Mining District, Yukon Territories. The property is controlled 100% by Curlew Lake, subject to a 2% NSR, 1% of which may be purchased at any time for $600,000 in cash or shares. The property consists of 36 mineral claim units covering approximately 1,800 acres.

Select Resources has paid $10,000 cash on signing the Letter of Intent; and to complete its earn-in they will carry out $550,000 in work commitments over 4 years, and make cash payments of a further $60,000 over 3 years. A minimum $50,000 first-phase work program is planned for the 2005 field season. Select Resources will be the operator of the project, and they propose to evaluate the area with a multidisciplinary team incorporating geology, geophysics, geochemistry, and remote sensing.

After the earn-in phase, the agreement provides for the formation of a Joint Venture to carry out further development. Should Curlew Lake not participate it will be diluted to a sliding scale NSR ranging from 2% (on a gold price up to $300), to 5% (if gold is priced at $500 or over). The agreement also includes a provision whereby Curlew, if diluted, may back in upon the decision of Select to commence commercial production on the basis of a feasibility report, up to a 20% interest, by paying its shares of costs to that point, plus a penalty equal to 150% of the costs avoided by being diluted down. Curlew will be responsible for underlying obligations with respect to the Kingfisher agreement, as previously reported.

Curlew Lake conducted an exploration program on this group of claims in the fall of 2004, with very encouraging results. A significant new gold geochemical anomaly was located, which, together with previous information, including substantial placer gold recoveries from the creek running through the claims, gives a strong target for further work. The Clear Creek District lies within the Tombstone Gold Belt component of the Tintina Gold Province that extends for several hundred miles across interior Alaska and Yukon Territory. The Clear Creek District has been the focus of abundant placer mining and hard rock exploration since the early 20th Century. The Tintina Gold Province hosts a number of multimillion ounce, intrusive-related gold deposits, including the Fort Knox and Pogo mines of Alaska and the Dublin Gulch deposit in Yukon Territory. Recent exploration in the Clear Creek District and the broader Tombstone Gold Belt by major and junior companies has focused on the search for similar intrusive-related deposits.

We are very pleased to be associated with the team of accomplished professionals Tri-Valley Corp. has assembled to manage Select Resources. Select Resources has a highly experienced management and technical team with a proven track record of discovery and producing value globally. The Select team has a solid core of skill sets including such business associations as the Russian Government Mineral Exploration group and the Pacific Northwest National Lab. These groups provide an advanced exploration technology, which adds strength to the Select team.

Select Management & Technical Teams includes the following highly reputable individuals.

- Chairman: F. Lynn Blystone - 24 years as President and CEO of Tri-Valley.

- President: Dr. Harold J. Noyes - 25 years in global mineral exploration and production including 17 years experience in Alaska.

- Vice President: Dr. Henry (Rick) Sandri - 25 years in mineral exploration, development, and production.

- Chief Financial Officer: Thomas Cunningham - 30 years in financial services.

- Geologist, Team Coordinator: Dr. Odin Christensen - 25 years experience in the minerals industry; 21 years at Newmont as VP Exploration, Chief Geologist, Exploration Manager; Ph.D. from Stanford University.

- Geophysicist: Dr. Craig Beasley - 20 years in global, diversified exploration; 8 years with BHP; Ph.D. from the University of Utah.

- Geochemist: Dr. Jeffrey Jaacks - 20 years of global, diversified exploration and mining experience; Past President of the Association of Exploration Geochemists; worked at Anaconda, Westmonth, and BHP; Ph.D. from the Colorado School of Mines.

- Remote Sensing: Sandra Perry - 20 years experience in remote sensing; recognized globally for the ability to discern exploration value from domestic and international imagery; M.S. from Colorado School of Mines.



On Behalf of the
Board of Directors

"Robert B. Pincombe"
President.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

Contact Information