Exall Resources Limited

Exall Resources Limited

October 18, 2005 10:50 ET

Exall Resources Limited: Second Drill Starts at Gold Eagle, Red Lake, Ontario

TORONTO, ONTARIO--(CCNMatthews - Oct. 18, 2005) - Exall Resources Limited (TSX:EXL) and joint venture partner Southern Star Resources Inc. (SSR:TSX-V) announced that a second diamond drill rig commenced drilling today on the Gold Eagle Mine Property in Red Lake, Ontario. The new drill is located on Mackenzie Island and is targeting the recently discovered Bruce Channel gold structure. The drill has re-entered drill hole BC-6 which was drilled last year to a total depth of 1,500 metres. BC-6 will be used as a master hole from which offset wedge holes will be drilled targeting the Bruce Channel gold structure. This rig is scheduled to continue drilling until freeze up and resume in early 2006.

Diamond drilling is continuing on drill hole BC-11 which is located adjacent to BC-10 on the east side of the Bruce Channel. It will continue drilling through the freeze-up period. This hole has now intersected the "Balmer assemblage" rocks that host the extended high-grade gold zones as reported on August 29, 2005 and September 21, 2005. The BC-11 master hole is expected to be completed by the end of October with assay results to be released in early November. A number of wedge holes will thereafter be undertaken with assay results released when available.

The Gold Eagle Mine Property drill program is being carried out under the direction of John F. Whitton, P.Geo, the qualified person within the meaning of National Instrument 43-101, who has reviewed the contents of this news release.

Exall Resources Limited is a Toronto Stock Exchange listed company that trades under the symbol EXL (S.E.C. registration #82-3535). Exall is active in the business of gold exploration and development in Red Lake, Ontario, as well as oil and gas exploration, development and production from its properties in Alberta, British Columbia, Texas and in the North Sea offshore England.

There are 69.6 million common shares issued and outstanding.

Contact Information

  • Exall Resources Limited
    Stephen G. Roman
    Chairman, President and CEO
    (416) 368-3949
    (416) 368-5146 (FAX)