Fury Explorations Ltd.

Fury Explorations Ltd.

March 22, 2006 09:30 ET

Fury Acquires Nevada Silver Resource and Mill

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 22, 2006) - Fury Explorations Ltd. (the "Company") (TSX VENTURE:FUR) is pleased to announce that it has entered into an agreement, whereby it can acquire a 100% interest in the Taylor silver mine and mill complex located 15 miles south of Ely, Nevada.

The Taylor project includes a historical measured resource estimate of 16 million ounces of silver, a 1,320 ton per day mill with flotation and cyanide leach plants, and approximately 900 acres of mining claims. The historical measured resource estimate was completed by Alta Gold in 1999 using extensive technical data and economic parameters, but was not compiled within the definitions and standards outlined in NI 43-101. Their calculations indicated 5.92 million tons grading 2.7 oz/t Ag or 15.98 million ounces of contained silver. Fury has not yet had the opportunity to complete due diligence on the resource estimate, and therefore cautions that the resource estimate cannot be relied upon.

Mr. Steve Vanry, President of Fury, commented that, "We have acquired a potential turnkey open-pit silver mine and mill, located in one of the world's most favorable mining jurisdictions. The Company will immediately begin studying the feasibility of restarting the mill and producing from the existing open-pit silver resource. We also plan to undertake an aggressive exploration program this year with the intention of expanding existing silver resources."

The Taylor Silver Mine

The Taylor Mine is located in White Pine County, Nevada, 15 miles south of the town of Ely, 2 miles east of US Highway 50. The project is contained within 34 unpatented and 4 patented mining claims.

The Taylor mining district was discovered in 1868 and during the ensuing 20 year period, it is reported that approximately 60,000 tons of ore estimated to have an average grade of 20 oz/t Ag was mined. Underground mining was sporadic until 1979 when Alta Gold began mining a 7.0 million ton open pit resource averaging 3.2 oz/t Ag. Due to faltering metal prices, mining activities were abandoned in 1991, leaving the majority of the open pit resource in place.

Geology and Mineralization

The deposit occupies approximately 40 acres, averages 50 feet thick, and lies near the surface (average overburden is 30 feet, and the deposit crops out in many places). The deposit is haloed by a similar tonnage of lower grade material. Several geochemical anomalies on the property have not been drill tested.

The silver ore occupies the top fifty feet of brecciated Guillmette Limestone along the axis and flanks of a north trending assymetrical anticline. Argentiferous solutions percolating through the brecciated limestone were impeded by the overlying shaly transition zone between the Guillmette Limestone and the overlying Pilot Shale. Silver was deposited in the fractures and veins in the Limestone.

Taylor Mill

The Taylor mill complex consists of primary and secondary crushers, eight ball mills, a flotation circuit, a leaching and filter circuit, a maintenance shop, an assay office, an electrical substation and a mine office.

The mill and counter-current cyanide plant became operational in April of 1981. In 1989 Alta Gold expanded the mill to include a copper, lead and zinc flotation circuit for processing ore from the nearby Ward Mine. The mill has been on care and maintenance since 1991 and, upon recent inspection by Company consultants, was deemed to be in excellent condition.

Transaction Details

The Company has entered into an agreement with the shareholder of Anglo Nevada Metals Corporation ("Anglo"), a Nevada Company, to purchase all of the issued and outstanding shares of Anglo for US$50,000 and 850,000 of the Company's common shares. Anglo has entered into an exclusive option agreement with the First National Bank of Ely, whereby Anglo has the right to earn a 100% interest in the Taylor Project.

In order for Anglo to earn a 100% interest in the project, Anglo must make a total of US$2.5 million in cash option payments over a 21 month period and US$5,000 per month

in maintenance costs for the life of the option. The option payments are to be made as follows 1) US$250,000 at signing of the option agreement (paid); 2) US$250,000 within 90-days of signing; 3) US$200,000 each 180 days thereafter (for three payments totaling $600,000); and 4) US$1.4 million within 21-months of signing.

Qualified Person

Mr. Ken Thorsen, B.Sc. P.Eng., Chairman and Director of Fury Explorations, is the Qualified Person for the Company, as defined by National Instrument 43-101, and is responsible for the accuracy of this press release.


Fury Explorations is a junior exploration and development company, currently focused on precious metals projects in North America. The Company has an option to earn 65% of the Ganes Creek Gold Project in Alaska where it will conduct an extensive drill program this summer. The Taylor Silver Project is the second significant acquisition for the Company and positions Fury with the possibility of entering into near term commercial production and further growth. The Company currently has 15.7 million shares issued and working capital totaling approximately $2.8 million.

Completion of the transaction is subject to regulatory approval.


On Behalf of the Board,

Steve Vanry, CFA - President

Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the corporations' periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Statements in this press release other than purely historical information, including statements relating to the company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the company's business, including risks inherent in mineral exploration and development. The company does not assume the obligation to update any forward-looking statement.

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

Contact Information