Homeland Precious Metals Corp.
OTC Bulletin Board : HPMEF

Homeland Precious Metals Corp.

May 04, 2007 15:41 ET

Homeland Precious Metals Corp. Provides Water Canyon Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 4, 2007) - Homeland Precious Metals Corp. (OTCBB:HPMEF) is pleased to report that its previously announced Gradient Array Induced Polarization ("IP") geophysical survey covering approximately 3.6 square kilometers of the Water Canyon Project ("Water Canyon") is scheduled to begin in early June of this year.

Water Canyon is located adjacent to Newmont's Mule Canyon Mine Properties in the world renowned Battle Mountain-Eureka Mineral Trend of north-central Nevada. The property consists of approximately 2,560 acres (approx. 4 sq miles) including 960 acres of private lands and 1600 acres of unpatented mining claims immediately along strike of the Mule Canyon Mine Complex. The adjacent, contiguous Mule Canyon Property produced approximately 500,000 ounces of gold from six open pits over a seven-year period. Water Canyon lies 1.5 to 3.0 miles along strike and to the north of the Mule Canyon open pits.

Homeland's IP geophysical survey will focus on identifying structurally controlled mineralization associated with north-northwesterly faults and structures within geology similar to that which was mined at Mule Canyon. Extensive geophysical work completed on nearby deposits such as Fire Creek (located 13 miles to the south-southeast and containing over 1,000,000 ounces of gold at an average grade of 0.5 ounces per ton) indicates that economic mineralization is intimately associated with structurally related IP chargeability highs.

Homeland is also pleased to report that it has begun the process of soliciting bids for the Phase 1 reverse circulation drill program that will follow the IP geophysical survey. The Phase 1 drill program is planned for later this year.

"The scheduled work program at Water Canyon is progressing as planned," said Bruce Johnstone, President and CEO of Homeland Precious Metals. "We're eager to see what the IP survey will show us, so we can get to the drilling phase as soon as possible."

Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties. Please visit our website at www.hpmef.com to read our complete disclaimer or view the Homeland Precious Metals Corp. filings with the Securities and Exchange Commission which may be accessed through the SEC's web site at http://www.sec.gov.

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