Homeland Precious Metals Corp.
OTC Bulletin Board : HPMEF

Homeland Precious Metals Corp.

January 24, 2008 13:02 ET

Homeland Precious Metals Corp. Reports 7.6 m of 1.78 g/t Gold Including 3 m of 2.67 g/t at Water Canyon, Nevada and Completes Additional Drilling at the Montgomery Pass Project, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2008) - Homeland Precious Metals Corp. (OTCBB:HPMEF) is pleased to report encouraging gold results from their initial drilling program at the Water Canyon gold property located in north-central Nevada, and its recently completed 2007 drilling at their Montgomery Pass gold-silver property in western Nevada.


At Water Canyon, Homeland completed an eight-hole, 1623-meter Phase I reverse circulation drilling program targeting a number of extensive Gradient Array Induced Polarization ("IP") anomalies identified during its 2007 exploration campaign.

The highlight of Homeland's initial drilling evaluation at Water Canyon was hole 07-03, located approximately two miles north of the North Pit within Newmont Mining Corporation's ("Newmont") Mule Canyon Mine complex. Within hole 07-03, a highly anomalous 20-metre interval graded 0.933 g/t gold from 73 to 93 meters. This same interval contains a 7.6 meter section between 80.0 and 88.4 meters which returned an average grade of 1.78 g/t gold and included a 3-meter section grading 2.67 g/t. Further, hole 07-03 hosts elevated gold values downhole to 198 meters ranging to 0.470 g/t over 1.5 meters from 193.5 to 195 meters; 0.380 g/t over 1.5 m from 141.7 to 143.2 meters; and 0.382 g/t over 1.5 m from 175.2 to 176.7 meters.

Gold mineralization in this drill intersection is hosted by basalt and silicified volcaniclastics/tuffs containing silica-pyrite and quartz-pyrite veining, projected to be similar Upper Tertiary stratigraphy to that hosting mineralization at the adjacent Mule Canyon Mine area. Hole 07-03 partially tested a north-trending Gradient IP anomaly extending for approximately 900 meters further northward and 300 meters further southward beyond the Homeland drill hole.

Another of Homeland's drill holes, 07-06, located approximately 2 miles further north from drill hole 07-03, bottomed in anomalous gold mineralization (0.398 g/t gold over a 1.5 meter interval) within clay altered tuffaceous volcaniclastics. Difficult ground conditions forced the early termination of hole 07-06 within the gold mineralization.

Homeland's other drill holes from the 2007 Phase I program did not intersect any significant gold mineralization, however, they have added greatly to the geological and structural understanding of the Water Canyon property. Based on the compilation and interpretation of the results obtained to date, Homeland plans initial drilling evaluation of four additional Gradient IP anomalies as well as step-out drilling from 2007 drill holes 07-03 and 07-06.

Situated along the north end of the Battle Mountain-Eureka Gold Trend, Water Canyon consists of approximately 2,560 acres (approximately four square miles) including 960 acres of private lands immediately north along strike of Newmont Mining Corporation's 500,000 oz. Mule Canyon Gold Mine.

MONTGOMERY PASS - Panorama Property

Homeland completed a 4-hole, 330-meter reverse circulation drill program at the QC target, one of eight previously identified gold-silver targets on the Panorama property. The 2007 drill holes were located within a 92-meter long portion of the 1200-meter long QC Target, a fault zone containing quartz-calcite veining hosting both gold and silver mineralization. These parallel quartz-calcite veins, within a fault zone juxtaposing Miocene andesite flows against Cambrian limestone and argillite, have returned historical surface results up to 10 g/t gold and 35 g/t silver.

Drill hole H0702 contained the best 1.5 meter sample interval of 3.2 g/t gold and 4.7 g/t silver. Hole H0701 contained several lower grade intervals spaced over a distance of 33.5 meters.

Management is planning a large-scale, detailed geological mapping program at the QC target to assist in understanding the structural complexities apparent here prior to selecting follow-up drilling sites. This mapping program will be expanded to cover the other seven gold-silver targets presently known at Montgomery Pass.

Situated near the center of the Walker Lane Trend of western Nevada, the Panorama gold/silver property consists of 83 unpatented mining claims containing at least eight gold and silver rich targets. The Walker Lane Trend hosts such significant deposits as the Goldfield District with 5.9 million ounces of gold production and the Comstock District with historic production of 8.4 million ounces of gold and 193.5 million ounces of silver.

For further information on Homeland's Nevada Properties, please visit our website at www.hpmef.com.

Disclaimer: This announcement may contain forward-looking statements that 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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