Matador Exploration Inc.

Matador Exploration Inc.

November 03, 2005 09:20 ET

Matador Exploration Inc.: Drill Program Underway at Dreadnaught

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2005) - Matador Exploration Inc. (TSX VENTURE:MXN) along with Redemption Joint Venture partners Focus Minerals Ltd (ASX:FML) are pleased to announce the commencement of surface reverse circulation (RC) and diamond drilling at the Dreadnaught Project, located within the Coolgardie Gold project, Western Australia.

The Dreadnaught Area is located immediately south of the Countess-Tindals-Cyanide lode system along the Redemption Corridor, where the Joint Venture is currently conducting underground exploratory drilling (see September 22, 2005 news release). Dreadnaught gold mineralization is hosted within albitized diorites along structural corridors, and is considered to be the south extension of the Tindals system.

The planned program, comprised of 2700m of drilling by RC and core methods, will test for extensions to mineralization and confirm existing resources. The RC component of 1600m in thirteen holes is designed to test and expand the known mineralization to the north, south and east by RC drilling, while the core component of 1100m in six holes will infill and confirm high grade mineralization identified in previous RC holes.

Results from this program will aid in the development of an updated and higher quality geological model, provide data for geotechnical and metallurgical test work, and advance the project to a pre-feasibility level.

Dreadnaught currently hosts a 43-101 compliant indicated resource of 970,000 tonnes at 2.5 g/t Au (78,000 ounces) and an additional inferred resource of 2,570,000 tonnes at 1.9 g/t Au (157,000 ounces). The current Dreadnaught resource estimate was calculated in 2004, and is based on RC drilling conducted between 1996 and 2004.

For more information on Dreadnaught resources and geology, please refer to MXN's announcement of the resource estimate on June 22, 2005, as well as the detailed 43-101 compliant technical report that was filed by MXN on SEDAR on July 18, 2005.

MXN maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property. The program is supervised by Peter Kleespies, M.Sc. P.Geol., Vice President of Exploration, who is the Qualified Person as defined by NI 43-101.

Committee Bay Resources Ltd. ("CBR") and Matador Exploration Inc. have scheduled their respective special shareholder meetings for November 18, 2005 to approve a business combination (press release July 12) by way of a statutory plan of arrangement.

This business combination of Committee Bay and Matador will create a company poised to take advantage of the near term production capability of the Coolgardie Project while advancing its prospects in Northern Canada and Western Australia through exploration of two greenstone belts with world class gold potential.

On behalf of the Board


John Williamson, P.Geol., President

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

Contact Information

  • Matador Exploration Inc.
    Bernie Kennedy
    Investor Relations Manager
    (604) 331-2269 or Toll Free: 1-888-331-2269