Piper Capital Inc.

Piper Capital Inc.

April 18, 2007 08:00 ET

Piper and Garson Drill 11.47 Grams Per Tonne Gold Over 4.94 Metres at the New Britannia Gold Mine Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 18, 2007) - PIPER CAPITAL INC. (TSX VENTURE:PCL) ("Piper") and GARSON RESOURCES LTD. (CNQ:GARR) ("Garson") are pleased to announce that assays have been received for the first two holes drilled on the New Britannia Gold Mine property (NBM) located at Snow Lake Manitoba. The holes were drilled at the NBM No. 3 Zone. The results include an intersection of 11.47 grams per tonne Au over a 4.94 metre core length. Significant intersections include:

Hole ID From To Length Length Au Au
(feet) (feet) (feet) (metres) (grams/tonne) (ounces/ton)
ZN307-01 818.7 834.4 15.7 4.79 2.25 0.07
incl. 832.9 834.4 1.5 0.46 9.16 0.27
ZN307-01 894.4 897.7 3.3 1.01 3.65 0.11
ZN307-02 970.0 986.2 16.2 4.94 11.47 0.33
ZN307-02 1059.7 1063.5 3.8 1.16 14.44 0.42
ZN307-02 1079.4 1092.3 12.9 3.93 1.86 0.05

True widths are estimated to be greater than 95% of the intersection
Tonne equals metric tonne (2204 lbs)
Ton equals short ton (2000 lbs)
Ounces equals troy ounces
Conversion of grams/tonne to ounces/ton equals grams x 0.02917

New Britannia Gold Mine Project

The NBM project covers approximately 3,900 hectares and hosts the historic New Britannia Gold Mine which operated from 1949 to 1958 and again from 1995 to 2004 producing approximately 1.43 million ounces of gold. The current resource estimate at the New Britannia Mine property, completed by Kinross Gold Corporation and audited on behalf of Piper and Garson by Micon International Ltd., includes a total of 364,000 ounces Au (2.21 million tonnes at 5.11 grams Au per tonne) in the measured and indicated categories and a further 176,000 ounces Au (1.10 million tonnes at 5.01 grams per tonnes) in the inferred category (see below for resource estimation parameters).

Holes ZN307-01 and ZN307-02 were drilled at the NBM No. 3 Zone which currently has an inferred resource of 50,000 ounces Au (0.22 million tonnes at 7.10 grams Au per tonne). The objectives of the current drilling at NBM No. 3 Zone include upgrading the current inferred resources to indicated status and expanding the resources by testing down plunge where the zone is still open. The mineralization intersected in holes ZN307-01 and ZN307-02 is typical of NBM No. 3 Zone consisting of quartz veins and silicified zones hosted by biotite, quartz, and carbonate altered mafic volcanic rocks. The highest gold values in holes ZN307-01 and ZN307-02 are correlated with up to 5% fine grained acicular arsenopyrite. Holes ZN307-01 and ZN307-02 tested selected target areas within and at the limits of the previously established inferred resource at NBM No. 3 Zone. 10,000 metres (32,800 feet) are planned for the current phase of drilling which will include continued in-fill and expansion drilling at NBM No. 3 Zone.

David Tafel, President of Piper, comments, "Management of both companies are very pleased with these initial results which, while confirming the historic results, also increase our confidence in the potential to add significantly to the resource base."

Jamie Lavigne, M.Sc., P.Geo and Vice President Exploration for Piper, is the Qualified Person responsible for the verification and quality assurance of the NBM exploration data and analytical results.

Sampling and Assaying Procedures

Diamond drill core is logged and sampled by company geologists and geotechnicians at the New Britannia Mine site. Upon completion of geological and geotechnical logging of the core (NQ size), the core to be sampled is cut in half using a diamond saw. One half of the sample is bagged with a sample identification tag. The remaining half sample is returned to the core box with the corresponding sample tag and archived, in a secure facility, at the New Britannia Mine site for further reference. Samples are shipped, directly by truck, from the New Britannia Mine site to TSL Laboratories Inc. (TSL) Saskatoon, Saskatchewan. TSL was established in 1981, is ISO/IEC 17025 accredited, and participates in the proficiency testing program sponsored by the Canadian Certified Reference Materials Project. TSL is certified by the Standards Council of Canada for certain tests that include Au analyses utilizing instrumental or gravimetric finish.

Upon receipt at TSL the samples are dried and crushed and a 250 gram riffle split of the crushed sample is pulverized to 95% passing 150 mesh (106 microns). Au concentration is determined on all samples from a 30 gram split of the pulverized sample by Fire Assay with Atomic Absorption finish. All samples with an Au concentration greater than 1,000 parts per billion (1 gram/tonne) are re-assayed using Fire Assay with a Gravimetric finish. Specific gravity and ICP-MS Multielement analyses (Aqua regia digestion) are completed on selected samples as requested by NBM Project geologists.

The TSL quality assurance system conforms to requirements of IOS/IEC Standard 17025 guidelines. The NBM JV maintains a sampling and assaying QA/QC procedure that includes: 1) the regular submission and analyses of certified reference materials with the core samples, 2) repeat assay of selected samples at TSL, and 3) repeat assay at a selected check assay laboratory.

Resource Estimation Parameters

Garson and Piper retained Micon International Ltd. (Micon) to provide an independent review of the resource estimate for the New Britannia Mine completed by the New Britannia Mine vendors and to prepare a 43-101 technical report on the mine property and resource estimate. The current estimates are based on actual mining methods and operating costs for the New Britannia Mine. The resources are fully diluted and a Gold price of US$400 was used. Further details of the resource estimate can be reviewed in the technical report dated October 27, 2006 completed by Micon and filed on Sedar and both Companys' websites.



David G. Tafel, President and Director


Edward Stringer, President and Director

This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. In this news release, statements about exploration budgets and future expenditure are examples of forward-looking statements. There is no guarantee that any discovery of commercial mineralization will be made on the New Britannia property. Accordingly, readers should not place undue reliance on forward-looking statements. The statements made in this new release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companys' expectations and projections.

To view the accompanying map, click on the following link: http://www.ccnmatthews.com/docs/PCL_Map.pdf

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