| ||April 05, 2004|
Drill Program Commences On McMillan Gold Project
| ||MBMI RESOURCES INC. (MBR-TSXV) "MBMI" is pleased to report that a diamond drill has been mobilized to the Company's McMillan Gold Mine project and drilling has commenced. The initial program will drill approx. 1000 meters (5 holes) to test for extensions of the gold mineralization and structure on strike from areas previously mined.|
The McMillan Gold mine is a past producing mine about 75 km south- west of Sudbury Ontario. Gold was first discovered on the McMillan property in the early 1920's. Shaft sinking and underground exploration were carried out in the late 1920's, with the shaft reaching 900 feet in depth. A 125 ton per day mill was subsequently built and operated until 1937. The mine produced 60,000 tons of ore at a recovered grade of 0.18 ounces per ton. Historical records indicate that mineralization continued below the 900 foot level, but a grade of 0.2 ounces per ton was considered uneconomic at that time. In 1985/86 the mine was dewatered and sampled underground. Sampling from different underground stopes ranged from 0.07 ounces per ton to 0.48 ounces per ton. Based on these results, a work program consisting of underground diamond drilling to determine vein continuity, and to locate areas of undeveloped gold bearing zones was recommended at that time, although due to lack of funding was not carried out. The current program of diamond drilling is based on results of the 1985/86 sampling program, and on testing geophysical targets from a 1997 survey that may indicate extensions to the mine area.
MBMI considers the McMillan Gold Mine project an excellent opportunity to apply modern exploration methods to an area of known gold mineralization and past production.
MBMI is a Canadian based mining exploration company focused on the acquisition, exploration and development of mineral properties. The Company has signed an agreement in principal pertaining to the Celestial Nickel laterite project in Palawan, Philippines, and holds the rights to three Canadian projects: the Squall Lake, Manitoba gold project; the Copper Prince property in Sudbury, Ontario; and the McMillan gold mine property in Espanola, Ontario.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
For further information, contact:
David G. Tafel - VP Corporate Development
You can view the Next News Releases item: Thu Apr 8, 2004, 1,250,000 Warrants Exercised
You can view the Previous News Releases item: Thu Apr 1, 2004, $805,000 Private Placement Financing Arranged
You can return to the main News Releases page, or press the Back button on your browser.