July 02, 2001

The company is pleased to announce encouraging results from confirmation sampling carried out on its most recent Chilean mineral property acquisition announced May 14. The San Pedro property consists of 10 square kilometers of exploration concessions covering several large titanium, copper, and gold bearing alteration systems in northern Chile.

Both mineralized systems, which are separated by 100 metres or less, consist primarily of phyllic alteration with quartz-sericite flooding, silification and veining associated with aplitic dykes which invade a regional diorite intrusive. Mineralisation in the form of disseminated and vein rutile, pyrite, chalcopyrite and copper oxides covers surface areas of approximately 200-300 metres by 1000 metres along the top and flanks of a hill with 200 metres of relief.

Assays from the twelve representative outcrop chip samples taken from the better exposed rutile rich system assayed from 0.35% to 2.34% TiO2 and averaged 1.44% TiO2. These results confirm reconnaissance sampling from the late 1980�s which outlined a mineralized zone of at least 300,000 sq.metres with average grade of 1.5% + TiO2.

There are a number of old mine workings in both alteration zones which primarily exploited high grade, copper-gold bearing quartz-sulphide veins and mineralized structures. These typically produced �ore� of 2% Cu and 3+gpt Au and were mined to depths of a few to 80 metres. Limited representative outcrop sampling from the altered host rock to these veins in the second �rutile poor� system assayed from 13 to 3150 ppb gold and 50 to 4450 ppm copper. Too few samples were taken to suggest averages for this system however they do suggest larger potential than just high grade veins.

In the near future the company plans to conduct an extensive program of detailed sampling to define the overall surface dimensions of and grad distribution within the two systems in preparation for trenching and reconnaissance drilling programs.

On behalf of the Board

Terence Walker

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


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