March 24, 1997
RESOURCES STATEMENT CLARIFICATION - LIBERTY BELL PROPERTY
Further to the news release of 21st March 1997, Columbia Yukon wishes to clarify that the announcement describing drill indicated resources at the Liberty Bell property, Alaska, was based upon substantial previous work. This work included 39,691 feet of reverse circulation (RC) drilling in 150 holes and 11,706 feet of core drilling in 33 holes. Calculations of block model reserve estimates by NERCO in 1988 reported 224,260 ounces of gold contained in 9,870,770 s. tons with an average grade of 0.0227 oz/s. ton gold.
Drilling by Liberty Bell Mines in 1996 indicated extensions of mineralization beyond the area previously drilled and a core hole drilled beside a RC hole in the core of the Mine Zone returned substantially higher grades than RC sampling indicated. The twinned hole intersected 8 meters of mineralization with a grade of 39.8 g/t (26.5 feet of 1. 1 55 oz/s.ton) gold, including 1.52 meters of 93.1 g/t (5 feet of 2.7 oz/s.ton) gold. The estimate of possible resources can be reasonably advanced to 250,000 oz of gold on the basis of this additional information.
Further drilling is planned in 1997 which will test the extensions of the Mine Zone and the nearby Northwest Copper Zone. Three of the other targets on the property are also a priority for drilling this season, the East Adit, the Breccia Hill and Sara-Old Lace.
THE ALBERTA STOCK EXCHANGE NOR ANY REGULATORY BODY HAS REVIEWED THIS NEWS RELEASE AND THEREFORE DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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