More visible gold at Gold Eagle (May 23, 2005)

Southern Star Resources (SSR-V) and Exall Resources (EXL-T) report encouraging drill results from the Gold Eagle mine property, 6 km north of Red Lake, Ont.

The latest drilling of the Western Discovery (WD) zone is highlighted by up to 295 grams gold per tonne over 0.3 metre. In addition, five holes cut at least two intercepts grading greater than 15 grams gold.

Gold was visible in nine of the 17 holes drilled. Assays in the areas of visible gold ranged from 8.85 to 74 grams over 0.24-0.44 metre. Some of the holes also cut lower-grade areas of 3.3-6.8 grams over 0.3-0.7 metre.

A couple of holes cut grades as high as 11 and 16 grams gold over 0.65 and 0.3 metre, respectively (though, in these cases, the gold was visible).

Two of the holes cut 5-6.1 grams gold over 0.5-1.2 metres, while six holes failed to cut significant gold.

In December 2004, the WD zone had an inferred resource of 309,000 tonnes grading 13.15 grams gold per tonne. Gold assays were cut to 70 grams per tonne. The current drilling is testing the limits of the zone to the east and south.

The zone was first encountered 500 metres west of the Gold Eagle mine shaft. Current drilling has cut the zone close to, but below, the previous workings, and additional gold has been intersected 200 metres east of the shaft.

High grades are associated with sericitized quartz veins cutting granodiorite.

The Gold Eagle mine operated from 1937 to 1941 and produced 40,000 oz. gold from 162,000 tonnes of ore averaging 7.65 grams gold per tonne.

The 17.9-sq.-km property is owned equally by Southern Star and Exall. Subject to approvals, Exall plans to form a new company, to be named Gold Eagle Mines. Exall’s oil and gas properties will be held separately.

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