Comtois drilling cuts gold zones (November 10, 2003)

Exploration drilling around known mineralization at the Comtois gold deposit in northwestern Quebec has intersected significant grades.

The drill program, operated by Maude Lake Mines (MAU-V) and financed by joint-venture partner Candor Ventures (CND-V), tested areas along strike and down-plunge from the Osborne and Bell zones of gold mineralization. A chargeable zone defined by an induced-polarization survey was also tested.

A previous estimate put the resource in the Osborne and Bell zones at 808,000 tonnes grading 20.2 grams gold per tonne. The resource estimate did not cut high assays, and used a cutoff grade of 6 grams per tonne.

Six of the eight holes intersected signficant gold values, some in multiple zones. Hole COM03-94 intersected three gold zones, a 4.5-metre core length carrying 2.8 grams gold per tonne, a 3-metre length carrying 2.6 grams per tonne, and an 8.7-metre length that ran 5.8 grams per tonne. That last interval included a 1.2-metre intersection running 23.8 grams gold per tonne.

Hole COM03-101 also intersected three zones: the first graded 3.4 grams per tonne over a length of 2.3 metres, while the other two graded 2.4 grams per tonne over 3 metres and 3.1 grams over 1.5 metres.

Four other holes returned grades in the 2-to-3.6-gram range over core lengths between 0.8 and 2.4 metres. Two other holes did not intersect significant values.

Surface sampling, done in concert with a re-mapping program at Comtois, revealed several previously unknown gold zones on the property. Grab samples (which were taken selectively and therefore are not reliably representative of bulk grades) showed gold grades ranging from 12.9 to 885 grams per tonne (0.38-25.82 oz. per ton) in grab samples from the new gold showings.

Comparable grades came back on other grab samples taken from areas where previous channel samples yielded gold grades of 1-32.5 grams per tonne.

Follow-up drilling is planned for later in the year. Candor is earning a half-interest in the property from Maude Lake by spending $3.5 million on exploration, with Maude Lake managing the program.

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