Far West expands Candelaria copper zones (January 31, 2005)

Vancouver — Drilling by Far West Mining (FWM-V) at the Candelaria copper project in northern Chile continues to indicate a significant mineralized system.

Eight stepout holes in the area known as Target 4a3 point to the presence of manto and stockwork-style copper mineralization in an environment of iron-oxide copper and gold.

Hole 20, a 100-metre easterly stepout from previous hole 1, intersected 62 metres (at a down-hole depth of 70 metres) of stockwork mineralization grading 0.52% copper within apparent zones of hydrothermal breccia. Within the mineralized interval, a 12-metre section of manto-style mineralization grading 1.36% copper was returned from the lower portion of the hole.

Several narrow (4-to-10-metre) manto stockwork intervals, grading more than 1% copper, were encountered in the larger mineralized area at Target 4a3. Far West expects to resume drilling in February.

Target 4a3 is a 10-sq.-km anomaly identified during a Falcon airborne gravity-gradiometric-magnetic survey.

In late 2004, the company completed its 70% earn-in on the 4a3 Target area from BHP Billiton (BHP-N). BHP’s interest will be diluted to 10% through further Far West expenditures, then converted to a 2% net smelter return royalty.