Madrid drilling complete (June 25, 2001)

Vancouver — Having completed 95 drill holes over the Madrid portion of the Hope Bay project in Nunavut, partners Miramar Mining (MAE-T) and Hope Bay Gold (HGC-T) have expanded the Naartok and Suluk zones.

Discovered earlier this year during follow-up work on three historical holes, the Suluk zone lies southeast of Naartok, along the same structural zone. Thirteen holes tested Suluk, and the latest results confirm its economical promise. Highlights include:

– hole 164, which cut 1.8 metres grading 18.1 grams gold per tonne and 6.8 metres of 5.6 grams gold;

– hole 166, which cut 1.1 metres grading 22.2 grams gold;

– hole 167, which intersected 1.5 metres grading 16.8 grams gold;

– hole 169, which returned 9.7 metres grading 9 grams gold;

– hole 170, which cut an impressive 20.2 metres grading 16.8 grams gold; and

– hole 180, the southernmost hole drilled to date, which cut 25 metres grading 8.4 grams gold.

Mineralization at Suluk occurs in three parallel zones: West, Central and Eastern. To date, the West lens appears to carry the best gold grades over the widest intervals.

At Naartok, the latest round of drilling has confirmed the zone’s continuity and extended the mineralization along strike to a depth of 100 metres below the surface. A total of 59 holes tested the zone during the recent program. Assay results are pending for the last two. Highlights include:

– hole 165, which intersected 2.6 metres of 26.7 grams gold;

– hole 168, which returned 3.6 metres grading 8.5 grams gold; and

– hole M171, which cut three zones of 14.4 grams gold over 1.2 metres, 15.2 grams gold over 9.9 metres, and 8.2 grams gold over 6.6 metres.

According to the partners, Naartok and Suluk could mark the development of a third high-grade area. The other two are the Boston and Doris deposits, which have measured and indicated mineral resources of 2.5 million tonnes grading 16.9 grams gold, plus an inferred resource of 1.1 million tonnes of 16.8 grams gold.

Miramar and Hope Bay are equal partners on the project and control most of the 80-km-long Archean greenstone belt.