Significant intersection at Fort Knox

Recent drilling on the Fort Knox property near Fairbanks, Alaska, has returned a 530-ft. intersection grading 0.42 oz. gold per ton in hole 91-319.

Fairbanks Gold (TSE) owns a 51% interest in the property while Ventures Trident II, a limited partnership, holds the balance.

The drilling is part of a program designed to enhance current minable reserves of 220 million tons grading 0.024 oz. gold per ton. The high-grade hole was collared next to hole 89-069 which intersected 700 ft. grading 0.11 oz. gold, including a 125-ft. interval at the bottom of the hole averaging 0.26 oz. gold.

Hole 89-069 was drilled at 60 degrees to the north while 91-319 was drilled vertically.

Fairbanks noted that the top 305 ft. of hole 91-319 exhibits normal sample weights and is considered reliable, including the 170 ft. from 135 to 305 ft. grading 0.15 oz. gold per ton.

The hole is not considered reliable below the 305-ft. level due to what Fairbanks describes as very high-grade shears and/or feeder zones encountered in the hole.

Because of the highly shattered and altered nature of the area surrounding the two holes, accurate drilling and sampling at depth is difficult. Victor Hollister, chief geological consultant on the property, stated that the area tested by holes 89-069 and 91-319 represents high-grade feeder structures open both laterally and to depth.

Fairbanks is continuing with exclusive negotiations with an unnamed major mining company regarding the takeover of the company.

Results from the recent drilling are as follows:

Hole Interval(ft.) Width(ft.) Gold(oz./ton)

91-303 0-820 820 0.089

91-304 0-800 800 0.030

91-305 0-1,000 1,000 0.051

91-306 0-740 740 0.027

91-307 0-1,040 1,040 0.028

91-308 0-670 670 0.023

91-309 0-800 800 0.030

91-310 0-460 460 0.015

91-313 0-700 700 0.021

91-314 0-620 620 0.024

91-315 0-330 330 0.046

91-316 0-540 540 0.025

91-317 0-65 65 0.032

hole stopped at 65 ft. due to drilling problems

91-318 0-520 520 0.020

91-319 0-530 530 0.42

91-320 0-600 600 0.034

91-321 0-500 500 0.033

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