New Gold Discovery at Assean Lake Gold Project


Management announces that final drill results for our Winter Drill Program at Assean Lake Manitoba, have now been received by our Joint Venture Partner and Project Operator, International Curator Resources Ltd. Winter drilling on the gold project in north-central Manitoba has resulted in the discovery of a new gold occurrence at Blowfish Lake. It has also demonstrated continuous mineralization between the Hunt and BIF gold zones.

Drill hole HT-128 intersected 6.2 meters grading 5.69 g/t gold, including 0.87 meters grading 21.01 g/t gold. This is a new discovery at Blowfish Lake on the north shore of Assean Lake about 4 kilometers west of the Lindal gold zone.

In addition, drilling on the BIF zone, to the east of the Hunt zone, demonstrated that the two zones are on the same structure and appear to be genetically linked. At the Hunt and BIF zones, continuous gold mineralization occurs over a strike length of 1.5 kilometers and is very encouraging for the discovery of additional high-grade mineralization similar to the Hunt zone along this trend.

The winter drilling program consisted of 33 BQ core holes amounting to 3,745 meters testing the BIF zone and selected geophysical and geochemical anomalies over a wide area of the claim group. Seven holes were drilled on the BIF Zone over a strike of 700 meters. Six of these holes intersected significant broad gold intercepts similar to those from earlier drilling. Five of the reconnaissance holes had significant gold intersections, including the new discovery at Blowfish Lake.

The Assean Lake project is an advanced exploration play, with over $2 million dollars in drilling and surveying activity to date. The prime exploration target at Assean Lake is shear-hosted gold associated with gold-enriched sulphide iron formation. Gold mineralization at Assean Lake has been discovered locally over a 12-kilometer strike length along the Assean Lake Shear Zone, a 200-kilometer long deformation zone similar to shear zones associated with important gold mining camps elsewhere on the Canadian Shield.

Gold mineralization is widespread throughout the Assean Lake project area. Over 35% of all the Company's holes drilled to date have intersected significant gold values. There are now a total of eight gold showings at Assean Lake over an area of about 12 kilometers by 3 kilometers. International Curator Vice President Jan Christoffersen commented, 'Exploration at Assean Lake continues to demonstrate the widespread occurrence of gold in different geological environments. Continued exploration is recommended and there is every reason to expect additional gold discoveries'.

The drilling programs carried out to date have allowed the Company to develop priority target areas for further exploration on the Hunt claims, which underlie 9,598 hectares. The Joint Venture has elected to drop the Ace claim, a small 250 hectare area in the northeastern sector of the project, and is seeking to renegotiate the option on the Tex claims, a 238 hectare claim group adjacent to the Ace claims.

The Assean Lake project is a joint venture between International Curator Resources Ltd. (60%) and Rare Earth Metals Corp. (40%). Curator is the operator.

Rare Earth Metals is an exploration and development company with gold projects in Manitoba, Canada and Nevada USA.

***ASSEAN LAKE GOLD INTERSECTIONS TECHNICAL NOTE: (As e-mail does not support technical tables, please call the company for a complimentary faxing of the assay results 1-866-816-0118)

HT-109, 112, 114, 117, 122 and 125 are from the BIF Zone. HT-105 is near the B-52 Zone. HT-123 is under Assean Lake east of the Dunbrack gold showing. HT-125, 128 and 136 are on the north shore of Assean Lake. HT-128 is a high-grade quartz vein.

The mineralized drill core intervals are split in the field and sent to ALS Chemex in Vancouver for analysis. The intervals containing visible gold are assayed by fire-assay procedure for metallics gold. This procedure involves pulverizing a one-kg sample and passing the prepared pulp through a 150 mesh (106 micron) screen. The +150 mesh material is analyzed in its entirety by fire assay. The -150 mesh material is homogenized and a 50-gram subsample is assayed by fire assay with gravimetric finish. The samples from sections that did not contain visible gold were fused by fire assay and analyzed by atomic absorption spectroscopy.

Assay results are compiled by Jan Christoffersen, P.Eng., Vice President of International Curator, who is an appropriately qualified person as defined by National Instrument 43-101.

On behalf of the board,

John Roozendaal
President C.E.O. & Director

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