MIME-Version: 1.0 Server: CERN/3.0pre6 Date: Thursday, 20-Nov-97 21:57:49 GMT Content-Type: text/html Content-Length: 8827 Last-Modified: Wednesday, 07-Jun-95 00:18:58 GMT INFO-MINE

NEWS RELEASE

RED LAKE MINE EXPLORATION UPDATE NO. 2

May 30, 1995

  1. On Levels 30 and 34

    The continued exploration program from the lower levels of the Red Lake Mine has found a new narrow, high grade, quartz vein about 300 feet south of the previously announced high grade main quartz carbonate zone. In addition, the latest drill holes have increased the significance of a footwall zone located 30 feet north of the main quartz carbonate zone.

    Our latest drilling results appear to have outlined the geometry of the quartz carbonate main and footwall ore shoots, but the excellent results from this area warrant increased exploration along this ore bearing trend in all directions.

    Currently, on the 34 Level, a footwall drift and crosscut are being advanced for delineation drilling of the three high grade structures above and below the level.

    High Grade Quartz Vein Zone

    The new quartz vein structure has been cut by six holes. At this time, this ore shoot appears to occupy an area about 300 feet of strike length by 500 feet of dip length.

    Gold Assay
    Hole No.SectionElevation
    Per Ton
    Core Length
    (feet)
    Ounces
    (uncut)
    34-4557+9051803.21.70
    34-4759+8051053.465.08
    34-8058+4053051.234.48
    34-8158+9055703.30.81
    34-00561+0053001.98.19
    34-5160+8552401.610.11

    The weighted average grade for the quartz vein structure is 20.7 ounces of gold per ton(uncut) over 2.4 feet.

    Main Quartz Carbonate Zone

    This zone has been cut by three additional holes and would give the zone a strike length of about 400 feet by 500 feet of dip length and open at depth.

    Gold Assay
    Hole No.SectionElevation
    Per Ton
    Core Length
    (feet)
    Ounces
    (uncut)
    34-8058+5051552.72.61
    34-8158+9553604.85.22
    30-85662+7554154.30.40

    Footwall Zone

    The footwall zone is located about 30 feet north of the main quartz carbonate zone. This zone is a quartz carbonate/replacement structure which occupies an area about 500 feet in strike length by 650 feet in dip length.

    The assay results for the footwall zone were not included in the first release and are listed here with the latest holes.

    Gold Assay
    Hole No.SectionElevation
    Per Ton
    Core Length
    (feet)
    Ounces
    (uncut)
    34-559+5852029.61.37
    34-5260+2253092.02.12
    34-7760+2652074.00.22
    34-5160+6351262.010.00
    34-4861+0549664.41.41
    34-7861+9052831.01.03
    34-5062+2551744.00.58
    34-4963+0050441.53.40
    34-8158+9255708.82.66
    30-87462+00551419.73.21
    30-85662+7554592.30.22
    30-87663+7454954.0trace
    30-43962+7056008.00.62
    30-44063+2856075.70.03
    30-48563+5055938.00.10
    30-44163+7056008.01.75
    30-48664+0056004.50.31
    30-44264+3056034.0trace
    30-61464+7456004.00.07
    30-62265+1755923.20.67
    30-62365+26559212.50.54

    The weighted average grade for the footwall zone is 1.64 ounces of gold per ton (uncut) over 6.1 feet.

  2. On 38 Level

    To date, three wide spaced holes have been completed on the 38 Level. Results to date indicate the continuity of the sulphide zones to the 38 Level and indicate values of 0.25 ounces of gold per ton over widths of 7 to 10 feet. The results of this work will help direct development from the level to explore for the downward projection of the main quartz carbonate zone.

  3. Surface Exploration Program

    Two shallow zones, found during the 1994 surface program, are being investigated by both surface and underground drilling. These zones lie within 450 to 600 feet of surface. About 30,000 feet of drilling is planned for the year, with the program now underway.

For further information, please contact:

Robert R. McEwen
Chairman, President and Chief Executive Officer
Tel: +1 (416) 865-0326

Stock Symbols:
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