TSX Venture Exchange Inc. Millstream Mines Ltd.
Symbol YLI 4 King St. Suite 1320
Toronto, Ontario, M5H 1B6
Tel: (416) 368-9595
31,632,043 SHARES ISSUED Fax: (416) 368-0584
FOR IMMEDIATE RELEASE
Date: July 16, 2003
July 15, 2003 Close: $0.095
MILLSTREAM RESTRUCTURES WITH CROWFLIGHT MINERALS INC.’S NEW MANAGEMENT TO ADVANCE ITS SUDBURY PROPERTY
Ernest Harrison, president of Millstream Mines Ltd., is pleased to announce that Millstream and Crowflight have resolved their relationship and have signed a Participation and Joint Venture agreement, regarding Millstream’s Airport Property, located in the Falconbridge Township, Sudbury Mining District, Ontario, Canada.
Crowflight, to earn its 50% interest, must make a $60,000 property payment and fund a mutually approved $325,000 initial exploration program with Millstream as the Operator. An equal representation Management Committee will prescribe direction and policy for the 50:50 joint venture on behalf of the two parties.
The initial work program includes a Tuned Gradient I.P./Resisitivity geophysic survey over the entire property (46 contiguous mining claim units) to be conducted by Insight Geophysics Inc., to provide a high density of Apparent Resistivity and Chargeability measurements from near surface to estimated depths of 500-600 meters.
Both Crowflight’s management and consultant Mr. Bill Pearson, Ph.D., P. Geo., and Millstream’s consultant Mr. John Gingerich, professional geophysicist, APGO (YLI P.R. March 3, 2003) have, with other properties, successful experiences utilizing Insight’s leading state-of-the-art deep geophysics technology. Based on the interpretations of the resulting geophysic data and the property data compilation identified targets will be test drilled in search of economical copper-nickel-cobalt-PGM mineralization.
The Airport Property is located just outside the east rim of the Sudbury basin on the southeast horn of the Basin (see attached picture file); and 1.2 Km east of Falconbridge’s past producer, Norduna Mines, and 4 Km southeast of Falconbridge’s recent (Nickel Rim South) hi-grade Cu-Ni-Co-PGM discovery near to their past producer, Nickel Rim Mine (FL P.R. April 16, 2002, “the hi-grade intersection has a gross value of CDN$2,000/tonne”). Currently, Falconbridge-Aurora Platinum J.V. (ARP P.R. July 11 & Sept 11, 2002) are diamond drilling their property abutting the south half west boundary of the Airport Property. Sudbury Breccia and Psuedotachylite are the known host structures for ores in the Sudbury Basin Footwall zones. These structures are found in the Nickel Rim South new discovery and at other mining locations around the Sudbury Basin.
Consultant, John Gingerich, notes the Airport Property has several long zones of untested Breccia and Psuedotachylite with numerous Cu-Ni-Co-PGM showings, indicating the potential for a more significant deposit. Consultant, Phil Brown, geologist, states that two major faults, the Airport Fault and the Norduna Fault, cross the Property in a southeasterly direction and that Cu-Ni-Co-PGM mineralization has been associated with these faults (YLI P.R. Jan. 21, 2002).
Following the completion of the initial exploration program, Crowflight to maintain its 50% interest is obligated to fund the next $600,000 of exploration work and thereafter each party is obligated to fund as per its held interest, with a standard j.v. dilution factor applicable in the event of electing not to fund.
The management of Millstream believe that the combined expertise and talent of the two parties with this concerted exploration effort is the most advantageous process to obtain a clearer and fuller understanding of the potential value of the Airport Property.
The principle objective of Millstream Mines Ltd. is to enhance and develop known mineral properties to production potential.
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For further information contact:
Mr. Ernest Harrison, EM, CEO Phone: 705-474-7282
Mr. Marty Martinello, B.A., V.P. Fax: 705-474-5491
Mr. Robert Chase, B.A. Phone:416-368-9595
Fax: 416-368-6827
Email: info@millstreammines.com
No regulatory authority or similar body approved nor disapproved the information contained herein.