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Canadian Venture Exchange Inc. Symbol MLM |
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Millstream Mines
Ltd. Fax: (416) 368-6827 |
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38,932,043 SHARES ISSUED |
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FOR
IMMEDIATE RELEASE Date: Properties Current Status Airport Project, Potential Minerals: Nickel, Copper, Cobalt,
+ Platinum Group Metals The company has a 50:50
joint venture (PR April 16/03) with Crowflight Minerals Inc. (CML-V) on its
46 mining claim units. The Phase 1 exploration programs, for which Millstream
were the operators, carried out an extensive innovative deep penetrating I.P.
geophysical survey that identified numerous significant drill targets. As a
follow-up the Phase 2 exploration programs, for which Crowflight are the
operators, consisted of geological review of the materials produced in the
Phase 1 programs, constructing a flight plan for an airborne EM geophysical
survey over the property, contracting with Fugro
Airborne Surveys to perform a MegaTEM-II survey,
analysing and reviewing the MegaTEM-II results and
delivering their findings and the data to Millstream. Currently, Crowflight
are still in the process of interpreting their collected data, and Millstream
is anxiously waiting for the information.
Falcon Gold Project, Falconbridge
Township, Sudburv area, midnorth,
Ontario Potential Minerals: Gold and Nickel, Copper,
Cobalt, + Platinum Group Metals The company executed a Participation and Joint
Venture Agreement with Kinross Gold Corporation for the Millstream-Crowflight Joint Venture to earn a 60% interest in
Kinross’ Falcon Gold property that abuts the Airport Property (PR Oct. 20/03). This property to
date has been mainly explored for gold and Falconbridge Limited in a 1988
drill program reported outlining a gold resource of 59,400 tons grading 0.226
oz. per ton. The property’s significant structures extend into the Airport
Property expanding the exploration potential of both properties. The
utilization of modern deeper penetrating geophysical instruments will enhance
the possibilities of increasing the gold bearing tonnage, and the discovery
of Koval Project, District of Thunder Bay, Beckington Lake area, northwest,
Potential Minerals: Gold The company
negotiated a purchase/option to acquire 3 leased mining claim units (PR April
8/04) on which considerable trenching, bulk sampling and shaft sinking to a
vertical depth of 275 feet plus lateral development on the 125 ft. and the
250 ft. levels were carried out in 1933 to 1935. All underground work ceased
in the late 1935 due to lack of funds and as of the current date the
underground has never been re-opened. Historic files report the main surface
vein was traced over a strike length of approximately 1100 feet and
significant portions of it were exposed underground on both with visible gold
reported throughout the development. A compilation of the historical data
with current geological maps and reports is being carried out and a staged
exploration program is planned. Access
to the site is either by waterway or via land by vehicle and then about 6 Km
by ATV. The company is actively seeking funding for this project. Minerals drill discovered to date: Copper,
Zinc, Cobalt, Magnesium, + Gold & Silver to continuous depths of 3,000+
vertical feet in the past producing mine area. The mine area
requires fill-in drilling to establish the geometry of the high-grade zones
below the past mine bottom level (1,100 ft.) to 3,000 ft., and may require
dewatering of the mine and accessing the lower levels to diamond drill the
deep zones. If carried out a pre-feasibility report would be made and funding
sourced for a bankable feasibility report. It is the initial intention of the
company to raise funds to continue with a surface exploration to locate the
mineralization east of the mine shaft indicated by the deep penetrating geophysic I.P. signatures. Currently, the company has
submitted the Potter Property as a candidate for the “Discover Abitibi Initative, 3D Deposit
Model Project” which if selected will result in creating a 3 dimensional
model of the mineral deposit. This could gain new insight into the geological
controls on mineralization and help to visualize where to look for additional
ore. Additionally, it would be a
substantial asset in the raising of funds to carry out the planned
exploration work on the property. The
company as of this date has not received any decision on this matter. Potter Mine Tailings Metal
Recovery Project
Potential minerals: Copper,
Zinc, Cobalt, Precious metals + others
Work is
continuing on the process of metal recovery with the fabrication of
sufficient quantities of leachate solution (derived
from the Potter Mine Tailings with proprietary solvents). The objective is to
test and confirm the viability of extracting targeted metals out of the
produced leachate. Independent labs will be
utilized to perform the necessary laboratory bench tests. These bench tests
will enable the company to assess more fully the merits of the entire process
from tailings to leachate to end products and
determine the likelihood of the economic viability. This will set the stage
for further scale-up tests with the potential of eventually leading to a
commercial production module. Potential minerals: Gold and Silver The underground working
have been re-visited to construct more accurate level plans, and the
sediment-batholith contact on surface is being
exposed in certain areas. Detail geology, geophysics, and diamond drilling
are required to best determine the access route to be taken to get into the
ground below the existing old workings. The collection of various components
to make the small mill (60 tpd) functional is
almost completed. Meeting with various parties regarding funding to advance
this property are on going with the property having the potential of being a
high-grade low tonnage producer. Millstream, further wishes to announce and
remind the interested public of its web site location, WWW.MILLSTREAMMINES.COM. The principle objective of Millstream Mines
Ltd. is to enhance and develop know mineral properties to production potential. WARNING: The company relies upon
litigation protection for "forward-looking" statements. |
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For further
information contact: |
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Mr. Ernest Harrison, EM,
CEO Mr. Marty Martinello,
B.A., V.P. |
Phone:
705-474-7282 Fax:
705-474-5491 |
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Mr. Robert Chase, B.A.,
CFO |
Phone:416-368-9595 Fax: 416-368-6827 |
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Email: info@millstreammines.com Web:www.millstreammines.com |
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No regulatory authority or similar
body approved nor disapproved the information contained herein. |
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