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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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40,132,043
SHARES ISSUED |
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FOR IMMEDIATE RELEASE Date:
Mar. 11, ´05 Close: $0.07 MILLSTREAM ELABORATES ON TAMARACK GOLD PROPERTY Toronto, Ontario --
Millstream Mines Ltd. (MLM - TSX-V) wishes to update its shareholders on the
status of its gold properties; the Tamarack Property in Montana and the Koval Property in Northern Ontario.. Potential
minerals: Gold and Silver In the latter
part of 2004, Millstream retained the services of geologist Cam Cheriton, PhD. (Economic Geology), a registered
professional Engineer ( Gold Fields Mining
Corp., under option, in search of a potential open pit discovery, drilled 11
vertical reverse circulation holes on the Tamarack property. They reported,
in 1991, results from the drilling and in their hole TR-2 gold assays of
0.244 oz. per ton (opt) over a 100 ft interval (see PR Hole DDH04-01 was
completed in December, 2004 and upon receiving the assay results Dr. Cheriton reviewed and compared the Gold Field assays of
TR-2 and those of DDH04-01. Hole TR-2 reported a 20 ft. interval from 70ft to
90ft. having a weighted average grade of 0.97 opt, and hole DDH04-01 reported
a 9 ft. interval from 102ft. to 111ft. having a weighted average grade of
0.36 opt. Dr. Cheriton interprets these stated gold
intersections are part of an enriched blanket (zone) and recommends follow-up
drilling to extend the geometry and confirm continuity (see PR Dec. 14 &
20, 2004). Currently,
locations for additional drilling are being staked and funding is being
sourced to continue the investigation of the enriched blanket to the west and
north of TR-2. It is the Company’s view that there is a good
possibility of discovering a relatively hi-grade deposit sufficient to
support a low-tonnage operation to suit the existing infrastructure on the
property. The property has road access, power transmission lines with
sub-station, buildings and two separate mills that, if necessary, can be
up-graded, and an assortment of equipment. The Company’s current plans are to
try and support a gold production operation in the range of 150 to 200 tons
per day. The Tamarack Property was
initially discovered in the 1860's and has been worked intermittently, both
on surface and underground, up to the present time. The most dedicated
undertaking of the property was carried out by Mr. Alexander Leggat, B.S., E.M., a professional mining engineer, from
1927 to 1937. During this period Leggat surveyed
and assayed the past workings producing detailed plans of the mine and
geology. Due to the lack of proper financing, he developed and ran the mine
on a salvage type operation until he ran out of funds. In his final report,
dated Koval
Project, District of Thunder Bay, Beckington
Lake area, Northwest, Potential Minerals: Gold In the later part
of April, 2004 the company increased its land position by staking an additional
4 mining claims consisting of 24 mining claim units surrounding the
previously acquired, 3 leased mining claims (see below). It is the intention
of the company to carry out, during the summer of 2005, an exploration
program consisting of a surface geological investigation followed up by diamond
drilling. In 2004 the company negotiated a purchase/option
agreement 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 was completed during the 1933 to ’35 period. Also, during this
time period, lateral development on the
125 ft. and the 250 ft. levels was carried out. All underground work ceased
in 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 the 125 ft. and the 250 ft. levels 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 being planned. Access to the site is either by waterway or
via land by vehicle and then 6 Km by ATV.
The principle
objective of Millstream Mines Ltd. is to enhance and develop known mineral
properties within the North American Continent to production potential. Millstream, further wishes to announce and remind the interested
public of its web site location, WWW.MILLSTREAMMINES.COM. 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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