Canadian Venture Exchange Inc.

Symbol YLI

Millstream Mines Ltd.

4 King St. Suite 1320            Toronto, Ontario, M5H 1B6      Tel: (416) 368-9595

Fax: (416) 368-6827

34,632,043 SHARES ISSUED

 

 

 

FOR IMMEDIATE RELEASE

Date: Oct. 20, 2003

Oct. 17, 2003 Close: $0.165

MILLSTREAM AND CROWFLIGHT JOINT VENTURE EXECUTES AGREEMENT WITH KINROSS GOLD

Toronto, Ontario -- Millstream Mines Ltd. (YLI - TSX-V) (representing the Joint Venture between Millstream Mines Ltd. and Crowflight Minerals Inc.(CML – TSX-V)) wishes to announce it has executed a Participation and Joint Venture Agreement with Kinross Gold Corporation to earn a 60% undivided interest in Kinross’ Falcon Gold Property.

 

The Falcon Gold Property, located in the Falconbridge Township, Sudbury Mining District, Ontario, Canada, consists of 7 contiguous Mining Claim Units (6 patented and 1 staked) abutting the south-east corner of Millstream’s Airport Property (47 contiguous staked Mining claim Units).

 

Millstream, to earn its 60% interest, must make an undisclosed cash payment and perform $450,000 of exploration expenditures on the property within a three (3) year period. Following the earning of its 60% interest, each party is obligated to fund further expenditures in accordance with its held interest in the property, with a standard J.V. dilution factor applicable in the event of a party electing not to fund. The majority interest holder shall be the designated Operator and the Management Committee is governed by majority vote.

 

The Falcon Gold Property to date has been mainly explored for the discovery of gold. A summary report, dated March 3, 2003, submitted to Kinross by Mr. Seymour M. Sears, P. Geo. of Sears, Barry and Associates Ltd. of Sudbury, Ontario, states that Falconbridge Limited in a1988 drilling program outlined a resource of 59,400 tons grading 0.226 gold oz/ton. The work suggests that the prospect is limited by geological constraints with a Gabbroic dyke in the west and a body of Sudbury Breccia in the east. Sears reports the prospect appears to be localized along the Garson Fault System, an east-west trending structural zone that passes through the Falcon Gold Property and represents a prime target for a buried Offset Dyke. The offset dykes are considered by most geologists to be related to the Sudbury Igneous Complex, which hosts many of the Sudbury area Ni-Cu-PGM deposits.    

 

Both the above mentioned Sudbury Breccia and the Garson Fault System extend east into Millstream’s Airport Property. Millstream’s management team believes this environment presents excellent opportunities for identifying drill targets utilizing the deep penetrating I.P. geophysic system currently being used on the northern part of its Airport Property. The model target (massive sulphide, fairly narrow in width and length and penetrating to unknown depth) established to investigate the Airport Property will be utilized with some modifications to accommodate gold potential targets.  

Millstream would also like to remind the interested public of its website location @ www.millstreammines.com.

The principle objective of Millstream Mines Ltd. is to enhance and develop known mineral properties to production potential.

 

 

-30-

 

 

For further information contact:

 

 

Mr. Ernest Harrison, EM, CEO       Mr. Marty Martinello, B.A., V.P.

Phone: 705-474-7282

Fax: 705-474-5491

 

Mr. Robert Chase, B.A., CFO

 

Phone:416-368-9595

Fax:  416-368-6827

 

Email: info@millstreammines.com Web:www.millstreammines.com

 

 

No regulatory authority or similar body approved nor disapproved the information contained herein.