GREENWOOD VILLAGE, Colo., Sept. 30 -- Calais Resources (OTCBB:CAAUF) is pleased to report progress is being made on its active surface diamond core drilling program at the Consolidated Caribou Mines project.
This is an ongoing project to continue to identify proven resources in the multi-vein system at the Caribou District. In the previous phases, there have been 94 core holes drilled throughout the district. For this phase, the first core hole number CR03-125 commenced on August 30, 2003 and was completed to a depth of -1,235 feet on September 15, 2003. The second core hole number CR03-126 commenced on September 14, 2003, and is currently at a depth of -1,050 feet. Both holes are testing the downward extension of the Pegmatite Reef drilled in 1995 by CR95-108. The expected depth for the second hole is -1,550 deep.
A total of 79 samples have been submitted to ALS Chemex for assay. Hole number 3 (CR03-127) is expected to commence immediately following completion of hole CR03-126. This core hole is designed to follow up hole number CR97-104 by drilling approximately 100 feet away from the vein intercept made on the No Name vein extension drilled in July of 1997. CR97-104 crossed 44 feet averaging 0.36 ounces gold per ton at a down hole depth of -1,341 feet. Hole CR97-104 hit the No Name vein 1,800 feet north east of the historic mine workings on Caribou Hill. In this phase, Calais has planned a minimum of 8 holes for completion this fall at the Consolidated Caribou Mines project.
Calais wishes to report that 50 percent of all the historic geological data on the Nevada Manhattan project has been entered into the powerful 3 dimensional Vulcan computer program at KRJA Maptek in Lakewood, Colorado. Project geologist Bob Akright is completing this program with Maptek, which will greatly assist Calais in determining final drill targets. The drill program for the Manhattan project is scheduled to commence in November 2003 as previously announced.
The company wishes to announce that it has made its final payment on the Manhattan Nevada mortgage (note and deed of trust), thereby acquiring an additional 24.5% of the Nevada claim block covered by this mortgage and bringing the company's interest in these claims to 75.5%. The 30-year option agreement is subject to a 2.5% royalty with a buyout.
Forward-Looking Statement
The future conduct of the company's business and its response to issues raised by third parties are dependent upon a number of factors, and there can be no assurance that the company will be able to conduct its operations as contemplated. Certain statements contained in this release using the terms "may," "expects to," "projects," "estimates," "plans," and other terms denoting future possibilities, are forward-looking statements in accordance with the Private Securities Litigation Reform Act of 1995. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability. Calais Resources, Inc. disclaims any obligation to update any forward-looking statement made herein.