Hole 27 yielded a 190 meter intercept of high grade molybdenum to a downhole depth of 302 meters with an average grade of 0.103% Mo, including high-grade intercepts of up to 0.362% Mo. Assay results are pending for the remaining 110 meters of Hole 27 (diamond drilled to a total depth of 424m) in which molybdenum was observed. This zone was drilled at an oblique angle and the true width will be less than the apparent width.

The following table details the significant higher grade intercepts:

The Phase 2 holes outlined in the table above intercepted molybdenum mineralization underlying the Phase 1 holes up to 300 meters below surface. There is also a strong indication that all three mineralized holes intercepted shallowly dipping zones of mineralization, increasing our understanding of the geology of the target.

The first holes of the Company's Phase 2 exploration program (holes 22-24) tested the moly mineralization to depth under the discovery Holes 1 and 7 from the Phase 1 drill program. The results from two previous holes included near-surface molybdenum grades of 59.7 meters of 0.118% Mo and 112.8 meters of 0.107% Mo, respectively. Hole 22 drilled into a large mafic dyke. Additional holes tested areas of volcanic cover to the west and south; hole 25 drilled into a down-faulted zone of volcanics, and hole 26 drilled through volcanics and into unmineralized granodiorite beyond a major fault zone (of a type underlying mineralization in the other holes). Hole 27 (190m 0.103% Mo) was drilled under hole 4 (18m 0.07% Mo), encountering significantly better mineralization over 100 m below the hole 4 intercept.

Drilling continues to define and extend the area of known mineralization at the Camp Zone 500 m NE of the Las Margaritas Zone, both laterally and at depth, as well as to test the area between the two zones.

All assays reported in this release were carried out at Acme Analytical Laboratories in Vancouver, B.C. Standards, blanks and duplicate samples were systematically submitted to the lab for QA/QC.

A map showing drill hole locations is posted on the Company's website:

Qualified Person
Daryl Hanson, P.Eng., a Qualified Person as defined in NI 43-01, has reviewed the technical content of this news release.

Dale McClanaghan
President & CEO

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