GREENWOOD VILLAGE, Colo., Nov. 18, 2003 (PRIMEZONE) -- Calais Resources (OTCBB:CAAUF) is pleased to report that the surface drill program at the Consolidated Caribou Mines project has shown significant gold and silver intercepts in the first recently completed core holes.
The focus of the program is to drill geological defined targets with the goal of expanding the existing gold and silver resources of the project. The first two holes were drilled on the Northwest side of Idaho Hill. Historic shallow mining is evidenced in this area by the presence of small surface shafts and exploration pits.
Core Hole CR-03-125 was located at East 8,775.59' and north 12,721.785' at an elevation of 9,913 feet with an azimuth of 165 degrees at a down hole angle of -50 degrees. The total depth of this hole was -1,234 feet. Based on historic U.S. Geological Service surface mapping, the contact zone between the monzonite and gneiss was indicated to be vertical and this hole was designed to immediately break out of the monzonite and enter the gneiss. The hole proved the monzonite extended much further east at depth thus causing the hole to miss the intended target in the gneiss. Five narrow veins were encountered in this hole. The hole was drilled to a depth of -1,234 feet.
Depth
From To Gold Silver Below
(ft.) (ft.) oz./ton oz./ton Surface
397.0 397.8 0.100 0.146 330 ft
486.4 487.0 0.253 0.380 400 ft.
574.4 576.0 0.295 1.606 470 ft.
710.5 711.0 0.132 0.555 590 ft.
926.0 929.0 0.095 0.691 760 ft.
Core Hole CR-03-126 was drilled from the same location as hole CR-03-125 but was turned 20 degrees to the left. The hole was located at East 8,775.59' and North 12,721.785' at an elevation of 9,913 feet with an azimuth of -145.20 at a down hole angle of -55 degrees. The pegmatite reef was intercepted in this hole at -1,570 feet. A number of unknown vein intercepts were discovered in this hole, so the hole was continued to a total depth of -2,071 feet. The hole is still being logged and sampled and several additional assays are pending adjacent to those reported for zones below the pegmatite reef. Initial assays of interest received to date are:
Depth
From To Gold Silver Below
(ft.) (ft.) oz./ton oz./ton Surface
358.0 359.0 0.277 0.300 310 ft.
388.0 389.0 0.116 0.80 340 ft.
474.0 482.0(1) 0.295 0.625 420 ft.
635.5 638.0 0.084 0.729 555 ft.
1,435.0 1,437.5 1.235 30.30 1,250 ft.
1,571.0 1,573.0 0.277 0.100 1,375 ft.
(1) Including a 4.0 foot interval assaying 0.533 oz. Gold/ton and
0.729 oz. Silver/ton.
Core Hole CR-03-127 is currently underway and has reached a depth of -350 feet as of the date of this news release. The hole is located at East 8,165' and North 13,090' with an approximate collar elevation of 9,865 feet. The azimuth for this hole is -135 degrees at a down hole angle of -60 degrees. This hole is designed to intercept the No Name vein approximately 100 feet Southwest of Calais hole CR-97-104 drilled in August of 1997, which had a true width intercept in the No Name vein of 44 feet averaging 0.36 oz/ton gold. Hole CR-97-104 hit the No Name vein at a down hole depth of -1,341 feet approximately 1,800 feet Northeast on strike of the historic No Name workings on Caribou Hill. Core Hole CR-03-127 is expected to hit the No Name vein at a higher elevation approximately -950 feet down hole and 1,700 feet from the old workings.
Calais is employing the services of Drexel Barrell Surveyors and Engineers to survey the collar coordinates and azimuth of each hole. Strata Data is being contracted to provide down hole gyroscopic directional surveys. Assaying is being completed by ALS Chemex Labs. Samples are being initially run by 1 ton standard gravimetric fire assay. Any samples that exceed 0.10 oz/ton gold are being run by metallic screen assay and with an additional 31 element ICP scan. All the data from the drill program is being added into the Vulcan program at Maptek in Lakewood, Colorado. Calais has been working on a cold weather equipment program to allow drilling to continue through the winter months as possible.
Calais is also pleased to report it has recently acquired a number of key patented lode mining claims and staked additional unpatented lode mining claims in the district to expand the land position at Caribou by approximately 125 acres in areas of the mineral systems.
Forward Looking Statement
The future conduct of the company's business and it's 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.