Houston Lake Mining Inc. (HLM-TSX.V)
_________________________________________________________________________________________________________
For Immediate Release
Houston Lake Raises
$80,000 in Flow Through Financing
to Advance
West Cedartree Gold and Tib Lake PGM Projects
April
19, 2005: Sudbury, Ontario
- Houston Lake Mining Inc. (TSX.V: HLM,
the "Company") is pleased
to report that the Company has
raised $80,000 in a non-brokered,
flow-through private placement
subject to regulatory approval.
The proceeds of the financing will
be utilized to fund the recommended
exploration program of trenching
and stripping on the Company’s
100% owned, 635.6 hectare (1569.8
acre) West Cedartree Gold Project
located near Sioux Narrows , Ontario
. These proceeds would also be
used to conduct additional exploration
work on Houston ’s 100% owned,
2032 hectare (5019 acre) Tib Lake
PGM Project located northwest of
Thunder Bay , Ontario.
West Cedartree Gold Project
In 2003
Houston Lake conducted stripping and washing,
systematic channel sampling, and detailed
mapping programs over a 130m (426 ft.)
segment of the Angel Hill Gold Zone (“AHGZ”),
one of two gold zones found thus far on
the West Cedartree Gold Project. The AHGZ
was directly tested by 77 systematic channel
samples which ranged from trace to 71.30
g/t Au (2.080 oz/t) and had a weighted
average of 4.04 g/t Au (0.118 oz/t). Last
Fall, ten additional selective channel
samples tested newly identified quartz
lenses in the southern portions of the
stripped area. The results ranged in value
from 1.18 to 115.50 g/t Au (0.034 to 3.369
oz/t gold) and had a weighted average of
32.23 g/t Au (0.940 oz/t).
A total of 1733m (5684 ft.) of diamond
drilling in 26 holes has been completed
to date on the AHGZ. The gold zone has
been tested every 20m (66 ft.) along a
strike length of 120m (394ft.) at depths
of 10, 25, 40 and 60m (33, 82, 131 and
197ft.). All bore holes were drilled in
a westward direction to intersect the AHGZ
perpendicular to geologic strike. The gold
zone appears to dip to the east at approximately
70 degrees. Sixteen of the 24 holes drilled
under the 130m (426ft.) stripped area have
now returned significant gold values (>2
g/t Au) and 6 of these holes intersected
grades higher than 1 oz/t gold. The gold
zone remains open to depth. The AHGZ can
be traced by geophysics for a distance
of 2.1km (1.5miles) on the property to
encompass gold-in-soil anomalies and a
gold occurrence along strike.
A comprehensive
report of all prior and the recently
completed exploration programs is currently
being compiled. Results of approximately
850 surface channel and drill core samples
are now being combined into a resource
estimate of a 130m long, 60m deep (426ft.
by 197ft.) portion of the AHGZ.
The AHGZ has been traced southward in
outcrop for a total distance of 225m (738ft.).
A surface exploration program of stripping,
washing, channel sampling and detailed
mapping is slated for this Summer to expose
the AHGZ for an additional 100m (328ft.)
southward along strike. A future 1000m
(3280ft.) diamond drill program would then
systematically test the strike extension
utilizing a similar methodology as the
previous drill programs. Property mapping
and prospecting are also planned. Independent
Consulting Geologist Dean R. Cutting, P.
Geo. is the Qualified Person for the project
as defined under National Instrument 43-101.
Tib Lake PGM Project
The Tib Lake PGM Project is located in
the Lac Des Iles (LDI) area just 15 km.
(9 mi.) from the 15,000 tpd mill at the
Roby Zone open pit mine of North American
Palladium Ltd. A $40 million underground
expansion is currently underway at the
nearby mine. The Tib gabbro, with a surface
exposure of some 25 square km. (10 square
miles), is the largest intrusion of the
LDI suite of rocks and, as such, is a prime
target for PGE exploration. The 6.5km (3.9mile)
long Lower Zone contains all known PGE
occurrences at Tib Lake and is the primary
focus of Houston Lake ’s recently
completed acquisition strategy. The Company
now controls over 90% of the prospective
Lower Zone of the Tib gabbro.
In excess of $1.0 million in exploration
has been expended to date on the Tib Lake
property. Four PGE occurrences have been
identified: the Kuhner, the West Shore
, the Road and the Jewelweed. The vicinity
of the Kuhner Zone has been the main target
of previous exploration. The Kuhner Zone
remains open to depth below previous drill
intersections of 18.47 metres (60.6 feet)
of core length grading 1.68 g/t PGE’s
at an average depth of 35 metres (100 feet)
and 22 metres (72.2 feet) of core length
grading 1.456 g/t PGE’s at an average
depth of 65 metres (213.2 feet).
A new interpretation of the PGE (palladium-platinum-gold)
occurrences on the property indicates that
the mineralization is mainly associated
with primary igneous layering similar in
style to that of the prolific Merensky
Reef of South Africa ’s Bushveld
Complex. Similarities between the Kuhner
Occurrence and West Shore Showing suggest
that the PGE mineralization may be traceable
for a distance of 300m (1000ft). A $500,000
program of detailed magnetic surveys, channel
sampling and a 2000m (6560ft) diamond drilling
program is independently recommended.
Houston Lake intends to carry out reconnaissance
of recently staked ground. If sufficient
budget remains channel sampling will test
the Kuhner stripped area in a north-south
direction to better assess the primary
layering. The Company intends on carrying
out the rest of the recommended exploration
program with the improvement of palladium
commodity prices. Houston Lake is also
investigating other alternatives to advance
the Tib Lake PGM project.
Houston Lake Mining Inc. is an exploration
company listed on The TSX Venture Exchange
under the symbol HLM. We are focused on the
exploration and development of opportunities
in the strategic and high technology metals
sector which have excellent supply/demand fundamentals.
Houston Lake is actively exploring for Gold,
Platinum Group Metals and Rare Metals with
a strategic focus on northwestern Ontario .
The Company has a total of 18,375,197 common
shares issued and outstanding exclusive of
the financing. For additional information,
we invite you to visit us at www.houstonlakemining.com.
Company Contacts:
E. Grayme Anthony B.Sc., P. Geo., F.G.A.C., M. B. A.
President and CEO
Tel: (705) 897-7622 Fax: (705) 897-7618
ganthony@houstonlakemining.com
The TSX Venture Exchange has neither approved nor disapproved of the
information contained herein.