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HOUSTON LAKE MINING INC. (HLM-TSX.V)
PRESS RELEASE
Financing
Closes for Ghost Lake and Pakeagama Lake Projects
April 29, 2002: Sudbury, Ontario - Houston Lake Mining Inc. (CDNX:HLM, "Houston Lake") is pleased to announce that the Company has closed on $56,000 of the $300,000 non-brokered private placement dated September 19, 2001. The financing targets the Pakeagama Lake and Ghost Lake rare metals properties. The Company will issuance 112,000 Units at a price of $0.50 contingent on regulatory approval. Each Unit consists of one (1) flow-through common share and one half (˝) purchase warrant. One full purchase warrant can be exercised at $0.60 for a period of one year. The Offering has a hold period of one year in Ontario. The 464 hectare (1188 acre) Ghost Lake property is located near Dryden, Ontario. The project covers the Boundary Zone which spans over 3.2 km (2.0 miles) of a newly defined extension of the Cat Lake - Winnipeg River Pegmatite Field, one of most important domains of rare metal (tantalum) mineralization in the Canadian Shield and host to the world-class Tanco tantalum mine. Significant rare element mineralizing systems with appreciable values of tantalum, cesium, beryllium, rubidium and tin have been previously identified during work conducted by the Ontario Geological Survey ("OGS") over the property. Reported values of the OGS include 186 g/t (0.019%) tantalum oxide and 115 g/t (0.012%) tin (E. Berger, 1990) and 179 g/t (0.018%) tantalum oxide (F. Breaks, 1991). The high concentration and potential of the Ghost Lake property is emphasized by an elevated tantalum to niobium ratio of approximately 3:1 which approaches that of the Company’s Pakeagama Lake tantalum mineralizing system. Pronounced and broad lithium (holmquistite) and boron (tourmaline) anomalies are traceable for over 650 metres (2100 feet) on the Ghost Lake property and have been found elsewhere to be important pathfinders to rare metal (tantalum) mineralization. A preliminary exploration program is planned and would involve line-cutting, geophysical surveys and prospecting. A recent Globe and Mail article predicts tantalum demand to rise at 10 percent per year through 2005. The 768 hectare (1897 acre) Pakeagama Lake property is located in the Red Lake District of northwestern Ontario and covers all known surface exposures of the Pakeagama Lake pegmatite. The Pakeagama Lake pegmatite is a recent discovery of the Ontario Geological Survey ("OGS"), a provincial government agency. Preliminary work carried out by the OGS and expanded upon by Houston Lake has determined that the Pakeagama Lake pegmatite is already the second largest complex-type, petalite sub-type in Ontario with a strike length of over 280 metres and a width of up to 125 metres. The rare metals mineralizing system may extend for over 610 metres along strike to the 700 g/t tantalum oxide showing on the shore of Pakeagama Lake. Channel sampling perpendicular to the strike of the Northern Wall Zone of the Pakeagama Lake pegmatite has returned 1.21 percent lithium oxide, 0.53 percent rubidium oxide, 0.10 percent cesium oxide, 222 g/t tantalum oxide, 107.0 g/t niobium oxide, 0.13 percent beryllium oxide, 35.8 g/t thallium, 56 g/t gallium, 8.1 g/t germanium and 120 g/t tin over 11 metres. Channel sampling across the Core Zone yielded 13.9 metres grading 4.62% lithium oxide. A soil geochemical program is planned to further extend the known limits of the Pakeagama Pegmatite towards the 700 g/t tantalum oxide showing on the shore of Pakeagama Lake. Houston Lake is actively exploring for rare metals, platinum group metals and gold in northwestern Ontario. The common shares of Houston Lake Mining Inc. trade through the facilities of the Canadian Venture Exchange under the symbol HLM. Houston Lake Mining Inc. has a total of 14,913,695 common shares issued and outstanding. For further information on all of the Company's projects, we invite you to visit us at www.houstonlakemining.com. For
more information, please contact: E.
Grayme Anthony B.Sc., P. Geo., F.G.A.C.,
M. B. A. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. |