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HOUSTON LAKE MINING INC. (HLM-CDNX)
PRESS RELEASE
Corporate Update
February 19, 2001: Sudbury, Ontario - Houston Lake Mining Inc. ("Houston Lake") is pleased to announce that the Company has received positive interest from a number of companies concerning joint venture of the Company’s 1632 hectare (4030 acre) Tib Lake Palladium Project. Discussions are currently underway with several companies towards consummating the joint venture. The Tib Lake property is located just 15 km (9 miles) northwest of the Lac Des Iles Mine of North American Palladium Ltd. in the Lac Des Iles area of northwestern Ontario. Houston Lake has earned a 100 percent interest in the property subject to a 2.5 percent Net Smelter Royalty with a buyback of 1 percent for $(CDN)1,000,000. A $(CDN)550,000 exploration program to include 3500 metres of diamond drilling has been recommended by independent consulting geologists. The exploration program would seek to test strike extensions of the economically significant palladium-platinum-gold-nickel-copper mineralization (22 metres (72.2 feet) of core length grading 1.456 g/t PGE’s (palladium + platinum + gold), 0.17% nickel and 0.15% copper) intercepted in recent drilling at the Kuhner Occurrence. A large alteration system (an area of chemically changed rock favourable for economically significant mineralization ) encompasses all known palladium occurrences of the Tib Gabbro and is a key factor in the Kuhner Occurrence mineralization. The alteration system reaches over 2.5 km (1.5 miles) in strike length (open in both directions) and reaches 1 km (0.6 miles) in width in the middle of the property. The presence of such a large system controlling PGE mineralization on the property indicates the potential exists for large tonnage. A map of the large alteration system, palladium occurrences and drill locations is posted on the Company’s web site (www.houstonlakemining.com) under Properties. Houston Lake has granted incentive 200,000 stock options priced at $0.40 to directors and employees of the Company. This represents a 20 percent discount to the previous day’s closing price of $0.50 and is subject to a four month hold period. Houston Lake Mining Inc. has a total of 12,985,557 common shares issued and outstanding and 14,435,557 common shares on a fully diluted basis exclusive of warrant exercise. 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 12,985,557 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.
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