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HOUSTON LAKE MINING INC. (HLM-TSX.V)
PRESS RELEASE
$500,000
Exploration Program Begins on the
June 13, 2002: Sudbury, Ontario - Houston Lake Mining Inc. (CDNX:HLM, "Houston Lake") is pleased to announce that Agnico-Eagle Mines Limited (TSE:AGE, NYSE:AEM "Agnico-Eagle") of Toronto, Ontario has begun a $500,000 exploration program on the 1632 hectare (4030 acre) Tib Lake property which is located in the Thunder Bay Mining District of NW Ontario. Under the Tib Lake Option Agreement Agnico-Eagle has the right to earn a 50 percent interest by making cash payments of $650,000 and expending $3.6 million over four years. The property interest has an underlying 2.5 percent NSR. The companies would form a 50/50 partnership upon earn in of the option interest. Agnico-Eagle would have the right to earn an additional 10 percent upon delivering a positive bankable feasibility study and is the operator. Both parties are protected from dilution past a 30 percent interest level. Agnico Eagle has made cash payments of $100,000 and has commenced the $500,000 exploration program required in the first year of the Tib Lake option agreement. Agnico Eagle has the right to accelerate the four year option schedule. An initial two phase program is planned for the current year. This year’s program will seek to build upon previous drilling which intersected a highlight of 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 under the Kuhner Occurrence. This intercept extended the PGE mineralization at the Kuhner Zone from a depth of 35 metres (100 feet) to a depth of 65 metres (213 feet). Phase 1 of the current program is currently underway and involves a $200,000 surface exploration program. The surface program targets the Lower Zone of the Tib gabbro. The Lower Zone encompasses the Kuhner, West Dog, Jewelweed, and Road PGE occurrences on the property. The surface program includes grid refurbishment, geochemical surveys, geological mapping, prospecting, trenching and stripping and sampling. These surveys seek to identify new occurrences and better define existing showings as a prelude to the planned Phase 2 program. The $300,000 Phase 2 program would see 2500 metres (8200 feet) of drilling and is expected to start in late summer/early fall. The Tib Lake property is located in the Lac Des Iles area just 15 km. (9 miles) from the Lac Des Iles mine of North American Palladium Ltd. At December 31, 2001, the total proven and probable reserves, and measured and indicated resources at the Lac Des Iles mine had increased to 159 million tonnes averaging 1.55 grams of palladium per tonne containing 8.0 million ounces of palladium. The Tib Lake gabbro is the second largest intrusion of the Lac Des Iles suite of rocks and, as such, is a prime target for palladium-platinum-gold exploration. Houston Lake is actively exploring for Gold, Rare Metals, and Platinum Group Metals with a strategic focus on northwestern Ontario. Houston Lake Mining Inc. has a total of 15,250,695 common shares issued and outstanding. The common shares of Houston Lake Mining Inc. trade through the facilities of the TSX Venture Exchange under the symbol HLM. 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. |