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HOUSTON LAKE MINING INC. (HLM-TSX.V)
PRESS RELEASE
Houston
Lake Options Two Properties
May 6, 2002: Sudbury, Ontario - Houston Lake Mining Inc. (CDNX:HLM, "Houston Lake") is pleased to announce that the Company has consolidated its presence in the Cameron Lake Gold Camp located near Sioux Narrows, Ontario. Houston Lake entered into two option agreements with a non-arms length private individual on the contiguous McLennan Gold and the Jesse (North) Gold Properties located in the Dogpaw Lake area in the Kenora Mining District of northwestern Ontario. The option agreements have been unanimously ratified by disinterested Directors and are subject to regulatory approval. Houston Lake has maintained a 45% ownership in the 139.6 hectare (345 acre), McLennan Gold Property. The 7 patented claims are subject to a 0.75% Net Smelter Royalty ("NSR"). Under the current option agreement Houston Lake has the right to earn in on the remaining 55% for exploration expenditures of $200,000 over 5 years and the issuance of 75,000 common shares subject to a 1.5% NSR. Previous work on the McLennan Gold Property has focused on a 2 to 7m. (6.6 to 24.0 ft.) wide shear zone at the northerly-striking contact of mafic volcanics with a large gabbro body. Assessment files record highlights in trenching results of 2.74 g/t Au over 7.0 m. (.080 oz/t Au over 23.0 ft.) and 5.34 g/t Au over 5.0 m. (.156 oz/t Au over 16.4 ft.) and in drilling results of 3.06 g/t Au over 4.57 m. (.089 Au oz/t over 15.0 ft.) along the volcanic/gabbro contact. In 1997 a new 10 to 20 metre wide shear zone internal to the gabbro was identified with a strike length in excess of 800 metres (2624 feet). In 1997 Inca Mining Corp. and Houston Lake jointly announced results of 44.76 g/t Au over 1.2 m. (1.305 oz/t Au over 3.9 ft.) in trenching over this new shear zone in the northern portion of the property. Subsequent sampling of a stripped area located approximately 100 metres to the north along the same shear structure returned 9.99 g/t Au over 4.8 metres (.291 oz/t Au over 15.7 ft.) which included 43.78 g/t Au over 1.0 metres (1.277 oz/t Au over 3.3 ft.). The extension of the new shear zone into the southern portions of the McLennan Gold Property did see limited exploration in 1997 but did not report significant gold values. Houston Lake plans to further evaluate the mineralized shear zones with a systematic exploration program. The 144 hectare (355.7 acre) Jesse Gold Property adjoins the southwestern boundary of the McLennan Gold Property. Houston Lake has the right to earn a 100% interest in the Jesse Gold Property by applying $18,000 of assessment work over 5 years and by issuing 75,000 common shares. The 100% option interest in the Jesse Gold Property is subject to a 2.5% NSR. Houston Lake has granted incentive 200,000 stock options priced at $0.45 to directors and employees of the Company. Houston Lake Mining Inc. has a total of 14,953,695 common shares issued and outstanding exclusive of the current acquisitions. Houston Lake is actively exploring for Rare Metals, Platinum Group Metals and now Gold in northwestern Ontario. 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. |