Boulder Ramps Up Indian River Gold Program
June 1, 2005
John McAdam President of Boulder Mining Corporation, ”Boulder” (TSXV:BDR) is pleased to announce that crews have been mobilized to the Indian River gold project in the Yukon Territory for the commencement of an aggressive evaluation campaign. The program has two aspects: 1) Test Pitting to establish a gold resource and 2) Bulk Testing to prove grade on a bulk basis and to establish cost parameters.
The objective of the program is firstly, to expand the area of Test Pitting, which was initiated last year by processing samples of approximately 7 tonnes for each identifiable gravel horizon in the first 11 pits. The large sample sizes demonstrated a significant improvement in gold grades with excellent correlation within identifiable gravel units between the pits. The average grade of the lower two gravel units 1.5 meters thick from all pits is calculated to be 0.666 grams of raw gold per cubic meter. This equates to 1.13 grams of raw gold for every square meter of area processed.
This years pitting program will add an additional 40 pits that combined with last years program will target a representative area of over 10 million square meters of the gravel deposited on the downstream bench. This year 10 tonne samples will be processed on site through a 20 tonne per hour sampling plant.
The Test Pitting program will consists of digging pits with a Hitachi 300 excavator, depositing the 10 tonne samples from each gravel layer into a Marooka tracked dump truck which will then transport the sample to the sampling plant. The material will be dumped into large bins and the Marooka will return to the field for the next sample. The dumped material will be removed from the bins by a skid steer loader weighed and then deposited into the sampling plant. The plant screens the gravel and the material less than 13 mm will be processed through a sluice. After each sample the sluice concentrate will be cleaned up and the weight of the gold will be related to the weight of the sample and the grade determined after taking into account the moisture content of the gravel. The Company owns all of the aforementioned equipment with the exception of the skid steer,which has been rented.
Commencing in July and running parallel with the sampling program will be a full scale Bulk Testing program. Three areas will be chosen within the 10 million square meter area; each area being approximately 60-80,000 square meters, to be processed through a full scale plant. The operation will utilize equipment that can handle 400 to 500 tonnes per hour throughput to replicate as near as possible a production scenario. Costs of stripping, processing and rehabilitation will be monitored to complete the economic study and throughput tonnages and timeframes. In addition these tests will provide accurate grade confirmation on a bulk basis.
Stripping for Bulk Testing has commenced using bulldozer services of a contractor. The contract is performed on an hourly basis for operating hours only. Once the pay gravels have thawed, the material will be extracted using a Komatsu 750 excavator with a 4.3 cu yd bucket and deposited into a screening / sluicing plant. The company has reached a verbal agreement for the purchase of such a plant, which will be mobilized to the property in the month of June. The excavator was also purchased by the Company.
The Company has purchased used equipment at auction and elsewhere with the view of stretching its funding as much as possible.
The project is being managed by independent leading placer experts.
Boulder Mining has recently announced the right to earn a 100% interest in the Indian River project subject to an underlying 2% Royalty and an escalating Royalty of 2-3 %. The Company also has the right to earn a 100% interest subject to a 3% royalty interest in the Tevrede Project from Helio Resource Corp ( TSX-V:HRC). Springbok Resources has been granted the right to earn up to a 70% interest in the Tevrede Project by spending $9 million. For further information please contact Brad Aelicks, VP Corporate Finance at (604) 899-4300. The Company also maintains a website at www.bouldermining.com.
On behalf of the Board of Directors
Boulder Mining Corporation
“John H. McAdam”
President and Director
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