VANCOUVER, British Columbia, March 15, 2002 (PRIMEZONE) -- Priority Ventures Ltd. (CDNX:PVS):
Aggressive Diamond Drilling commenced drilling late Wednesday, March 13. The well is approximately 500 ft. deep at the present time. Steel casing will be cemented in place within the next week. After setting the casing an additional week of drilling is expected before reaching total depth. The zones of interest will be encountered below the casing depth in the bottom 500 feet. Wireline logging and production testing will be carried out for at least one week after completion of drilling.
Priority has encountered increased competition for leases in the Comox Basin. The most recent active competitor has coalbed methane production in the United States and recently in Southern Alberta. Our competitors have been ineffective in accumulating freehold leases in our area of interest; however, disclosure of drill and test results from the well will be entirely qualitative reporting not quantitative. Priority believes it must maintain a tighthole status in order to retain its present advantage in the area.
Pictures of ongoing drilling operations will appear on our website at www.priority-pvs.com and are updated regularly to reflect drilling progress.
For investor relations see our website at www.priority-pvs.com or call 1-877-212-3233.
On behalf of the Board of Directors, "Neil Swift" NEIL SWIFT President
"The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release."