GREENWOOD VILLAGE, Colo., July 1, 2004 (PRIMEZONE) -- Calais Resources Inc. (OTCBB:CAAUF) is pleased to report preliminary data on the first two holes of the four hole drill program completed between April 15, 2004 and June 1, 2004 at its Caribou District properties at Caribou, Colorado.
The first phase of the 2004 surface drill program at Caribou consisted of 8,900 feet in four deep drill holes. The first three holes (CR04-128, CR04-129 and CR04-130) were drilled from the same collar location and the fourth hole (CR04-131) was drilled 140 feet to the south. The first three holes were 1,800 feet northeast of the historic Caribou Mine workings and the fourth hole was 1,660 feet northeast of the historic Caribou Mine workings. In addition to the No Name vein, other new veins were penetrated in both the hanging wall and footwall of the No Name vein.
Logging, splitting and sampling has been completed on hole CR04-128 to its final depth of -2,935 feet. Hole CR04-129 has been logged, split and sampled to a depth of -1,980 feet from a total depth of - 2,222 feet. Holes number CR04-130 and CR04-131 are in the process of being logged and split. Some delays are being experienced with the current heavy demands on commercial assay labs due to the strong exploration markets.
Calais expects to have all logging, splitting, sampling and assay data in from the four holes by August 01, 2004. Calais also plans to split and sample zones before and after mineralized zones that have returned the below assays.
Calais also announces that it has received assay results for holes CR03-125 and CR03-126 which were completed in November 2003 and for which preliminary results were announced on November 18, 2003.
Hole CR03-125
Location: East: 8,800 North: 12,670 Collar Elevation: +9,918 feet
Azimuth: 154
degrees: Angle: -50 Total Depth: -1,235 feet
Date Completed: 9/14/04
Drilled to test the contact zone between the Caribou stock/monzonite
and pre-Cambrian gneiss.
Feet Ounces Ounces
Hole From To Au/ton Ag/ton
CR-03-125 574.4 576.0 0.311 1.606
CR-03-125 926.0 929.0 0.095 0.691
Hole CR03-126
Location: East: 8,774.9 North: 12,722.8
Collar Elevation + 9,915.4 feet
Azimuth: 150 degrees Angle: -55 Total Depth: -2,075 feet
Date Completed: 10/19/03
CR-03-126 358.0 360.0 0.155 0.150
CR-03-126 474.0 480.0 0.377 0.750
CR-03-126 635.5 638.0 0.084 0.729
CR-03-126 850.0 851.0 0.317 0.10
CR-03-126 1435.0 1438.5 0.887 21.757
CR-03-126 1571.0 1573 0.277 0.10
CR-03-126 1765.0 1773.0 0.012 1.675
Hole CR03-127
Location: East: 8,165 North: 13,090 Collar: + 9,862
Azimuth: 135 degrees Angle: -55 Total Depth -330 feet
Hole stopped on November 20, 2004 due to winter weather conditions.
Hole CR04-128
Location: East: 8,188.8 North: 13,114.1 Collar Elevation + 9,863
Azimuth: 130 degrees Angle: -56 degrees Total Depth: -2,935 feet
Date Completed: 4/14/04
CR-04-128 878.8 882.0 0.377 2.188
CR-04-128 1227.5 1234.0 0.163 1.462
CR-04-128 1345.0 1351.0 0.105 1.367
CR-04-128 1534.5 1538.5 0.168 Tr
CR-04-128* 2290.5 2293.0 0.323 9.90
* Note: This intercept is -1,950 feet vertically below the surface,
which makes it one of the deepest gold/silver intercepts in the
Colorado mineral belt.
Hole CR04-129
Location: East: 8,188.8 North: 13,114.1
Collar Elevation + 9,863 feet
Azimuth: 130 degrees Angle: - 75 degrees Total Depth: - 2,222 feet
Date Completed: 5/13/04
CR-04-129 1954.0 1956.0 0.237 .80
CR-04-129* 2081.0 2083.0 0.539 2.00
* Note: This intercept is -1,975 feet vertically below the surface,
which makes it one of the deepest gold/silver intercepts in the
Colorado mineral belt and the deepest zone hit to-date in the
Caribou district.
Many assays pending + logging and splitting in progress.
Hole: CR04-130
Location: East 8,188.8 North: 13,114.1
Collar Elevation: + 9,863 feet
Azimuth: 142 degrees Angle: -60 degrees Total Depth: -1846 feet
Date Completed: 5/19/04
Logging/splitting and sampling in process.
Hole: CR04-131
Location: East: 8,151.8 North: 12,973.2
Collar Elevation: +9,860.2 feet
Azimuth: 162 degrees Angle: -56 degrees Total Depth: -1625 feet
Date Completed: 5/28/04
Logging/splitting and sampling in process.
When all the survey information and assaying is complete, the data from each hole will be entered into the Vulcan three dimensional computer program Calais uses to correlate vein locations, geology, mineralization, and new veins.
Calais is also pleased to report that full site reclamation has been completed on drill sites CR03-125 and 126.
The second phase of the drill program is scheduled to commence on or before August 01, 2004 provided we have adequate financing to do so. The drill sites in this program will be the Caribou Park breccia zone, Pomeroy Mountain/Pandora veins, the Nelson/No Name vein junctions, the No Name/Golconda vein junction southwest on Caribou Hill and the deep Potosi, Apache, Rare Metals and Anaconda veins.
Cautionary Note to United States Investors Concerning Forward Looking Statements
The future conduct of the company's business and it's response to issues raised by third parties are dependent upon a number of factors, and there can be no assurance that the company will be able to conduct its operations as contemplated. Certain statements contained in this release using the terms "may", "expects to", "projects", "estimates", "plans", and other terms denoting future possibilities, are forward-looking statements in accordance with the Private Securities Litigation Reform Act of 1995. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability.