EXPLORATION ’94 — Copper values at Cashin

Drilling on the Cashin property in western Colorado is confirming the presence of a large, disseminated copper deposit.

Summo Minerals (VSE) can acquire the property by paying an aggregate of US$900,000 to two separate groups in staged payments by Sept. 1, 1998. Summo drilled 12 holes to test the continuity between old drill holes, as well as for extensions to the mineralized zone. The drilling covers a 100-by-400-ft. grid and, coupled with the older holes, indicates a strike length of more than 2,000 ft.

Summo President Fred Hewett says the mineralization is flat-lying, near the surface and open to expansion in three directions. Also, the copper zone is oxidized and appears to be amenable to solvent extraction-electrowinning. Ten of Summo’s holes returned significant copper mineralization and, when combined with seven old holes, returned an average of 0.65% copper over 157 ft.

Summo plans to combine the recent drill results and seven older holes with the 33 previous shallow surface and underground holes, in order to calculate a preliminary resource.

Meanwhile, farther to the south, in Utah, drilling on the Lisbon Valley oxide copper property is continuing with two rigs. The company expects to release updated resource estimates for both projects within a few weeks. A summary of the seven old holes and 10 new holes at Cashin are as follows: Hole Section Interval Width Copper

(ft.) (ft.) (%)

3001 -200NE 00-39 39 0.47

3002 -100NE 000-222 222 1.02

3003 +300NE 118-280 162 0.28

3004 +700NE 22-72 50 0.53

120-304 184 0.97

3005 +700NE 025-243 218 0.71

3006 +900NE 10-20 10 1.00

107-151 44 0.51

238-306 68 1.50

3007 +300NE 000-247 247 0.49

94C101 0+00NE 110-210 100 0.63

94C102 0+00NE 115-255 140 0.37

94C103 +300NE 000-210 210 0.67

94C104 +300NE 05-45 40 0.62

100-170 70 0.72

190-260 70 0.57

94C105 +900NE 040-255 215 0.79

94C106 +900NE 140-165 25 0.39

210-290 80 0.76

94C107 +900NE 205-240 35 0.65

94C108 +300NE 000-250 250 0.39

94C109 +100NE 10-45 35 0.20

185-235 50 0.34

94C110 +1400NE 190-215 25 0.52

240-320 80 0.93