Placer Dome encouraged by Mexican Hat results

The drill holes came from the eastern side of Mexican Hat Mountain where andesitic volcanic rocks are known to outcrop. Gold mineralization is associated with two zones. On the western side of the mountain, a fault breccia is characterized by bleaching, jarosite and hematite mineralization. A hole from the zone assayed 0.47 oz gold across 35 ft. Three holes completed on the zone cut 40-ft to 60-ft sections assaying between 0.03-0.051 oz gold. A second zone has been mapped above the fault breccia.

Placer Dome spent $500,000(US) on a first phase exploration program and holds an option to buy 600,000 Oneida shares at $2.25 per share. On purchase of the shares, Placer would earn a 60% interest in the project.

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