S. Atlantic confirms copper-gold find (April 19, 2004)

Vancouver — South Atlantic Ventures (SAA-V) is encouraged by drill results at the Rakkurijarvi copper-gold discovery, part of the Norrbotten project in Sweden.

The mineralization comprises massive magnetite with stockworks and veins of chacopyrite and pyrite, and is hosted by altered schist carbonate breccias and polymict breccias. Hydrothermal alteration is evident. Geophysics indicates the mineralization extends about 500 metres along a northeasterly strike.

South Atlantic is earning a 100% interest in the property by spending US$6 million over three years and collectivlely issuing US$500,000 worth of its shares to vendors Anglo American (AAUK-Q) and Rio Tinto (RTP-N).

The best intercepts were reported from holes that duplicated Anglo’s previous higher-grade intercepts. Hole 2 returned 40.4 metres grading 1.41% copper and 0.33 gram gold per tonne at a down-hole depth of 17 metre and included five higher-grade intervals. Hole 2 is a duplicate of an Anglo hole that intersected 33.65 metres of 1.6% copper and 0.46 gram gold.

Hole 6 is a duplicate of an Anglo hole that cut 17.8 metres grading 2.2% copper and 0.33 gram gold; it intersected 19.75 metres averaging 1.68% copper and 0.41 gram gold at a down-hole depth of 66.7 metres.

Holes testing the continuation of the zone in hole 2, to the north, returned 28.3 metres of 0.89% copper and 0.24 gram gold. Isolated magnetic and induced-polarization anomalies also returned significant intercepts.

South Atlantic plans to continue drill-testing the extent of the mineralization, as well as parallel anomalies.