Two additional holes drilled at Moss Lake

Two additional drill holes have been completed by Central Crude (TSE) on its Moss Lake gold property 50 miles west of Thunder Bay, Ont.

Both holes encountered low-grade gold mineralization. The best intersection was in hole 92-N-252 which returned 80.05 ft. grading 0.055 oz. gold per ton and included 48.23 ft. grading 0.074 oz. gold.

The holes were drilled 500 ft. on either side of section 5600E where previous drilling intersected 62 ft. grading 0.095 oz. gold (T.N.M., Nov. 30/92). Central Crude has an option to earn up to a 60% interest in the Moss Lake property from Tandem Resources (ME) and Storimin Exploration (ASE). Tandem and Storimin have recently agreed to accept 150,000 Central Crude shares and a payment of $62,500 in lieu of a $125,000 option payment that was due Dec. 31, 1992.

Hemlo Gold Mines (TSE) has agreed to loan Central Crude the $62,500 needed to make the payment. The share issuance is subject to regulatory approval. To maintain the option agreement, Central Crude must make a further payment of $175,000 to Tandem and Storimin on or before Dec. 31, 1993.