Botwood Basin

[Ed Monton]

More info on International Lima Resources that I pulled off the net:

(edit) I'll add it to the header

International Lima Resources Corp. (LMG:TSX-V)

March 15th 2003


QUICK FACTS SHEET


International Lima Resources was reorganized with a new management team and new capital in early February 2003.

The company is now preparing to commence a significant exploration program in the highly-prospective Botwood Basin area of Newfoundland.

Those investors wishing to complete further due diligence on exploration activity in Newfoundland can visit:
www.newfoundlandgold.com

International Lima has recently entered into option-joint venture agreements with Rubicon Minerals Corporation (RMX:TSX-V) to acquire an interest in up to 2,515 mineral claims in the Botwood Basin area of central Newfoundland. The agreements cover three separate land packages known as "Southern Golden Promise", "Wings Point-Titan" and "Glenwood Break". Lima can acquire a 60% interest in the properties by issuing up to 1,200,000 shares (400,000 for each property) and by incurring exploration expenditures of $5,250,000 within four years. Exploration commitments in the first year of the agreements total $650,000.

Most of Newfoundland is still lightly explored although very accessible in most areas with good exploration databases and a committed support group in the Department of Mines and Energy in St. John's. Geological model types have diversified and evolved and now include a sediment-hosted gold district in the Botwood Basin which is thought to be analogous to the highly productive Carlin trend in Nevada. The current exploration play in the Botwood Basin was conceived and initiated by Altius Minerals, a Newfoundland junior exploration company and achieved credibility with the involvement of Barrick Gold. Several styles of gold mineralization associated with arsenic, antimony and barite have been reported over a widespread area within the Botwood Basin, primarily within three structural-stratigraphic trends. There is now strong geological evidence that this mineralization is of epithermal origin.

Newfoundland enjoys exceptional geological potential, access to low cost power, world class transportation systems, modern ports and a skilled labour force. In addition, Newfoundland has created a positive climate for mining, offering generous incentives to exploration and development companies.

International Lima currently has 7,075,522 shares issued and outstanding and fully-diluted shares of 10,270,389.

SOUTHERN GOLDEN PROMISE

This project area spans four separate claim blocks comprising 920 claims which lie within a north-easterly oriented belt of volcano-sedimentary rocks. The claim blocks are located between 15 to 100 kilometres to the southwest of Rubicon's Jacyln zone gold discovery. A total of 21 holes were drilled at the Jacyln discovery in September 2002 with a total depth of only 50 metres. Of the 17 holes which intersected the vein zone, 15 returned visible gold with high-grade gold intersections of up to 16.57 gpt over a true thickness of 1.64 metres.

The Southern Golden Promise property also hosts two southern blocks which have rock types and base metal values that suggest the potential for VMS deposits in addition to gold. Aur Resources recently announced plans to put the Duck Pond-Boundary deposit into production. Many gold showings and veins have been located during the course of this work on ground adjacent to the Lima claims. International Lima plans an aggressive $350,000 exploration program of prospecting, mapping and further till sampling in summer 2003 to locate gold-bearing boulder trains which will provide targets for drilling later in the season.

Click here for a full summary of the Southern Golden Promise property.

GLENWOOD BREAK

The Glenwood Break area consists of a large prospective land position comprising 1,477 claim units right in the heart of the Botwood Basin gold play where recent gold discoveries of similar type to the Carlin camp in Nevada attracted Barrick Gold as a joint venture partner with Altius Minerals, precipitating a major staking rush. Over 100 km of this northeasterly trending belt, from central Newfoundland to the coast has been staked by companies such as Rubicon Minerals, Altius Minerals, Candente Resource, Linear Resources and many others. Glenwood Break occupies a central position in the belt which is referred to as Barrick's Mustang Trend.

Between 1979 and 1995, over 65 epigenetic gold occurrences have been identified in the belt and regional till sampling and lake sediment sampling by the Newfoundland Government detected a large number of anomalies in the region.

Lima intends to aggressively pursue exploration on the Glenwood Break property with a budgeted program for 2003 of $375,000. Work will include a high-resolution magnetometer airborne survey to delineate structures and small gabbro intrusions. Mapping, additional till sampling and boulder prospecting will follow to locate gold-bearing veins which may not be exposed. These will be investigated by trenching and where warranted, drilled later in the season.

Click here for a full summary of the Glenwood Break property.

WINGS POINT-TITAN

The Wings Point-Titan property is located on the northern extension of Barrick's Mustang Trend and consists of 118 claim units. The property is an extension of the Glenwood Break / Mustang Trend which is under heavy exploration by a number of companies to the southwest. Previous exploration was carried out regionally by Noranda and local prospectors, discovering many new showings. In 2002, Rubicon Minerals trenched an extensive new mineralized zone on the property. Gold values of 47 gpt over 0.4 metres and 8.2 gpt over 1.0 metres were returned from chip samples along with 16.4 gpt in a grab sample. Lima plans to aggressively explore this occurrence and evaluate other showings when field work begins this summer.

Click here for a full summary of the Wings Point-Titan property.

INT'L LIMA CONTACT INFORMATION:

Contact: Mark Morabito, President
Head Office: 2000 - 1066 W. Hastings St., Vancouver, B.C., V6E 3X2
Telephone: [phone]
Fax: [phone]
Email: [e-mail]


Disclaimer: This "Quick Facts Sheet" is for informational purposes only. The information contained within this article should not be construed as offering investment advice. Those seeking direct investment advice should consult a qualified, registered, investment professional. This is not a direct or implied solicitation to buy or sell securities. Readers are advised to conduct their own due diligence prior to considering buying or selling any stock. The author(s) may have positions in the stocks or financial relationships with the companies discussed and may trade in the stocks mentioned. No stock exchange has approved or disapproved of the information contained herein.

Certain statements in this facts sheet may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this facts sheet, such statements use such words as "may", "will", "expect", "believe", "plan", "project", "target" and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this facts sheet and management assumes no obligation to update them or revise them to reflect new events or circumstances. Management cannot assure investors that actual results will be consistent with these forward looking statements. These forward-looking statements involve a number of risks and uncertainties. The following are some of the factors that could cause actual results to differ materially from those expressed in or underlying such forward-looking statements: changes in economic conditions affecting the mining industry, stock market valuations, financing environment, incurrence of term debt and term debt service charges, and accounting policies and practices. The foregoing list of factors is not exclusive.

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