Botwood Basin

[Ed Monton]

2/11/2003

Gold Intersected In First Three Drill Holes
Brady Option Gold Property

ST. JOHN’S, NF, February 6, 2003 – Linear Resources Inc. (LRR.V) announces that the first three holes of a planned 7-8 hole drill program on the central Newfoundland, Brady Option gold property have all intersected gold mineralization. The gold values are hosted in silicified quartz porphyries and altered (silicified, chloritized) mafic volcanics, are associated with pyrite and arsenopyrite and extend the gold mineralized zone over a minimum 100 metre strike length and over 75 metres across strike. The results indicate a strong, mineralized, gold-bearing quartz porphyry system that has intruded and mineralized the host mafic and ultramafic units in the area giving wide zones of significant values in the 0.1 to 2.5 grams per tonne range. Mineralization consists of disseminated blebby and euhedral, and fracture filling pyrite and disseminated, acicular (needle-like) arsenopyrite. Strongest sections carry up to 10% sulphides over narrow intervals. Both the porphyry and the volcanics are variably altered (silicified, chloritized) and mineralized.

The target of the drilling is a coincident magnetic low, gold and arsenic soil geochemical anomaly with a sheet-like zone of high chargeability and high resistivity induced polarization (IP) values over a minimum 300-metre by 300-metre area, which appears to be bounded by faults to the north, south and west. Significant gold mineralization has been located in float from the property in three rock types, including altered and mineralized ultramafic intrusives (values to 6.6 grams per tonne gold), mafic volcanics (values to 4 grams per tonne) and the quartz porphyry (values to 3 grams per tonne). It appears that the alteration and mineralization in the mafic volcanics and ultramafics is related to mineralizing fluids associated with the quartz porphyry.

Following is a summary of the drill results:

Drill hole BO-03-1, a 122 metre vertical hole at L 2 E, 2+50 N, intersected variably altered and mineralized mafic volcanics cut by a narrow (0.8 metres) porphyry unit. Two significant gold intersections were noted: 17.6 to 19.2 (1.6 metres) at 1.87 grams per tonne, including 18.4-19.2 (0.8 metres) at 2.9 grams per tonne and 51.8 to 55.0 (3.2 metres) at 1.69 grams per tonne. The mineralization is pervasive along fractures cutting the mafic units. Hydrothermal breccias are noted.

Drill hole BO-03-2, a 170 metre vertical hole at L 1 E, 2+25 N, intersected variably altered and mineralized mafic volcanics with narrow (up to 3.5 metres wide) quartz porphyry units to 39.1, then 103.9 metres of quartz porphyry to 143, variably altered / mineralized mafic volcanics to 154.8 and altered quartz porphyry to the bottom of the hole. A total of 98.8 metres was sawed and analyzed from the drill hole. Significant gold intersections were: 48.5 to 51.6 (3.1 metres) at 1.3 grams per tonne; 60.3 to 61.6 (1.3 metres) at 1.2 grams per tonne; 81.2 to 102.7 (21.5 metres) at 1.1 grams per tonne including 82.2 to 88.3 (6.1 metres) at 1.4 grams per tonne including 85.2 to 86.3 (1.1 metres) at 2.3 grams per tonne and 96.7 to 102.7 (6.0 metres) at 1.6 grams per tonne including 100.7 to 101.7 (1 metre) at 2.4 grams per tonne; 108.5 to 110 (1.5 metres) at 1.1 grams per tonne; and 159 to 164 (5.0 metres) at 0.9 grams per tonne including 159 to 161.9 (2.9 metres) at 1.2 grams per tonne.

Drill hole BO-03-3, an uncompleted vertical hole at L 1 E, 1+75 N, intersected variably altered mafic volcanics with a narrow (2 metres wide) quartz porphyry unit to 59.2 metres then variably altered (silicified) porphyry to 68 metres where it is presently stopped. Significant intersections were: 6.7 to 7.6 (0.9 metres) at 2.04 grams per tonne; 22.5 to 23.0 (0.5 metres) at 2.6 grams per tonne; 29.7 to 30.2 (0.5 metres) at 1.28 grams per tonne; 46.8 to 48.5 (1.7 metres) at 2.4 grams per tonne and 60.2 to 65.1 (4.9 metres) at 1.45 grams per tonne including 63.2 to 65.1 (1.9 metres) at 2.22 grams per tonne.

Drilling has been curtailed since January 26, due to unusual weather conditions (flooding and loss of snow) and will recommence as soon as weather conditions permit. The drilling will continue to test the porphyry as defined by the induced polarization (IP) resistivity and chargeability plus linear structural targets, located within and marginal to the porphyry body. High IP chargeability zones, which may represent sulphides, to the north and south of the porphyry bounding faults, will also be tested.

The drill core was sawed on site by Linear personnel with samples shipped to the Eastern Analytical Ltd. laboratories in Springdale, Newfoundland where they were analyzed utilizing a half assay ton, fire assay technique. The assays indicate further sampling of the core is required and this will be done when conditions permit. Rejects from some of the samples have been sent for check assays and these will be reported when received.

The company is encouraged by the strength of this newly discovered mineralized system in an area where gold mineralization was previously unknown. The widespread nature of the mineralization, the size of the geophysical anomaly, at a minimum of 300 metres by 300 metres, that appears to define the mineralization and the success of this early phase of exploration (2.5 drill holes completed, all intersecting significant gold values) all indicate the potential for a major gold deposit.

Based on the success of the drilling, the company has expanded its ground position in the area by the acquisition by staking of a further 465 claims (11,625 hectares) to bring the total for the Brady area to 541 claims (13,525 hectares). The new claims cover the Spruce Brook Formation in the area of the discovery and the contact area of the Spruce Brook and Coy Pond Complex to the southwest. The company may seek joint venture partners for some of these claims.