Plateau Airborne Magnetic Survey Completedadmin
Hinterland Metals Inc. (HMI – TSX Venture), (“Hinterland”) is pleased to announce that it has completed a 2200km high- definition airborne magnetic survey over the entire area of the 283-claim (131.4km2) Plateau project located 30km southeast of Matagami in the Abitibi Region of Quebec. Hinterland holds a 100% interest in the project subject only to 2% royalties on all metal and diamond production payable to the original property vendors. The airborne survey is the first part of a $600,000 two-phase exploration program that targets Platinum Group Elements (“PGE”) on the property. The survey results will provide the framework for surface follow-up work. The primary objective of this $280,000 first phase is to generate drilling targets additional to the three showings already known. The second phase will include $320,000 of diamond drilling.
The property is underlain by layered mafic rocks belonging to the Archean Bell River Complex: a late Archean age layered mafic intrusion measuring some 65 km by 15 km large and 5 km thick. The Complex was recently mapped by the Quebec government for the first time since the 1930′s. This work differentiates three distinct parts that represent various stages in the evolution of the Complex. The central part is acknowledged as the most primitive, deepest level and is identified as the most prospective area for PGE exploration. The report also describes for the first time a large pyroxenite-gabbro breccia body and compares it to the Lac-des-Iles deposit in Ontario currently being mined by North American Platinum. The Plateau property consolidates the entire central portion of the Complex including the newly identified breccia body. The area has seen very little exploration directed at PGE mineralization despite the discovery of significant PGE values in 1991-92 at what is now known as the Dot.com and Ebay showings. Blast sampling at the Dot.com site has returned up to 4.87g/t PGE from a 4 to 5m wide breccia zone. The Ebay showing has returned up to 2.7g/t PGE from a reef-like horizon of pyroxene rich gabbro. The South Ridge area has returned values up to 2.1g/t PGE from a 200 m wide band of east trending, sulphide bearing gabbro traced over a 700 m strike length.
Platinum and palladium are the target commodities of the Plateau project. The current prices for these metals are relatively strong with palladium at $US330 per ounce and platinum at $US1248 per ounce (London A.M. Fix, July 14, 2006). The primary use of these metals is in catalytic converters that are used to reduce exhaust emissions from automobiles. These metals are also used in the dental, electronics, jewellery and petrochemical sectors. Platinum has traditionally been used in jewellery more than palladium and has briskly traded as currency. However, this past year witnessed an exponential increase in the use of palladium in the jewellery industry.
Investors are asked to visit the Hinterland IR Hub at www.agoracom.com/
IR/Hinterland where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to HMI@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time. Mark Fekete, P.Geo is the designated “qualified person” as defined in Section 1.2 in and for the purposes of National Instrument 43-101 responsible for the preparation of this release.
July 18, 2006
Shares Issued 32,077,202
For more information please contact: Mark Fekete, President at Toll Free 1-877-874-8182