March 14, 2000
(Mines and Energy)

Minister pleased with feasibility study announcement

Mines and Energy Minister Paul Dicks says he is extremely pleased with the announcement today by Thundermin Resources Inc., and Queenston Mining Inc., that they have engaged independent consultants to conduct a full scale feasibility study at the Duck Pond zinc-copper-lead-silver-gold deposit in June of this year.

The purpose of the study is to determine the economic viability of establishing a mining operation at Duck Pond, south of Millertown in central Newfoundland. The St. John�s office of AGRA will be part of the feasibility study team.

Thundermin and Queenston are publically traded companies on the Toronto Stock Exchange and are joint venture partners in the centrally located Duck Pond project which was optioned from Noranda Inc., in 1999.

Thundermin, the project operator, conduced an extensive exploration program at Duck Pond in 1999.

"If the results of this feasibility study are positive, the companies will then seek financing to bring the deposit into commercial production in 2001/2002," Mr. Dicks said. "If the project is deemed to be economically viable, it has the potential of employing up to 300 people during the peak construction period and up to 120 people on a full time basis."

The Duck Pond Project includes two separate deposits of copper-zinc, lead�silver-gold known as "massive sulphide" deposits. The two deposits, known as "Duck Pond" and "Boundary" contain total inferred resources of approximately six million tones grading 3.4 per cent copper, 6.4 per cent zinc, 1.1 per cent lead, 61.4 grams/tonne silver and 0.9 grams/tonne gold.

Mr. Dicks said the smaller Boundary deposit, comprising 400,000 tonnes, can be mined by open pit method while the larger Duck Pond deposit could be mined only by underground mining methods.

"Since acquiring the mineral rights from Noranda, Thundermin and Queenston have completed two drilling programs which were designed to confirm the grade and continuity of the known resources in the Duck Pond and Boundary deposits," said Mr. Dicks. "The result of the 1998 drilling and a preliminary financial analysis of the project suggests that sufficient reserves have been outlined to support a viable mining operation with a 10 year mine life."

"This project has the potential to create another significant mining development for the province and I believe it demonstrates the very positive and exceptionally good results that can flow from an aggressive mineral exploration program," Mr. Dicks said.

Media contact: Gary Callahan, (709) 729-4890.

2000 03 14                                                                     2:35 p.m.