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August 12, 2004 |
| PRESS RELEASE # 04-03 | |
| Trading Symbol: SWM : TSXV | |
CHICAGO EXPLORATION COMMENCES Sherwood Mining Corporation (TSXV:SWM) is pleased to announce that exploration of the Chicago Area under option from Miramar Mining Corporation (TSX:MAE, AMEX:MNG) has commenced. The Chicago Area consists of 11 claims covering 9,162 hectares located in the southwest portion of the Hope Bay Belt, and lies approximately 15 km southwest of Miramar 's Boston Camp. The Hope Bay belt in Nunavut , Canada , is being actively explored by Miramar and contains multiple gold deposits and showings. Sherwood has an option to acquire a 60% interest in the Chicago Area of the Hope Bay Belt, encompassing the Chicago/Kell and Heku trends. Miramar is conducting the exploration program on behalf of Sherwood. Mapping and prospecting the trend has commenced, and will be followed by the selection of prioritized targets for detailed mapping, sampling, geophysics and drilling. The detailed phase of the mapping and geophysics will be completed by late August, with drilling to follow immediately. Exploration to date within the Chicago trend has identified three gold and base metal showings (Kell, Kell South & Linear) within an eight km long trend of anomalous gold-silver-copper-zinc values. Mineralization comprises chalcopyrite, pyrite and sphalerite hosted within altered felsic volcanics. The Kell and Kell South showings, separated by 775m of overburden covered terrain, and may represent the near surface expression of a larger volcanogenic massive sulphide or epithermal system. Reconnaissance mapping and prospecting in the south-western portion of the Chicago Area has returned significant gold assays from a horizon containing semi-massive chalcopyrite within felsic volcanic rocks. This mineralized corridor runs parallel to the multi-element, silver-copper-gold Chicago trend that hosts the high grade ‘Kell' showing. The Heku multi-element anomaly has been traced over an area 150m by 600m within frost heave and poor outcrop exposure. For more information, including maps and a summary of previous exploration highlights from the Chicago Area, please visit the Company's website. Miramar owns 10 million shares of Sherwood, representing approximately 40% of the issued shares of Sherwood. Quality Assurance. The information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by John Wakeford, P. Geo. Vice-President, Exploration for Miramar Mining Corporation.
ON BEHALF OF THE BOARD OF
DIRECTORS
“D. Bruce McLeod”
D. Bruce McLeod, President
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