Boulder Options Paleo-Channel Gold Discovery.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 2, 2004

John H. McAdam, President of Boulder Mining Corporation (TSXV: BDR) is very pleased to report that the Company has signed a Letter of Agreement with Western Prospector Group Ltd. (TSXV: WNP) to earn a 70% joint venture interest in the Indian River Paleo Channel Project.

The Indian River Property, located in the Klondike gold district, Yukon, Canada was assembled and held by long time Yukon miner Pete Risby. The property consists of 795 contiguous claim units (approximately 8,300 hectares) straddling a 21 km stretch of the Indian River drainage system which according to the Yukon Government has reported production of 0.91 million ounces of gold during the period 1978 to 2002. It is further reported that 225,000 ounces were produced from the Indian River property. Total Klondike production has been 11 million ounces. Virtually all production from the Indian River Property has been derived from the flood plain of the modern river valley. The exploration targets on the Indian River Property are two, large-volume gold bearing paleo-channels represented by a formation known as the White Channel Gravels. These formations are hosted in large benches which are located on terraces well above the modern river system itself.

In late 2003, Risby granted Western Prospector the right to earn 100% in the Indian River Property on a cash, shares and royalty deal. Boulder now has the right to earn a 70% joint venture interest in the entire holding subject to 2% NSR due to Risby and later 30% joint venture participation by Western Prospector.

White Channel Paleo-channel Gravels

In August 2003, the Yukon Geology Department (W.P. LeBarge personal communication), completed an independent sampling program of the Upstream and Downstream Benches located on the Indian River Property. The results of this sampling program are scheduled for release by mid-March, 2004. The smaller of the two benches (the Upstream Bench) sampled is approximately 7 km long by 750 m wide and 20-25 m thick. The larger downstream bench is "T"-shaped with the upper (i.e. north) segment measuring 9 km long and 1 km in width. The south trending part of the bench measures 6 km long and attains widths of 1.5 to 2 km wide. These gravels have been measured between 5 and 9 meters in thickness at the northern edge of the bench but increases gradually in depth to the south where a 30-meter thickness is predicted. Both of the Upstream and Downstream Benches represent terraces that occur at least 50 meters above the current modern rivers. The benches have been subjected to little historic exploration but are known to be auriferous. (Western Prospector Group Ltd., B. Thurston, October, 2003).

Drilling Confirms Consistent High Grade Gold

In the fall of 2003, Western Prospector initiated a 15-hole auger drill program (see drill plan under the Indian River project link on the Company's website) to confirm the depth and grade potential of the two benches. The results which have not previously been released are reported below.

Downstream Bench

The northern edge of the 15 km2 Downstream Bench was tested by two groups of holes (5 in total), located approximately 4 km apart. The assay results for all five auger holes are tabulated below:

------------------------------------------------
Auger Holes      Interval   Intercept       Gold
                       (m)         (m)      (g/t)
------------------------------------------------
IR-1           1.0 - 6.71        5.71       2.82
------------------------------------------------
IR-2           0.0 - 8.80        8.80       0.54
------------------------------------------------
IR-3           4.0 - 7.00        3.00       6.10
------------------------------------------------
IR-4            0.0 - 5.8        5.80       2.62
------------------------------------------------
IR-5            0.0 - 7.0        7.00       2.26
------------------------------------------------

The weighted average gold grade of the five holes is 2.3 g/t gold over 6.1 meters.

Upstream Bench

This bench, which measures 7 km long by 750 m in width, was auger-drilled over a 3.5 km length with 10 widely-spaced holes. The average intersected thickness of the bench was 21.5 meters. The assay results for the ten auger holes are summarized as follows:

------------------------------------------------
Auger Holes      Interval   Intercept       Gold
                       (m)         (m)      (g/t)
------------------------------------------------
IR-6           0.0 - 22.1        22.1       0.67
------------------------------------------------
IR-7           0.0 - 19.2        19.2       0.47
------------------------------------------------
IR-8           0.0 - 22.3        22.3       0.57
------------------------------------------------
IR-9           0.0 - 28.3        28.3       0.71
------------------------------------------------
IR-10          0.0 - 27.7        27.7       1.41
------------------------------------------------
IR-11          0.0 - 22.3        22.3       0.46
------------------------------------------------
IR-12          0.0 - 27.4        27.4        NSV(i)
------------------------------------------------
IR-13          0.0 - 13.1        13.1       0.26
------------------------------------------------
IR-14          0.0 - 19.2        19.2       0.82
------------------------------------------------
IR-15          0.0 - 13.1        13.1        NSV(i)
------------------------------------------------
(i) No significant values

The weighted average gold grade of the 10 holes along a 3500 meter length and 750 meter width is 0.58 g/t gold over 21.5 meters.

Comparative Paleo-Channel deposits

Other notable paleo-channel gold deposits located elsewhere in the world include the Aldan Project in Yakutiya, Russia, Palmer Goldfield in Queensland, Australia, Tipuani River Project in Bolivia, Mazaruni River in Brazil and Bonte Gold Mine in Ghana.

The Aldan deposit for example according to Watts, Griffis McOuat as reported in 1998 hosts Proven and Probable Resources of 148 million cubic metres at a grade of .306 grams per cubic metre (equivalent to 0.17 grams per tonne) for a total of 1.4 million ounces of gold and Measured and Indicated Resources of 307 million cubic metres at a grade of 0.265 grams per cubic metre (equivalent to 0.15 grams per tonne) hosting an additional 2.6 million ounces.

The Aldan Project is owned by Lanta Bank and further information can be found on their website at www.lanta.ru in the English version under projects.

The Company will be evaluating similar inexpensive processing techniques incorporating hydraulic mining and a floating processing plant with heavy media separation to recover gold.

Wayne J. Roberts, P. Geo, Vice President of Exploration for Western Prospector, was the Qualified Person for the auger sampling program described in this release on the Indian River Project. Sample intervals were generally 3.05 metres but ranged from 0.91 metres to 8.53 metres. All samples derived from the auger drill program were sealed in containers on site and tagged with a secure chain-of-custody security seal before being transported to Acme Analytical Laboratory ("Acme") in Vancouver, BC, an accredited laboratory with an ISO 90002 registration. Upon delivery to Acme, samples were dried and weighed. Approximately 500 grams of material was taken from each sample using a Jones riffle splitter. This split was weighed and pulverized to -150 mesh. The pulverized sample was screened and the coarse gold weighed, while the - 150 mesh material was assayed for gold by Fire Assay. The values were combined to give a total metallic gold assay reported in grams per metric tonne. A separate 0.20 gram split of pulverized material was analyzed for LiBO2 Fusion with an ICP/MS Finish to determine assay values of Tin, Titanium, Yttrium, Niobium, Scandium and Tungsten.

Boulder Mining subsequently contracted Overburden Drilling Management Limited ("ODM") of Nepean, Ontario, recognized global experts in forensic gold analysis to conduct check assaying on eight samples processed by Acme. ODM recovered the gold from the samples by tabling, extracting the gold grains from the table concentrate by micropanning and then refining the balance of the table concentrate by heavy liquid separation to obtain a pure heavy mineral fraction. The following is a quote from Stu Averill, P.Geo., President of Overburden Drilling Management Limited's report:

"Gold grains were extracted from eight placer samples, weighed and individually measured to avoid the nugget effect that is inevitable when assaying samples that contain coarse gold. These samples consisted of -2 mm sand screened by the Acme lab from 2 to 3 m of gravel sections in three auger drill holes. Seven of the eight samples yielded weighable gold grains ranging from 0.02 to 0.35 grams per grain. This indicates that the -2 mm sand fraction, which represents about 10 percent of the gravel, grades an exceptional 1.8 to 61.1 g/t gold. More than 80 percent of the gold value occurs in the coarsest, 0.5 to 2 mm sand fractions measured suggesting that significant additional gold may be present in the +2 mm granule and pebble fractions that were not analyzed. Higher quality sampling by rotosonic drilling is recommended for delineating the gold resource".

Nelson W. Baker, P. Eng., Vice-President on Boulder Mining is the Qualified Person for the ODM sampling procedures.

Terms of the Boulder Option

Under the terms of a Letter of Intent between Western Prospector Group Ltd., Boulder has the right to earn a 70% joint venture interest, subject to a 2% NSR to Risby and later 30% joint venture participation by Western Prospector by completing the following requirements:

1: Cash Payments totaling $300,000 before December 31, 2007 as follows:

-- $25,000 upon approval of agreement, $25,000 before August 15,

2004, $25,000 before December 15, 2004, and $25,000 before

August 15, 2005.

-- $50,000 before December 15, 2005, $75,000 before December 31,

2006 and $75,000 before December 31, 2007.

2: Issuing a total of 1,000,000 units consisting of one common share and one half warrant priced at market at the time of issuance of the common shares as follows:

-- Five separate issuances of 100,000 units on approval of

agreement, by August 15, 2004, by December 15, 2004, by August

15, 2005 and by December 15, 2005.

-- Two separate issuances of 250,000 units before December 31,

2006 and December 31, 2007.

3. Incurring exploration expenditures as follows:

-- $500,000 prior to December 31, 2004;

-- a further $750,000 prior to December 31, 2005;

-- a further $1,250,000 prior to December 31, 2006;

-- a further $2,500,000 prior to December 31, 2007.

The agreement is subject to approval of the boards of directors of Western Prospector and Boulder Mining as well as receipt of regulatory approval.

Work Plans

Immediately following the spring break-up period, Boulder plans to implement a program consisting of backhoe trenching, sampling, rotosonic drill testing, and a low frequency ground penetrating radar (GPR) to map the subsurface.

Boulder Mining is a growth oriented junior resource company exploring the Tevrede iron oxide-copper-gold project in Namibia, the Breakaway Nickel Copper property in the Raglan area of northern Quebec and is currently launching a drill campaign with CANGOLD Limited on the West Abitibi Lake Gold project in northern Ontario.

On behalf of the Board of Directors

Boulder Mining Corporation

John H. McAdam, President and Director

The TSX Venture Exchange has reviewed and approved the contents of this news release.