Cross Lake Minerals: Myoff Creek Property Trenching Results.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--July 26, 2001

Cross Lake Minerals Ltd. (TSE:CRN.) (the "Company") is pleased to announce that encouraging results have been received from the trenching program completed on the Myoff Creek Property in early June 2001.

The Myoff Creek Property is located 55 kilometres northwest of Revelstoke, B.C., in the Kamloops Mining Division. The claims cover 12 kilometres of a prospective belt of carbonatite that hosts tantalum, niobium and the rare earth elements lanthanum, cerium, and neodymium.

A Cat 325 excavator was used to rehabilitate 8 kilometres of secondary logging road and to trench the prospective carbonatite unit. A total of 346 metres of trenching was completed in a series of four trenches. Of the 346 metres, 276.8 metres of trenching was completed in the carbonatite unit and 69.2 metres completed in the gneiss host rock on either side of the carbonatite and in some minor cross-cutting quartz-feldspar pegmatite dykes.

The width of the carbonatite in each trench and the weighted averages of the results of rock chip channel samples of the carbonatite, not including the gneiss and minor pegmatite dykes, are as follows:

                      Ta2O5     Nb2O5     La2O3    Ce2O5      Nd2O3
        Carbonatite Tantalum   Niobium  Lanthanum  Cerium   Neodymium
          Width     Pentoxide Pentoxide Trioxide  Pentoxide  Trioxide
Trench #   (m)        (ppm)     (ppm)     (ppm)    (ppm)      (ppm)

MT-01-1   50.8        30.0     1411.9     424.1    832.3      325.0
MT-01-2   50.0        28.0      950.7      52.0    536.5      232.4
MT-01-3   56.0        34.6     1063.9     310.1    595.1      255.6
MT-01-4  120.0        37.8     1659.2     451.0    834.8      336.5

The weighted average of the 276.8 metres of carbonatite trenched is 34.0 ppm Ta2O5; 1365.4 ppm Nb2O5; 345.5 ppm La2O3; 732.0 ppm Ce2O5; and 299.2 ppm Nd2O3. The rock samples were analyzed by Activation Laboratories Ltd., in Ancaster, Ontario, using XRF (X-Ray Fluorescence) for niobium and INAA (Instrumental Neutron Activation) for tantalum and 34 other elements.

The four trenches covered 410 metres of strike length with the widest carbonatite (120 metres) and highest grade interval exposed in the most southern trench, MT-01-4. The carbonatite, which has a consistent 330 degree strike and 35 degree dip to the west, is open in all directions. This consistency in width and dip lends itself to possible open pit exploitation.

Representative carbonatite samples have been submitted for petrographic work and will be followed up with metallurgical work. In addition, the Company intends to initiate a field program in August to explore the entire 12 kilometre length of the carbonatite horizon covered by its mineral claims. Of the 12 kilometres, only 410 metres have been examined to-date.

In addition, follow-up work has recently been completed on the following properties:

- On the Wasi Creek Property, located 43 kilometres north northwest of
Germansen Landing, B.C., an area of old hand trenching, which had been reopened
earlier this year, was expanded from 5 to 10 metres exposing sphalerite, pyrite
and galena mineralization hosted by light grey dolomite and breccia. The
weighted average of a 10 metre rock chip channel sample was 5.01% zinc, 0.89%
lead and 18.0 g/t silver. The base metal mineralization is still open at both
ends of the trench. A follow-up program of geological compilation of past work
programs and mapping is recommended as the next phase of work. The rock samples
were analyzed by ALS Chemex in North Vancouver, B.C., using 32-element ICP-AES
(Inductively Coupled Plasma - Atomic Emission Spectroscopy) and fire assay.

- On the Swannell Property, under option from Cominco Ltd. and located 108
kilometres north northwest of Germansen Landing, a program of soil sampling and
geological mapping has been completed. Two Mobile Metal Ions (MMI) soil sample
grids were completed covering the Swannell showing and possible strike
extension and parallel zones. The two grids are located on the north and south
sides of the Swannell River that has exposed the base metal mineralization. The
grids are each 500 metres long by 800 metres wide with samples collected every
25 metres on lines spaced at 100 metre intervals. Over 300 soil samples were
collected, which have been shipped to XRAL Laboratories in Toronto for
analyses.

- On the Ingenika Property, adjacent to the Swannell Property, exploration
consisting of soil sampling and geological mapping has been completed. The
property was soil sampled by MMI methods. A grid of 800 metres by 800 metres
was sampled every 25 metres on lines spaced 100 metres apart. Over 200 samples
were collected and shipped to XRAL for analyses.

All work was conducted under the supervision of the Company's Vice President, Exploration, Jim Miller-Tait, P.Geo.