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RILEY RESOURCES LTD. AND ITL CAPITAL CORP. ANNOUNCES WORK HAS COMMENCED ON JOINT VENTURE

 VANCOUVER, British Columbia, June 23 /PRNewswire/ -- Riley Resources Ltd. and ITL Capital Corp. announce that work has commenced on an extensive summer field sampling and airborne geophysical survey program in accordance with the terms of an agreement between these two companies in which Riley will earn a 50 percent interest in ITL's Lac de Charloit property in the Northwest Territories as previously announced in January 1993.
 Canamera Geological Ltd. will perform the duties of project operator on the 105,000-acre property in the Lac de Gras area in the MacKenzie Mining District of the Northwest Territories.
 The cost of this, phase-one joint venture exploration program, is approximately $350,000 and is scheduled to be completed by mid-August 1993.
 In keeping with the terms of the previously announced agreement, Riley Resources Ltd. must contribute $150,000 towards the work program in order to earn the 50 percent interest in the property. After that amount has been fulfilled, all further exploration costs will be shared on an equal basis.
 -0- 6/23/93
 /CONTACT: Mark van der Horst, 800-665-3390/
 (RYR. ICL.)


CO: Riley Resources Ltd.; ITL Capital Corp. ST: British Columbia IN: SU:

EH -- LA018 -- 5015 06/23/93 12:42 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
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