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CORNUCOPIA RESOURCES LTD. EXTENDS ACQUISITION OPTIONS

 VANCOUVER, Alberta, June 9 /PRNewswire/ -- Cornucopia Resources Ltd. (NASDAQ: CNPGF; Toronto: CNP) announces that further to its news release of April 26, 1993, the company has extended its option to acquire a 100 percent interest in the Mary-Drinkwater gold deposit near Silver Peak, Esmeralda County, Nev., to July 15, 1993. During this period, Cornucopia will complete its due diligence review. Upon exercise of the option, a major exploration and definition drilling and ore reserve modeling program will be initiated on the property leading to a full scale feasibility study during 1994. Budgeted expenditures for the first phase of this exercise scheduled for completion in 1993 are approximately U.S. $1 million.
 The Mary and Drinkwater deposits equally form 45 patented mineral claims, and their down dip extension appears to extend onto 49 contiguous unpatented claims to the northeast which also form part of the property. To date, Cornucopia personnel have compiled historic geological and drilling data available from records on site. Preliminary results indicate a geological resource for the Drinkwater portion of the deposit 6,100,000 tons grading 0.059 ounces of gold per ton including probable and possible reserves of approximately 1,100,000 tons grading 0.206 ounces per ton gold at a 0.06 ounces per ton gold cutoff. These reserves occur in an open pittable configuration with modest stripping ratios. Despite its considerable historical production, the adjacent Mary portion of the deposit has had insufficient drilling to date to calculate reserves. Past production of up to 600,000 ounces of gold, coupled with current reserve calculations for the small portion of the property outlined above, offer considerable encouragement for substantial reserve expansion.
 Work has now begun on the U.S. $2,900,000 exploration program scheduled for the company's joint venture Ivanhoe Project on Nevada's Carlin Trend. Activities will be carried out under the direction of Cornucopia's mining venture partner and operator of the project, Newmont Mining Corp. Newmont acquired its 75 percent interest in the property in mid-1992 at a cost of approximately U.S. $20,000,000. Three deep diamond drill holes have been initiated in the Hatter Dome area to further test gold mineralization encountered in the 1992 drill program. In addition, the first of 12 scheduled drill holes has been completed in the Sheep Corral - GOV trend northwest of the Hollister Deposit, and a second drill hole has been collared between two mineralized intercepts drilled last year. Results will be reported as they become available.
 Cornucopia receives gold production from the Ivanhoe property on the Carlin Trend, Nev., where it is a co-venturer with Newmont Mining Corp. in the exploration and development of the 84,000-acre property. Cornucopia is listed on The Toronto Stock Exchange (CNP) and is quoted on the NASDAQ Issuers Market (CNPGF).
 -0- 6/9/93
 /CONTACT: James M. Carter, VP & Corporate Development of Cornucopia Resources, 604-687-0619/
 (CNPGF)


CO: Cornucopia Resources Ltd. ST: British Columbia IN: MNG SU:

MF -- LA031 -- 0378 06/09/93 19:44 EST
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Publication:PR Newswire
Date:Jun 9, 1993
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