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Leader Options Cogburn Nickel Deposit To Evaluate Platinum/Palladium Potential.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--May 8, 2001

Leader Mining International Inc. is pleased to announce that it has entered into an option to acquire the Cogburn Nickel deposit, located 100km east of Vancouver, near Hope, British Columbia, from John Chapman and KGE Management Ltd.

The Ni - Cu mineralization is contained within ultramafic rocks composed primarily of altered pyroxenite and peridotite. Previous drilling demonstrated that the pyroxenite is strongly uralitized and contains widespread finely disseminated pyrrhotite / pentlandite, with minor magnetite and traces of pyrite and chalcopyrite that grade consistently around 0.2% Ni. The George Cross Newsletter of September 1, 1971 reports, "The mineralization is over a length of 2000 feet, a width of 800 feet and a vertical surface range of 700 feet. Present indications are in the order of 200,000 tons per vertical foot, which gives 100 millions tons per 500 feet of depth. The mineralized area is open to possible extension to the south and east... All of the samples from within the discovery area have presented a remarkably consistent value between 0.19% and 0.25% Ni. The consistency of the values as much as the grade is the outstanding feature...A number of samples from the property have been subjected to carefully controlled ascorbic acid tests which indicate that between 90% and 95% of the nickel is in sulphide form."

Previous operators did not analyze for Platinum Group Elements (PGE). Leader believes that the potential for a bulk mining Ni-Cu-PGE development scenario is very good; particularly since the nearby past producing Pride of Emory Mine is reported to have contained significant platinum - palladium values (up to 7.79 gram/tonne PGE).

Under the terms of the Option Agreement, Leader will make an initial cash payment of $10,000 and invest up to $65,000 in the first phase of evaluation, starting in the first week of June 2001 to be followed by more detailed geophysics and drilling, as results warrant.

Pending favorable results, Leader can earn, subject to regulatory approval, up to 100% interest in the property by performing $1.5 million of exploration work and making cash payments to the vendors totaling $345,000 over 5 years; issuing 200,000 shares of LMN over 3 years; and providing 100,000 warrants exercisable @ $1.00/warrant upon completing a positive production feasibility study. The vendor will retain a 3% NSR, of which Leader may acquire 1.5% for $1.0 million.

The Cogburn Project provides Leader a high potential low cost mining opportunity in strategic metals, that is consistent with Leader's exploration philosophy of acquiring high quality exploration targets in under-explored geologically favorable terrains within politically stable jurisdictions for commodities of the future.

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, that the SEC guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-26447 available from us at Suite 810, 400 - 5th Avenue SW Calgary, AB T2P 0L6. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

The Canadian Venture Exchange has neither approved nor disapproved of the information contained herein.
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Publication:Business Wire
Date:May 8, 2001
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