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SUDBURY CONTACT MINES, LIMITED COMPLETES SIX HOLE DRILLING PROGRAM ON DIAMOND LAKE PROPERTIES

 TORONTO, Dec. 8 /PRNewswire/ -- Sudbury Contact Mines, Limited, a member of the Agnico-Eagle Group of Companies, has recently completed a six hole drilling program on its Diamond Lake Properties. This drilling was undertaken on a portion of the property which lies approximately three miles north of the Larder Lake Break. Agnico-Eagle Mines Limited holds a direct and indirect interest in Sudbury Contact of approximately 31 percent.
 Encouraging gold values have been obtained from three holes to date in the central area of the conductive trend. The discovery hole intercepted 0.13 ounces of gold per ton over a 9.8 foot core length. Drill Hole No. 3, located 1300 feet west of Drill Hole No. 1 returned 0.04 ounces of gold per ton over a core length of 26 feet. Midway between these holes, Drill Hole No. 4 returned an intersection assaying 0.17 ounces of gold per ton over 46 feet (0.11 oz. cut to 1 oz.) including a higher grade zone averaging 0.24 ounces of gold per ton (0.15 oz. cut to 1 oz.) over 31.6 feet. This drilling shows continuity of gold mineralization over a 1300 foot strike length. Sudbury Contact Mines Limited President, Paul Penna says, "We've been in the Larder Lake area for over twenty years and although it is too early to assess its significance based on these results to date we have all the indications of a new find."
 Two step-out holes, located 650 feet and 2300 feet to the east of the discovery hole, have encountered pyritic mineralization within the conductive trend confirming that this favourable stratigraphic target extends over a strike length of at least 4000 feet. Assay results are expected shortly from these two holes. A follow-up drilling program will commence in January 1994.
 Also, during October, Sudbury Contact completed seven shallow holes on its Catharine Township Property. Prospecting and mapping outlined a quartz-carbonate alteration zone over a length of 1000 feet. A short hole undercut the main showing fifty feet below surface returning 0.15 ounces of gold per ton over a fifteen foot core length. Three step-out holes have been completed and results are expected shortly.
 -0- 12/8/93
 /CONTACT: Paul Penna, Sudbury Contact Mines, Limited, 416-947-1212/
 (AEAGF)


CO: Sudbury Contact Mines, Limited; Agnico-Eagle Mines Limited ST: Ontario IN: MNG SU:

LG -- NY046 -- 1714 12/08/93 11:10 EST
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Publication:PR Newswire
Date:Dec 8, 1993
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