Mine Development News (December 01, 2003)

International Taurus Resources Inc., operator of the Fenelon Joint Venture (“JV”), reports that the new mine portal is complete and the decline ramp has penetrated 30 m underground. The JV includes Taurus as the operator with a 62% interest and Fairstar Explorations Inc. with the remaining portion (38%) in the Casa Berardi area of northwest Quebec.

Work will now focus on driving the main ramp, which will provide access to the underground areas targeted for test mining and for proving up already identified high-grade resources. According to the current schedule, the first mineralization will be extracted four months after the start of the ramp. The JV is planning to process mined ore at Richmont Mines’ Camflo mill near Val d’Or, Que.

Metallurgical testing and milling of a 14,000-tonne bulk sample shows that the Fenelon gold mineralization can be treated using conventional milling techniques. The deposit is open at depth (drilling presently reaches 250 m below surface), and mineralization extends for over 3 km along strike, providing significant potential for new ore development.

All necessary permits have been secured and the JV will apply for a full mining licence once the feasibility study and mining test are underway. As the new mine project progresses, additional drilling will be conducted to add mineable reserves to the resources already identified. The JV will continue to explore and develop the property’s additional highly promising prospects.