$$$$$ massive gold discovery $$$$$, page-3

23 February 2005
FOR IMMEDIATE RELEASE
MABUHAY PROJECT – SIGNIFICANT GOLD ASSAY RESULTS
====================================================
Pelican Resources Limited (ASX: PEL) advises that significant gold assay results have been received
from a diamond drill hole drilled in the southern part of the Tabon Tabon epithermal vein system on
the Mabuhay project. The gold project is located in the Province of Surigao del Norte in the extreme
north-east of Mindanao Island in the Philippines.
The significant assay results from diamond drill hole DDH 11, includes a 1 metre intercept at 40.56
g/t gold from 303.1 metres. The results are tabulated below. The drill hole, a 70 degree inclined hole
was terminated at 369 metres due to technical drilling difficulties, whilst still in gold mineralisation.
All intersection are down hole widths.
Hole No *Easting *Northing Azimuth Inclination Depth From To Intersection Grade
(m) (m) (m) (m) g/t gold g/t silver
DDH 11 558942 1071680 216 70 369.4 246.90 262.40 15.50 5.92 15.6
including 249.50 250.50 1.00 15.13 46.8
and 254.25 255.25 1.00 19.98 13.9
299.80 300.05 0.25 4.05 1.4
Timbered open stope 300.05 302.10 2.05
302.10 306.00 3.90 18.11 15.9
including 303.10 304.10 1.00 40.56 24.1
365.85 367.90 2.05 11.92 29.0
367.90 369.40 1.50 1.30 9.8
*Easting and Northing are based on UTM Zone 51, Northern Hemisphere (WGS84)
The drill hole was of interest as it intersected a 125 metre wide zone of epithermal alteration and
mineralisation contained in three main veins. The main central Tabon-Tabon vein was intersected at a
depth of 300 metre as a timbered open stope below the documented levels of known old workings.
Narrow veins of elevated copper values of 0.5 metres at 4.1% Cu from 246.9 metres and 2 metres at
1.48% Cu from 363 metres were noted in the drill core.
- Ends -
For further information:
Dr John Hills Mr John Palermo
Director Chairman
Telephone: +61 8 9321 9618 Telephone: +61 8 9242 1166
Facsimile: +61 8 93212344 Facsimile: +61 8 9242 5903
E-mail: [email protected] E-mail: [email protected]