HAMILTON, Bermuda, Sept. 8, 2003 (PRIMEZONE) -- Gallant Minerals Ltd. (Bermuda) is pleased to announce completion of aggressive drilling programs at three projects in Mongolia and one in Peru, and the establishment of two new venture agreements in Mongolia. Gallant Minerals and WMC Resources Ltd. (Australia) also renewed their initial Mongolia Joint Venture agreement and are now active in the second year of that program. Under the Mongolia Joint Venture, WMC and Gallant are jointly exploring 22 exploration licenses, with a focus on porphyry systems, within a specified area of interest.
Gallant and WMC have expanded on the benefits of their initial Joint Venture, and have recently established a second Joint Venture agreement, the Mongolia Joint Venture II, to jointly explore 16 additional exploration licenses.
In its third venture in Mongolia, Gallant Minerals recently optioned its Onon gold project, located in northeastern Mongolia to a third party for exploration.
Gallant Minerals' Vice President, Keith A. Laskowski stated "We have had a very busy year, with the combined activities of these joint ventures and our own exploration programs. Gallant is independently exploring 38 licenses in Mongolia, and 17 concessions in Peru that are not subject to third party agreements. Current field programs include the evaluation of the large Tarvagatai mafic intrusive complex in northern Mongolia for nickel and PGM mineralization. Drilling results from the gold projects in Mongolia and Peru are being evaluated and the highlights will be released shortly."
Gallant Minerals Ltd. is a private company, owned by Mohamed Al Fayed who also owns the World's Most Famous Department Store, Harrods, in London. Gallant Minerals is exploring for world class mineral deposits in Mongolia and Peru. Gallant controls over 2.5 million hectares of mineral rights within 94 properties. Additional information is available on the company web site at: www.gallantminerals.com