Calais Resources Announces the Completion of New Nevada Claim Staking Program

GREENWOOD VILLAGE, Colo., May 5, 2004 (PRIMEZONE) -- Calais Resources, Inc. (OTCBB:CAAUF), herein the "Company", is pleased to announce that it has completed staking on 56 new 20 acre mineral claims in Nevada. The area covered by the new locations measures 2,400 feet by 21,000 feet and covers approximately 1,110 acres.

The claims were staked along a series of northwest-southeast trending veins and mineralized shear zones with various gold values. The 56 new claims are located between the historic gold producing Round Mountain Mine operated by Barrick Gold (NYSE:ABX) and Kinross (NYSE:KGC), and the historic Manhattan District currently held by Calais Resources Inc.

The Manhattan Gold District contains over 2628 acres of mineral interests. The district lies 12 miles south of the world class gold producing deposit at Round Mountain, which produced 758,298 ounces of gold in 2003, with mineral reserves of 1.6 million ounces of gold in 2003 (source: Global Operations). The Round Mountain property has been in continuous production since 1977.

Cautionary Note to United States Investors Concerning Forward Looking Statements

The future conduct of the company's business and its response to issues raised by third parties are dependent upon a number of factors, and there can be no assurance that the company will be able to conduct its operations as contemplated. Certain statements contained in this release using the terms "may", "expects to", "projects", "estimates", "plans", and other terms denoting future possibilities, are forward-looking statements in accordance with the Private Securities Litigation Reform Act of 1995. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability.


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