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HORNBY BAY EXPLORATION LIMITED
March 31, 2004 - Symbol: HBE (TSXV) HORNBY BAY EXPLORATION PROVIDES UPDATE ON NUNAVUT PROPERTY During late fall of 2003, Hornby Bay completed glacial till sampling program covering selected sites and traverses in its Asiak River Block and its Coppermine River Block of claims, located about 80 km south of the village of Coppermine (Kugluktuk) in Nunavut. The selection of the targets and traverses were based on GEOTEM-magnetic survey results. Preliminary analytic results from about 25% of the collected samples contain several favourable diamond supporting kimberlitic indicator minerals defining a mineral train in the Asiak Block and favourable supporting diamond kimberlitic indicator minerals also located in the Coppermine Block. An intensive follow-up sampling program is scheduled for June 2004.In connection with recent management changes a total of 1,295,000 options to purchase common shares of the Company at an exercise price of $0.40 have been granted to a new officer and directors of the Company. Hornby Bay Exploration Limited is a Toronto based company with active exploration programs focused on uranium and diamonds on its 221 mineral claims covering 225,491 hectares (543,433 acres) in the Hornby Basin and Asiak River regions of Nunavut and the Northwest Territories.
For further information contact: All glacial till samples were taken by Taiga Consulting of Calgary, were analyzed by Loring Laboratories of Calgary, and interpreted by R. L. Barnett Geological Consulting of London and by Mr. Lee Barker P. Eng, diamond consultant to the company. Jim Davis, M.Sc., P.Geo., F.GAC, is the qualified person within the meaning of National Instrument 43-101. Because the areas discussed in this press release has not yet been drill tested, these results are conceptual in nature, there has been insufficient exploration to define a resource, and it is uncertain if further exploration will result in the discovery of a mineral resource in these areas or on the property.
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