Forest Gate To Drill Canoe Landing Lake

SEPTEMBER 24, 2003, MONTREAL, QC - Forest Gate Resources Inc. (FGT-V) reports that it has mobilized a drilling rig on its Canoe Landing Lake polymetalic deposit in Bathurst, New Brunswick.

Forest Gate will drill one hole in what is expected to be a series of holes into a nearsurface part of the massive sulphide horizon on the property. This is the beginning of an investigation into the feasibility of mining the near-surface part of the deposit by open pit.

The Canoe Landing Lake property, 100% owned by Forest Gate, is located 22.5 kilometres to the east of the Number 12 mine owned and operated by Noranda Inc, Toronto. The Number 12 is one of the largest and most prolific zinc-silver mines in the world.

The records of the New Brunswick Department of Natural Resources and Energy (Assessment Work File No. 473133) state that the geological “resource” (not the correct term according to present usage) on the 22.8 million tons of sulphide rock contains 0.03 oz/ton gold, 0.94 oz/ton silver, 0.56% copper, 1.82% zinc and 0.64% lead. Forest Gate plans to calculate its own measurements of the deposit immediately.

“Richer zones of mineralization have been found on this deposit,” said Michael Judson, President of Forest Gate. “The previous exploration company was on its way to finding potentially economic zones.

“Notwithstanding our current program of exploring a shallower and probably lower grade zone, we plan on drilling some deep holes into what we believe is the location of the venting zone,” said Judson. “This is where we expect to find higher-grade mineralization.” Mr. Judson also confirmed that a special meeting of shareholders, held on September 18, adopted resolutions authorizing the company to execute private placements of shares in excess of 25% of the company’s current issued and outstanding shares. Shareholders also approved the company’s stock option plan authorizing the grant of up to 20% of the issued and outstanding shares of the company for a total of 2,746,000 of options reserved for issuance.

Last week, the company issued news of the discovery of a new magnetic anomaly on the company’s 85%-owned East Side diamond property in Fort a la Corne, Saskatchewan. The anomaly appears to be broader and stronger than the recently discovered Dizzy kimberlite located roughly 3/4 of a kilometer away.