Canadian Venture Exchange Inc.

Symbol MLM

Millstream Mines Ltd.

4 King St. Suite 1320            Toronto, Ontario, M5H 1B6      Tel: (416) 368-9595

Fax: (416) 368-6827

38,932,043 SHARES ISSUED

 

 

 

FOR IMMEDIATE RELEASE

Date: June 16, 2004

June 15, 2004 Close: $0.07

 

Properties Current Status

 

Airport Project, Falconbridge Township, Sudbury area, midnorth, Ontario

Potential Minerals: Nickel, Copper, Cobalt, + Platinum Group Metals

 

The company has a 50:50 joint venture (PR April 16/03) with Crowflight Minerals Inc. (CML-V) on its 46 mining claim units. The Phase 1 exploration programs, for which Millstream were the operators, carried out an extensive innovative deep penetrating I.P. geophysical survey that identified numerous significant drill targets. As a follow-up the Phase 2 exploration programs, for which Crowflight are the operators, consisted of geological review of the materials produced in the Phase 1 programs, constructing a flight plan for an airborne EM geophysical survey over the property, contracting with Fugro Airborne Surveys to perform a MegaTEM-II survey, analysing and reviewing the MegaTEM-II results and delivering their findings and the data to Millstream. Currently, Crowflight are still in the process of interpreting their collected data, and Millstream is anxiously waiting for the information. 

 

Falcon Gold Project, Falconbridge Township, Sudburv area, midnorth, Ontario

Potential Minerals: Gold and Nickel, Copper, Cobalt, + Platinum Group Metals

 

The company executed a Participation and Joint Venture Agreement with Kinross Gold Corporation for the Millstream-Crowflight Joint Venture to earn a 60% interest in Kinross’ Falcon Gold property that abuts the Airport  Property (PR Oct. 20/03). This property to date has been mainly explored for gold and Falconbridge Limited in a 1988 drill program reported outlining a gold resource of 59,400 tons grading 0.226 oz. per ton. The property’s significant structures extend into the Airport Property expanding the exploration potential of both properties. The utilization of modern deeper penetrating geophysical instruments will enhance the possibilities of increasing the gold bearing tonnage, and the discovery of Sudbury area NI-Cu-PGM type deposits. The MegaTEM-II geophysical survey performed over the Airport Property was also designed to cover the Falcon Gold Property for which Crowflight have yet to complete their review, and Millstream is anxiously waiting for the information. 

 

Koval  Project, District of Thunder Bay, Beckington Lake area, northwest, Ontario

Potential Minerals: Gold

 

The company negotiated a purchase/option to acquire 3 leased mining claim units (PR April 8/04) on which considerable trenching, bulk sampling and shaft sinking to a vertical depth of 275 feet plus lateral development on the 125 ft. and the 250 ft. levels were carried out in 1933 to 1935. All underground work ceased in the late 1935 due to lack of funds and as of the current date the underground has never been re-opened. Historic files report the main surface vein was traced over a strike length of approximately 1100 feet and significant portions of it were exposed underground on both with visible gold reported throughout the development. A compilation of the historical data with current geological maps and reports is being carried out and a staged exploration program is planned.  Access to the site is either by waterway or via land by vehicle and then about 6 Km by ATV. The company is actively seeking funding for this project.  

 

Potter Project Munro Township, Matheson area northeast Ontario

Minerals drill discovered to date: Copper, Zinc, Cobalt, Magnesium, + Gold & Silver to continuous depths of 3,000+ vertical feet in the past producing mine area.

 

The mine area requires fill-in drilling to establish the geometry of the high-grade zones below the past mine bottom level (1,100 ft.) to 3,000 ft., and may require dewatering of the mine and accessing the lower levels to diamond drill the deep zones. If carried out a pre-feasibility report would be made and funding sourced for a bankable feasibility report. It is the initial intention of the company to raise funds to continue with a surface exploration to locate the mineralization east of the mine shaft indicated by the deep penetrating geophysic I.P. signatures. Currently, the company has submitted the Potter Property as a candidate for the “Discover Abitibi Initative, 3D Deposit Model Project” which if selected will result in creating a 3 dimensional model of the mineral deposit. This could gain new insight into the geological controls on mineralization and help to visualize where to look for additional ore.  Additionally, it would be a substantial asset in the raising of funds to carry out the planned exploration work on the property.  The company as of this date has not received any decision on this matter.

 

Potter Mine Tailings Metal Recovery Project

Potential minerals: Copper, Zinc, Cobalt, Precious metals + others

 

Work is continuing on the process of metal recovery with the fabrication of sufficient quantities of leachate solution (derived from the Potter Mine Tailings with proprietary solvents). The objective is to test and confirm the viability of extracting targeted metals out of the produced leachate. Independent labs will be utilized to perform the necessary laboratory bench tests. These bench tests will enable the company to assess more fully the merits of the entire process from tailings to leachate to end products and determine the likelihood of the economic viability. This will set the stage for further scale-up tests with the potential of eventually leading to a commercial production module.

 

Tamarack Project Madison County, Sheridan Montana U.S.A. area

Potential minerals: Gold and Silver

 

The underground working have been re-visited to construct more accurate level plans, and the sediment-batholith contact on surface is being exposed in certain areas. Detail geology, geophysics, and diamond drilling are required to best determine the access route to be taken to get into the ground below the existing old workings. The collection of various components to make the small mill (60 tpd) functional is almost completed. Meeting with various parties regarding funding to advance this property are on going with the property having the potential of being a high-grade low tonnage producer.

 

Millstream, further wishes to announce and remind the interested public of its web site location,

WWW.MILLSTREAMMINES.COM.

 

The principle objective of Millstream Mines Ltd. is to enhance and develop know mineral properties to production potential.

 

WARNING: The company relies upon litigation protection for "forward-looking" statements.

 

For further information contact:

 

 

Mr. Ernest Harrison, EM, CEO       Mr. Marty Martinello, B.A., V.P.

Phone: 705-474-7282

Fax: 705-474-5491

 

Mr. Robert Chase, B.A., CFO

 

Phone:416-368-9595

Fax:  416-368-6827

 

Email: info@millstreammines.com Web:www.millstreammines.com

 

 

No regulatory authority or similar body approved nor disapproved the information contained herein.