URBAN EXPLORATION PROGRAM UNDERWAY
Urbana Corporation (“Urbana”) announces that it has commenced a significant exploration program on its Urban Township, Quebec property. Abex Geological Services has been engaged to complete a detailed review of the extensive past exploration work on the Urban township property, which over the years has amounted to approximately $2 million dollars.
The program will consist of three phases. Phase I and II are expected to be completed this year at a cost of approximately $250,000. Phase III is forecast to commence in the spring of 2000. Phase I involves a complete compilation of all previous work on the property, linecutting and VLF EM-16/magnetometer geophysical surveys over the entire claim group. Phase II, which is expected to be completed by late fall, will entail complete geological mapping, a structural geology study and drill target selection. Drill testing is expected to be undertaken on the basis of the above work. Phase III has a preliminary budget of $150,000. This program would include a spectral induced polarization survey, geochemical sampling, outcrop stripping, sampling and further identification of drill targets.
The trading of Urbana’s shares on The Toronto Stock Exchange (“TSE”) was suspended on July 9, 1998. Management has appealed this decision. The trading suspension is currently under review by the TSE and a verdict is anticipated on or about March 18, 1999.
A market for Urbana’s shares is currently being called on the Over-the-Counter market in Toronto. The current quote is $1.05 to $1.15.
Urbana Corporation is a mineral exploration company currently focusing its efforts on 48 claims in Urban Township, Quebec. The Barry and Urban township area has been the focus of active exploration for the past 3 years. The company is well capitalized with a marketable investment portfolio of $800,000 or $0.36 per share. There are no significant liabilities. Management controls approximately 45% of the 2.2 million share outstanding.
Thomas S. Caldwell
Investor Relations: (416) 595-9106