February 27, 2006

Eureka Reports Updated Information on its Mineral Properties.

Lottie Lake Properties

Eureka is pleased to announce it has consolidated its holdings on this property to surround the original discovery known as the M-7 Pit.

In 2005 a series of trenches were dug to establish the direction of the glacial flow. This directional flow was established with boulders increasing in size toward potential VMS bedrock.

The following are results of three grab samples from boulders in the pits dug in the overburden taken at locations from 100 meters to 200 meters west of the M-7 Pit in the direction which is believed to represent the glacial flow:

Cu %
Sample from Pit #23.198
Sample from Pit #37.263
Sample from Pit #420.432

Minor silver and cobalt values were noted. The samples were collected by company personnel and the results were sent to Acme Laboratories in Vancouver for ICP analysis.


The Frasergold property had previously been the subject of a report prepared by John Kerr, P.Eng. in the September of 1994 indicating proven reserves of 3.5 million tons and drill indicated resources of 12.5 million tons with significant geological potential. The grade established at that time was 0.062 ounces per ton gold. These are historical estimates only and were based on extensive diamond drilling.

Eureka has not undertaken any independent investigation of the resource estimate since 1994 nor has it independently analyzed the results of the exploration work nor has a qualified person verified the classification of these historical estimates as current mineral resources and reserves in accordance with CIM guidelines, therefore, the historical estimates should not be relied upon.

Eureka believes that these historical estimates provide a conceptual indication of the potential of the property and are relevant to ongoing exploration. The historical data reviewed is considered complete and the procedures followed appear reliable, however, the company has not completed the necessary work to verify the classification of the resource and Eureka is not treating them as current resources and reserves and they should not be relied upon.

Soil and sediment sampling that was carried out in October of 2003 has identified anomalous values of gold in the soils in an area not previously explored and the company is considering additional exploration work to determine the potential extent of any mineralized zones in this area.

J.J. O’Neill

The TSX Venture Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this report.

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