Phase I Drill Program Commenced, Silver Ridge Zone Defined, and the Discovery of Atlas East Zone

2005-08-15

TSXV - TSX Venture Exchange · Copper · Gold · Silver · Molybdenum · Zinc · Canada

VANCOUVER, Aug. 15 /CNW/ - The Board of Directors of Finlay Minerals Ltd. ("The Company") is pleased to announce the commencement of the 2005 exploration program on the Pil North property situated in the Toodoggone camp of northern British Columbia. Exploration consisting of a 2,000+ metre diamond drilling program, geological mapping, and soil and rock sampling are focusing on the Northwest and Silver Ridge Zones. Both targets were identified by earlier programs and tested by wide-spaced drilling in 2004. The Atlas East Zone, a newly discovered epithermal gold-silver discovery is undergoing detailed geological mapping, trenching, rock, and soil sampling. At the Northwest Zone, three drill holes targeted a large area of intense surface gossan alteration with coincident induced polarization (IP) and copper-molybdenum soil anomalies. The 2005 drilling is a follow-up to a 2004 drill hole (PN04-09) that intersected 396 meters of porphyry copper-type alteration and mineralization. The Northwest Zone has surface dimensions of at least 1,000m by 400m and an indicated vertical extent of over 300 metres. In 2004, three holes intersected mineralization associated with a distinct northwest trending 2,000m by 300m silver, copper, gold, lead, and tungsten soil/rock geochemical anomaly defined as the Silver Ridge Zone. One drill-hole, PN04-06, intersected 2.4 meters grading 1,235g/t silver. Detailed geological mapping of the Silver Ridge Zone was carried out recently by Dr. Gerry E. Ray (former geologist with the B.C. Geological Survey). This mapping shows that west of, and upslope from PN 04-06 there is an 80 to 100 meter thick, NNW to NW trending unit of highly pyritic silica which is traceable for 400 meters along strike. The faulted and eastern down-slope margin of this silica may represent the host for the high-grade silver. Dependant on a helicopter drill availability it is planned to drill through the entire silica zone to test its gold and silver potential. The Atlas area of the Pil property contains several gold-silver occurrences, including the Atlas East Zone which is emerging as a new and very significant epithermal gold-silver target. Atlas East is marked by a large rusty gossan zone hosted by altered volcanic rocks. Alteration comprises widespread white to blue-gray silicification accompanied by vuggy quartz veining, quartz stockwork veining, crackle breccias, and clay. Float of amethystine quartz is present at several locations. Disseminated pyrite is the most common sulphide. Analytical data has been received for 77 rock and 58 soil samples. Of these, 26 rock samples contain greater than 250 ppb gold with 10 assaying between 1.0 g/t and 9.9 g/t gold and up to 314 g/t silver. Over 50% of the soils contain greater than 50 ppb gold and greater than 1 ppm silver with one sample containing 1,392 ppb and 22.7 ppm gold and silver respectively. The gossanous area combined with the anomalous gold and silver in rock and soils indicate a mineralized zone that spans more than 500 meters east-west by 200 metres north-south. The full extent, trend, and structural controls of the alteration and mineralization are yet to be determined. Warner Gruenwald, P.Geo is the Qualified Person, as defined by National Instrument 43-101, and responsible for the preparation of the technical information in this release. Sample analysis is being conducted by Assayers Canada of Vancouver, B.C. Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX Venture Exchange. For further information and details, please visit the Company website at www.finlayminerals.com.

On behalf of the Board of Directors, "Robert Brown" Robert Brown, P. Eng., President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.