GALVESTON TO AQUIRE MINE PROPERTY INTERESTS

  &lt;Galveston Resources Ltd> said it agreed
  in principle for an option to earn up to a 50 pct interest from
  &lt;Hemlo Gold Mines Inc> in certain mining properties known as
  the Interlake Property, subject to regulatory approvals.
      Galveston said it will earn up to a 50 pct interest by
  spending a minimum of one mln dlrs in exploration and
  development work by December 31, 1989.
      It expects work will commence shortly and continue during
  the 1987 exploration season.
      Galveston also said it granted Hemlo Gold options to
  acquire up to two mln Galveston shares.
      It said the options can be exercised at 10 dlrs a share up
  to December 31, 1987, then at 12.50 dlrs a share until December
  31, 1988, and then at 15 dlrs a share until December 31, 1989.
      Separately, Galveston said it agreed in principle with
  &lt;Noranda Inc> unit Noranda Explorations Ltd for an option to
  earn up to a 50 pct interest in a major mineral property
  located at the Baie Verte Peninsula, Newfoundland.
      Galveston can earn a 50 pct interest by spending six mln
  dlrs in exploration and development work on the property by
  December 31, 1989.
      The company also said it granted Noranda an option to
  purchase two mln Galveston shares.
      The options can be exercised at 10 dlrs a share until
  December 31, 1987, then at 12.50 dlrs a share until December
  31, 1988, and then at 15 dlrs a share until December 31, 1989.
  

