Au Martinique Silver Inc. announced Wednesday that it has acquired a high grade silver and base metal prospect at Greyhound Lake in the central Churchill region of Nunavut. The prospect area occurs along a mineralized horizon within an Archean greenstone belt where samples of bedded, sulphide-mineralized boulders have returned silver values of 47 and 99 ounces per ton.

The prospect area was the focus of two small-scale exploration surveys carried out in the past. In 1969, samples of mineralized float containing pyrite, galena, sphalerite and chalcopyrite were traced along surface for about 60 metres. This material was believed to be derived from frost-heaved bedrock. A sample from one boulder returned values of 6.0% lead, 1.9% zinc, 0.1% copper and 0.12 ounces per ton gold. No assays were available for silver. In 1998, a prospecting party discovered sulphide-mineralized float along the edge of a small lake about four kilometres south of the 1969 location. The float was believed to have come from a bedrock source beneath the lake. Two samples were collected and assayed 0.48% lead, 0.1% zinc, 0.33% copper and 1,632 grams per tonne silver (47.6 ounces per ton); and 0.58% lead, 1.41% zinc, 0.59% copper and 3,400 grams per tonne silver (99.16 ounces per ton). The horizon that hosts these high metal values is poorly exposed as intermittent subcrop rubble and sparse outcrop along a strike length in excess of 12 kilometres. Because of low metal prices at the time of the surveys, detailed exploration was not carried out to follow-up on these encouraging results. The Company's recent acquisition of ten mineral claims, comprising 10,000 hectares (25,000 acres), gives it a strategic land position over the highly prospective parts of the favourable geologic horizon.

Greyhound Lake is located five kilometres northwest of Whitehills Lake in the Baker Lake region of Nunavut. Metallogenic and geologic studies by the Geological Survey of Canada (Paper 1999-C, p. 29-41) suggest the volcanic belt extending across the Greyhound Lake Property contains a diverse metal endowment and is highly prospective for precious and base metal deposits. The GSC studies also suggest that silver appears to be the best exploration guide for mineral occurrences across this greenstone belt.

Paul Pitman, President of Au Martinique Silver, commented, "We are very excited to acquire the Greyhound Lake property. The high metal values in a virtually unexplored part of a prospective mineral belt suggest there is excellent potential for a significant precious metal discovery. The high silver values are especially encouraging. We anticipate carrying out a program of airborne geophysics and prospecting during the summer months of 2006."