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October 29, 2008 TSX.V-RAYURANIUM DRILLING UPDATEOctober 29, 2008, Vancouver, BC - Raytec Metals Corp. (the "Company") (TSX.V - RAY) and joint venture partner Triex Minerals Corp., announce an update on the recently completed, first phase drill program at the Riverlake and Highrock properties in Northern Saskatchewan.Location The Riverlake and Highrock properties include eight mineral claims in two groups, covering 31,762 hectares, located on either side of Highway 914 at the southern margin of the Athabasca basin, south of the Key Lake uranium mine. Triex Minerals Corp. can earn up to a 70-per-cent interest in the property from Raytec Metals Corp.Drilling CompletedThe Company"s drilling program followed up on airborne EM and ground HLEM surveys completed in 2007, which identified several conductors on the property.Eight diamond drill holes were completed for a total of 2,039 metres. Two conductors were tested on Riverlake, four holes (1,135 metres) on the A1 grid and two holes (454 metres) on the A3 grid. Two conductors were tested on Highrock with two holes completed for 450 metres on the B1 grid. All drill holes are inclined 70 degrees. Basement units are shallow to moderate east-dipping such that unit widths in core approximate true thickness.ResultsSignificantly anomalous and continuous radioactivity over widths from 28 to 65 metres were discovered within intensely altered, sheared and fault-brecciated basement rock of graphitic metapelite and pegmatite. Two drill holes tested separate conductors on the A1 and A3 grids on the Riverlake property. Depths of the intersections start at 67 metres. Geological details, including photos of core and maps, of the intersections are available on Triex"s website.These zones underscore the potential for new discoveries south of the Athabasca basin, in areas not previously drilled during historic exploration.
Follow-upFollow-up drilling will be planned once all geochemical data from core and soil samples are in hand and fully integrated with Triex"s data information system.SamplesTriex conducted reconnaissance soil geochemistry and prospecting concurrently with the drill program on both properties. A total of 1,012 soil samples were collected, 591 on the Riverlake property, including 78 and 67 samples respectively from the A1 and A3 grids, and 521 on the Highrock property.All soil and rock (drill core) geochemical samples are being processed at the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon, Sask. A partial digestion preparation and fluorimetric XRF analysis will be used, with a check by total digestion preparation and ICP analytical finish.Dr. Charlie Harper, PGeo, chief geologist at Triex, is a qualified person as defined by National Instrument 43-101, and is responsible for quality control of exploration undertaken by Triex in Saskatchewan. This release has been reviewed by Dr. Michael Gunning, PhD, PGeo, president of Triex and a qualified person as defined by National Instrument 43-101.
About Raytec:Raytec Metals Corp. is a dynamic Canadian exploration Company focused on the exploration and commercialization of potash in Saskatchewan, Canada - the largest producing region for potash in the world. The Company"s potash claims are located near two world-class potash mines that have been in production since the 1960s and are also directly positioned adjacent to claims held by BHP Billiton. The Company also holds iron ore projects in Ontario and uranium joint venture projects in the Athabasca Basin of Saskatchewan. The Company has obtained an injunction against the potash property vendors preventing them from dealing with the properties other than to Raytec, in order to protect their interest in the properties. The Company has been working towards a resolution in this matter.On behalf of the Board,RAYTEC METALS CORP."Brian Thurston", PresidentTHE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
Statements in this press release, other than purely historical information, including statements relating to the Company"s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.