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Calais Resources Inc. Reports on Core Drilling <br />Progress on the Consolidated Caribou Project, Colorado <br />November 13, 2003 <br />Nederland, Colorado: Calais Resources Inc. (CAAUF -OTC - BB ) <br />Calais is pleased to report significant gold and silver intercepts in the <br />first recently completed core holes in it's Caribou surface drill program. <br />The focus of the program is to drill geological defined targets with the <br />goal of expanding the existing gold and silver resource of the project. <br />Prior to the current core drilling program resources of the project <br />were estimated at 1,425,600 tons averaging 0.298 ounces gold per ton <br />and 8.23 ounces silver per ton, containing 424,500 ounces of gold and <br />11,726,000 ounces of silver, with recoverable base metal values. <br />The first two holes were drilled on the northwest side of Idaho Hill. <br />Historic shallow mining is evidenced in this area by the presence of small <br />surface shafts and exploration pits. <br />Core Hole CR-03-125 was located at East 8,775.59' and north <br />12,721.785' at an elevation of 9,913 feet with an azimuth of 165 degrees <br />at a down hole angle of -50 degrees. The total depth of this hole was - <br />1,234 feet. Based on historic United States Geological Service surface <br />mapping the contact zone between the monzonite and gneiss was <br />indicated to be vertical and this hole was designed to immediately break <br />out of the monzonite and enter the gneiss. The hole proved the monzonite <br />extended much further east at depth thus causing the hole to miss the <br />intended target in the gneiss. Five narrow veins were encountered in this <br />hole. The hole was drilled to a depth of -1,234 feet. <br />From (ft.) To (ft.) Gold oz.itou Silver oz.ftou Depth Below Surface <br />397.0 397.8 0.100 0.146 330 feet <br />486.4 487.0 0.253 0.380 400 feet <br />574.4 576.0 0.295 1.606 470 feet <br />710.5 711.0 0.132 0.555 590 feet <br />926.0 929.0 0.095 0.691 760 feet <br />Core Hole CR-03-126 was drilled from the same location as hole CR- <br />03-125 but was turned ZO degrees to the left. The hole was located at <br />East 8,775.59' and North 12,721.785' at an elevation of 9,913 feet with an <br />azimuth of -145.20 at a down hole angle of -55 degrees. The pegmatite <br />reef was intercepted in this hole at -1,570 feet. A number of unknown <br />vein intercepts were discovered in this hole, so the hole was continued to <br />a total depth of - 2,071 feet. The hole is still being logged and sampled <br />