rest of 15 may prelim results.

Updated Wyoming Drill Results

Announced by: ALKANE EXPLORATION LIMITED (ALK)
Announced on: 29/05/2003 09:59:10
Part: A
Words: 355
Status: Market sensitive (Y)

ALKANE EXPLORATION LIMITED 2003-05-29 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
The remainder of the preliminary 3 metre composite results part
reported on 15 May have now been received. The results are from the
resource definition drilling programme at Wyoming One which has been
targeting the north-south trending mineralisation associated with the
porphyry intrusive and the east-west cross cutting "376 structure".

Systematic drilling of the strongly mineralised 376 structure is
advanced but few results are available to date. Holes WY 504 and WY
505 confirmed the position of the structure but also the extensive
mineralisation within the adjacent porphyry:

WY 505 72 metres grading 3.76g/t gold, including 15 metres at
11.92g/t gold from 105 metres.

Preliminary results of samples grading greater than 1g/t gold
received are:
INTERCEPT
HOLE EAST NORTH AZIMUTH GRADE INTERVAL EOH TARGET
NO DEGREES ZONE
(m) (g/tAu) (m) (m)
WY468D 614140 6393400 270 6.4 2.37 75.6-82 177.7 Wyoming 1
and 15 1.29 89-104
and 3 1.60 160-163
WY496 614208 6393353 270 6 3.29 132-138 297 Wyoming 1
and 15 3.14 282-297
incl 3 13.90 282-285
WY499 614165 6393250 270 3 3.43 9699 123 Wyoming 1
WY501 614260 6393198 270 9 1.70 189198 249 Wyoming 1
WY502 614320 6393198 270 21 1.80 240-261 261 Wyoming 1
WY504 614100 6393340 360 30 1.82 4575 153 Wyoming 1
and 9 3.43 96-105
WY505 614075 6393330 360 72 3.76 48-120 171 Wyoming 1
15 11.92 105120

All holes drilled at a nominal inclination of -60 degrees

Gold analysis by 30g fire assay from 1 metre half core (D) or 3 metre
composites of RC samples.

Resource RC drilling of the Wyoming Three deposit has also commenced
but first results are not anticipated before the second week of June