Parlane Resource Corp. (TSX VENTURE:PPP) (the "Company") is pleased to announce
that it has arranged a non-brokered private placement of up to 10,000,000 units
(the "Units") at a price of $0.15 per Unit for gross proceeds of up to
$1,500,000. 


Each Unit will consist of one common share of the Company and one-half of one
share purchase warrant (a "Warrant") with each whole Warrant entitling the
holder thereof to acquire an additional common share of the Company for a period
of two years at a price of $0.25 per share. If after the expiry of all resale
restrictions, the closing price of the Company's shares on the TSX Venture
Exchange is $0.30 or greater for a period of 20 consecutive trading days, the
Company may give notice of an earlier expiry of the Warrants, in which case they
will expire 30 days after the giving of such notice. 


The Company will pay finders' fees in cash equal to 8% of subscriptions as may
be attributable to such finders, and issue finders' warrants to registered
dealers or exempt market dealers in an amount equal to 8% of Units subscribed
for, with such finders' warrants being exercisable into one common share of the
Company at a price of $0.15 per share for a period of 12 months from closing.


Closing of the Offerings is subject to receipt of TSX Venture Exchange
acceptance. Securities issued under the Offerings will be subject to a hold
period which will expire four months and one day from the date of closing. 


In addition to working capital, the proceeds from the Offerings will be used to
commence drilling on the Company's Big Bear Project which is situated between
the Blackwater Gold and Capoose projects in Central British Columbia, and to
continue exploration on the Mercedes gold-silver project in Sonora, Mexico. 


ON BEHALF OF THE BOARD

Robert Eadie, President, Chief Executive Officer and Director
Prospector Metals (TSXV:PPP)
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