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    ALKANE EXPLORATION LIMITED 2003-05-15 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    The latest preliminary 3 metre composite results from the resource
    definition drilling programme at Wyoming One continue to demonstrate
    the robust nature of this ore body. The drilling has been targeting
    the north-south trending mineralisation associated with the porphyry
    intrusive and the east-west cross cutting "376 structure".

    The porphyry drilling has confirmed continuity of system along strike
    and down dip with several high grade zones also evident within the
    porphyry and contact zone such as:

    WY 478 120 metres grading 3.85g/t gold from 48 metres, including
    12 metres at 21.20g/t gold

    Also deeper holes within the porphyry are intersecting significant
    mineralisation confirming the depth potential of the system:

    WY 497 99 metres grading 4.30g/t gold from 258 metres, including
    6 metres at 18.20g/t gold

    Systematic drilling of the 376 structure has just commenced but
    available results are confirming that this is also a strongly
    mineralized zone:

    WY 505 15 metres grading 11.92g/t gold from 105 metres

    Preliminary results of samples grading greater than 1g/t gold
    received are:

    HOLE EAST NORTH AZIMUTH INTER- GRADE INTERVAL EOH TARGET
    NO CEPT ZONE
    Deg (m) (g/t Au) (m) (m)

    WY 477 614248 6393300 270 6 1.53 165 - 171 321 Wyoming 1
    and 6 1.60 245 - 251
    WY 478 614145 6393350 270 120 3.85 48 - 168 201 Wyoming 1
    including 9 10.19 66 - 75
    and 12 21.20 156 - 168
    WY 479 614180 6393353 270 6 2.50 123 - 129 261 Wyoming 1
    and 21 2.68 201 - 222
    WY 496 614208 6393353 270 6 3.29 132 - 138 183 Results
    incomplete
    WY 497 614225 6393353 270 99 4.30 258 357 363 Wyoming 1
    including 9 10.00 270 - 279
    and 6 18.20 321 - 327
    WY 501 614260 6393198 270 9 1.70 189 198 249 incomplete
    WY 504 614100 6393340 360 18 1.92 57 75 153 incomplete
    WY 505 614075 6393330 360 15 11.92 105 120 171 incomplete
    WY 506 614040 6393340 360 3 1.19 84 87 111 incomplete

    All holes drilled at a nominal inclination of -60 deg

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

    Enquiries: Ian Chalmers, TECHNICAL DIRECTOR
    Tel: +61 8 9328 9411 Fax: +61 8 9227 6011
    Email: [email protected]

    Unless otherwise stated this report is based on information compiled
    by Mr D I Chalmers, FAusIMM, FAIG, a director of the Company, who is
    a competent person as defined in The Australian Code for Reporting of
    Identified Mineral Resources and Ore Reserves, September 1999, and
    accurately reflects information compiled by the competent person.
 
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