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I'm starting this thread with a certain amount of disbelief that no one has created a thread here at SI on this company which now appears to have 5+ million ounces of gold in Tanzania. It's stock has been a steady riser since January. And I mean steady as they come! It's more than doubled and continues to be among the net gainers on the VSE on almost a daily basis. If you follow the VSE, the STT symblol should be very familiar to you by now. I've posted their last report and I believe 4/17 they're will be a stockholder's meeting in which they will discuss further plans and a stock split. Comments welcomed.
Sutton Resources Ltd
STT VSE
February 20, 1997
Bulyanhulu Gold Resources Exceeds 5 Million Ounces
VANCOUVER, Feb. 20 /CNW/ - Sutton Resources Ltd. has received a finalized resource calculation from drill results on the
Bulyanhulu gold project, Tanzania, for all holes completed up to December 31, 1996. The new calculation, which included 51
new Reef 1 system intercepts obtained last year, is based upon a total of 261 diamond drill holes completed in this deposit.
The new total gold resource at Bulyanhulu which represents an increase of 1,555,000 ounces discovered in 1996, is
tabulated below.
Reef Category Tonnes Grade(g/t) Ounces of Gold
Reef 1 Measured 1,391,000 17.28 773,000
Indicated 5,367,000 15.67 2,704,000
Inferred 3,036,000 13.29 1,297,000
Reef 2 Inferred 713,900 11.66 267,600
Total 10,507,900 14.92 5,041,600
Note: Above resources for Reef 1 system (includes Reef 1&0) were calculated using a 5 g/t cut-off grade over a minimum
1.5 metre width. Reef 2 resource was calculated by a previous operator.
Approximately 95% of the above resource is in the Reef 1 system, which has now been verified over a 1,500 metre strike
length and to as deep as 800 metres. The deposit is open in all directions.
As part of Sutton's exploration program, 4 drilling rigs are working at Bulyanhulu to continue expanding the Reef 1
resource, to test Reef 2, and to test for other gold-bearing structures on this extensive property.
A concurrent development program is well underway. The Company's contractor expects to finish overburden removal and
start a decline into the Reef 1 target area in April. These underground workings will form the basis for a full feasibility
study scheduled to be completed in early 1998.
The Company has been working towards a 1,500 tonne per day plant, to produce as much as 225,000 ounces of gold annually.
However, as a result of the sizable increase to the gold resources at Bulyanhulu and in light of the excellent potential for
further growth in these resources, consideration is now being given to designs for much bigger facilities, which would
produce significantly more gold per year.
``Bulyanhulu continues to meet or exceed all of my expectations and we continue to enjoy the very best support and
assistance at all levels of the Government in Tanzania'', said Roman Shklanka, Chairman of Sutton Resources. ``All factors
are ideal for Bulyanhulu to become an excellent, low cost, large scale gold mine''.
%SEDAR: 00003694E
For further information: Patrick Soares, Investor Relations or Michael Kenyon, President, Tel: (604) 669-9446 Fax: (604)
669-5330. Internet URL: info-mine.com |
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