CONSOLIDATED SAMARKAND RESOURCES INC. ANNOUNCES MEXICAN GOLD PROJECT ACQUISITION, BATOPILAS DISTRICT, CHIHUAHUA STATE, MEXICO
VANCOUVER, March 6 /CNW/ - Consolidated Samarkand Resources Inc.
(Samarkand) is pleased to announce the signing of an irrevocable Promise to
Contract between Samarkand de Mexico S.A. de C.V., a wholly owned subsidiary,
of Samarkand and a Mexican vendor, for the acquisition of a 100% interest
(subject to a 3% NSR royalty) in the Caribichi Project, Batopilas District,
Chihuahua State, Mexico. The Caribichi Project consists of the mineral lot
``Centauro'' located at Satevo, 6 km south of Batopilas.
The project is surrounded by claims held by Francisco Gold Corp./Phelps
Dodge joint venture, and is situated approximately 17 km cast south cast of
Francisco Gold Corp's recent El Zauzal discovery (for a location map, please
see our new web site at www.samarkandvse.com for the claim map).
The 196 hectare (484 acres, approximately 2 sq km), Caribichi project is
part of a large 5 to 6 sq km intense gossan alteration zone surrounding the
village of Satevo. Ninety percent of the Caribichi property is contained
within this large gossanous area.
Exploration work on the project by previous Mexican operators has
consisted of widely spaced rock and soil geochemical sampling and geological
mapping.
Geochemical results show a large multi-element surface anomaly in silver,
gold and arsenic measuring approximately 400 x 200 meters, surrounded by a
silver and mercury geochemical anomaly measuring approximately 700 x 250
meters. Geological mapping indicates that the property is underlain with a
intensely altered package of andesite tuffs, andesite agglomerates, rhyolite
crystal tuffs and a granodorite intrusion. The intrusive is confined to the
southern portion of the property.
Upon completion of a full due diligence study, Samarkand intends to
conduct an aggressive exploration program consisting of detailed geochemical
sampling, induced polarization geophysical surveying, trenching and diamond
drilling. This program will be designed to test the property potential to
host a bulk tonnage open pitable disseminated gold deposit.
Acquisition terms for this transaction are as follows.
Cash Payments on or before
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March 5 1997 $20,000 USD (Paid)
May 5 1997 $30,000 USD
October 5 1997 $50,000 USD
May 5 1998 $100,000 USD
May 5 1999 $200,000 USD
May 5 2000 $500,000 USD
Share Payment
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100,000 shares of Samarkand upon VSE approval of the acquisition.
NSR
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3% NSR reserved for the Vendor.
Exploration Expenditures
------------------------
3,000,000 USD spent on exploration and development within 2 years.
Samarkand can extend the 2 year period to 3 years by paying the vendor an
additional $100,000 USD.
Samarkand proposed to pay a finders fee either in shares or cash to an
arms length finder, in respect of this transaction. The finders fee will be
calculated in accordance with the rules and policies of the Vancouver Stock
Exchange.
This acquisition is subject to the approval of the Vancouver Stock
Exchange.
On behalf of the Board of Directors of
CONSOLIDATED SAMARKAND RESOURCES INC.
Ralph Shearing
President
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this Release.
-0- 03/06/97
For further information: Ralph Shearing, President, Tel: 604-684-8071 Facsimile: 604-683-3829
Can they capitalize on the Mexican Gold Rush? |
