GFX UPDATE
June 6 1997
GOLDEN FORTUNE INVESTMENTS LIMITED
GFX - Alberta Stock Exchange
Mr. James Tong President is pleased to announce Golden Fortune has
completed a financing through McDermidt St. Lawrence Securities Ltd
for $600,000. Golden Fortune is also doing a $350,000 private placement
to close in the next two weeks bringing the total to raised to $950,000.
In part this money will be used to drill four 'high priority' targets on Golden
Fortune's copper - cobalt - bismuth - gold claims located in the Mazenod
Lake area in the Northwest Territories (Canada). This 20,500 acre property
is strategically located approx 19 kms from the Fortune Mineral 'NICO'
discovery which has recently fueled a staking rush in this area by several
junior mining and exploration companies. Golden Fortune will spend a
minimum of $300,000 on this drilling program to try to identify an ore body
similar to the NICO discovery. This project is scheduled to begin in July
of this year.
The above mentioned financing will also go towards drilling several 'key'
targets which have recently been identified on Golden Fortune's 7500 acre
'Ashwood' gold prospect in the historically productive 'Skeena Mining
District' near Stewart B.C. (Canada) This block of claims are being
developed on a 50% joint venture with Aquaterre Mineral Development
Limited. In the last year Aquaterre has spent approx. $500,000 to
complete initial exploration which resulted in locating several zones of
massive sulphide mineralization. These mineral claims are located about
14 miles and in the same geological environment as the advanced stage
'Red Mountain' project of Lac Minerals Limited which has proven reserves
of 2 million ounces of gold. The Skeena Mining District has been B.C.'s
most productive gold bearing region to date producing several high grade
gold - copper deposits including the Eskay Creek strike and the Silback
Premier mine. Golden Fortune will spend a minimum of $250,000 this
season on a drilling program to start in August.
To have a complete investor information package mailed or faxed please
contact:
Warren Smith (Investor Relations) at:
Phone toll free: 1 800 719 9960
Fax: 604 988 7447
e-mail: Goldmine1@aol.com
or
James Tong (President) at: 604 688 2623
Current price:
.70 - .72 - Canadian
.54 - .56 - U.S.
For the name of a U.S. discount broker that follows this stock please
contact Warren Smith at the above number.
GOLDEN FORTUNE INVESTMENTS LIMITED
Symbol: GFX
Alberta Stock Exchange |
