FOR FURTHER INFORMATION PLEASE CONTACT:
Teck Corporation
Norman B. Keevil
President and CEO
(604) 687-1117
or
Teck Corporation
Michael P. Lipkewich
Sr. V.P. Mining
(604) 687-1117
or
Teck Corporation
Moira Smith
Senior Geologist
(250) 372-0032
Website: teck.com
--------------------------------------------------------------------------------
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: TECK CORPORATION
TSE, VSE, ME SYMBOL: TEK.A
TSE, VSE, ME SYMBOL: TEK.B
OCTOBER 27, 1998
Teck and Sumitomo Group Announce Results of 1998 Drill
Program at Pogo
VANCOUVER, BRITISH COLUMBIA--Teck Corporation, Sumitomo Metal
Mining and Sumitomo Corporation today announced an updated
geological resource on their joint venture Pogo project in Alaska.
Teck is the operator of the Pogo project and can earn a 40
percent interest by expending (U.S) $28 million to produce a
feasibility study by December 31, 2000 and contributing the first
(U.S.) $33 million of development and construction costs.
/T/
The 1998 and 1997 resource calculations using a 0.1 oz/T cutoff
grade are given below:
1998
-----------------------------------------------------------------
Short Tons Assay Contained
(millions) oz/T. Au oz. Au (millions)
-----------------------------------------------------------------
Main Liese 7.25 0.53 3.84
Lower Liese 2.73 0.50 1.37
-----------------------------------------------------------------
Total 9.98 0.52 5.21
1997
-----------------------------------------------------------------
Short Tons Assay Contained
(millions) oz/T. Au oz. Au (millions)
-----------------------------------------------------------------
Main Liese 8.84 0.40 3.52
Lower Liese 2.13 0.41 0.97
-----------------------------------------------------------------
Total 10.97 0.41 4.49
/T/
The increased drill density in the core of the deposit confirmed
the continuity of the two flat-lying lenses, and step out drilling
extended the veins, particularly to the southeast.
The updated resource calculation is a result of the 1998
exploration drill program which consisted of 97 diamond drill
holes totaling over 91,000 feet, the majority of which was infill
drilling. In addition, the current more detailed and selective
geological model of the Main Liese vein dropped some minor veins
and stockwork mineralization from the earlier resource
calculation, resulting in a lower tonnage but a higher average
grade. The net effect including the 1998 drill results is an
increase in the geological resource to 5.2 million ounces, and
average grade to 0.52 ounces per ton (using the kriging method).
The deposit is still open to the southeast and the northwest. In
addition, two deep drill holes have indicated a possible third
zone 400 feet below the Lower Liese. Hole 98-124, which was 200
feet southeast of 97-71 (42.7 feet at 0.58 oz/T), intersected
19.2 feet at 0.75 oz/T.
In addition to further infill and step out drilling, the planned
1999 exploration program calls for an underground adit to obtain
geotechnical data, test the continuity of the veins for mining,
and obtain a bulk sample for metallurgical testing. Engineering
and environmental studies to support a feasibility study will also
be conducted.
Dr. Moira Smith, Teck's Exploration Manager for the project, said:
"It is encouraging that we were able to increase the total number
of ounces of gold contained in the resource by approximately 16
percent, even though the majority of the 1998 program was devoted
to infill drilling. However, the 27 percent increase in the
average grade should prove to be even more important, since it
will have a direct impact on operating costs".
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