FOR IMMEDIATE RELEASE, April 19, 1999
General Update
Mexico Properties
San Carlos, Tamaulipas:
Fairfield and its Mexican subsidiary have just concluded, subject to due filing with the Toronto Stock Exchange,
an option agreement with Paso Rico Resources and its Mexican subsidiary to acquire a 60% interest in that company's San
José property for cash payments totalling US$200,000 and work commitments totalling US$500,000 over the next four years.
This property is internal to Fairfield's 100,000 hectare block acquired to cover an area of multiple alkalic intrusions into
limestones with associated gold, copper, and silver mineralization. Work to date on Fairfield's staked property includes
prospecting and stream sediment sampling which has identified copper and gold anomalies associated with several intrusive
bodies. The optioned ground covers an area with former producing mines in skarn dating back to revolutionary times. An
airborne magnetic survey has been contracted and will start immediately. This should help outline skarn zones and other
prospective areas. Several major companies have expressed interest in the project.
Tropico, Sinaloa:
Fairfield acquired this copper-gold-platinum property from a major company for US$20,000 and a 2.25% royalty
on production. The property is considered to have potential for a bulk tonnage target. Shortly after acquisition a limited drill
program was carried out as assessment work. This work did not intersect ore grade material but did confirm the property's
potential. At roughly the same time, some title concerns arose that were unknown to the vending company. This matter has
been under investigation and is now resolved to Fairfield's satisfaction. A further work program is under consideration.
Alaska Gold Properties:
The Company's Rock Creek and Shawnee properties were acquired by staking last year close to the Teck/Sumitomo
five million ounce Pogo discovery. They were staked to cover bismuth and tungsten anomalies in a similar setting to Pogo.
The properties will be explored in the coming field season by International Riley Resources who can earn a 50% interest by
making a series of cash and stock payments and spending US$1,000,000 on property exploration by December 31, 2003.
Preliminary work will include prospecting and stream silt geochemistry.
Southern Yukon Projects:
Field work is being planned for 1999 to continue evaluation of regional base metal and gold geochemical anomalies
from a proprietary database. Discussions are ongoing with prospective optionees for existing claim holdings which include
the Cabin Lake, Caribou Creek, MOR & WR volcanic massive sulphide (VMS) prospects in the Teslin area, and the Tim,
Meister River sedimentary-hosted lead-zinc-silver properties in the Rancheria district.
Siwash Gold Project, B.C.
Discussions are underway with several interested parties for further exploration and development of this high grade
property. The Company has previously produced 52,300 oz of gold from an open pit and limited underground test-stopes.
Extensive drilling up to 1997 has indicated extensions to the main zone both along strike and to depth. Parallel veins
containing ore grade intercepts have also been partially outlined. There is a significant resource remaining, most of which
would require underground mining. As mentioned in last year's annual report, a former shareholder is suing the company
for alleged misrepresentations made between 1991 and 1996 which relate to this property. The Company will be vigorously
defending against this action; trial is set for five days commencing May 10,1999.
The Company profitably disposed of its gold put options and replaced these with new puts with further out settlement
dates.
Future Outlook:
With about $1 million in cash and 8,150 ounces of gold in storage which is protected by puts, the Company has the
strength to weather current markets and to take advantage of opportunities that may arise during this period.
Fairfield is listed on The Toronto Stock Exchange - symbol FFD
_________________
Duane Poliquin, P. Eng.
President
For further information- Call 604-689-7644 or
e-mail- tboychuk@infomatch.com |
