News Release: December 2
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: AMBREX MINING CORPORATION
CDN SYMBOL: AMBX
DECEMBER 2, 1998
Ambrex Mining Corporation - High Grade Gold Encountered
Near Surface 600 Meters Northwest of Valley and West
Structure Zones
TORONTO, ONTARIO--Ambrex Mining Corp.("Ambrex") announces that as
part of the on-site review of existing records and documents and
subsequent field checks of unexplained geochemical soil anomalies,
the previously unsampled oxide portion of historical hole AR96-09
(drilled in 1996 at -60 to the NE ) located 600 meters northwest
of the main base metal prospect referred to as the Valley and West
Structure Zone was recently sampled for assay by an inhouse
geologist and thereafter submitted to SGS do Brasil Ltda., a
registered Societie General Surveillance lab in Belo Horizonte,
Brazil for analysis; with the base metals by Atomic Absorption and
precious metals by fire assay. The initial 23.10 meters of this
hole averaged 18.11 g/t Au. Holes drilled on the same section in
the vicinity of this hole include hole AR96-06 and AR96-12 (all
previously reported) Hole 96-06 intersected 7.4 meters grading 1.3
percent Cu, 1.5 g/t Au and 5.0 g/t Ag at a vertical depth of 145
meters. Hole AR96-12 intersected 5.8 meters grading 5.0 percent
Cu., 1.6 g/t Au and 22.0 g/t Ag at a vertical depth of 80 meters.
This gold-copper zone has been previously referred to as the Upper
Toddy or Gossan zone #2 and is now considered to have excellent
near surface gold potential. The down dip intersections
encountered in holes 96-06 and 96-12 suggest continuity of a
gold/copper zone extending to depth immediately below hole 96-09.
Geochemical soil anomalies (greater than 100 ppb), which may
reflect the oxide zone on the surface, extend through a minimum
distance of 300 meters in an northwest-southeast direction and
continue downslope from the hole for 90 meters.
The Aripuana property was initially acquired by Ambrex as a gold
prospect, centered around what is referred to as Expedito's pit;
located above and between the Valley and West Structure Zones
which collectively are independently estimated by A.C.A Howe
International (U.K.), to contain 11.65 million tonnes averaging
6.29 percent Zn., 2.25 percent Pb., 0.07 percent Cu., 64.7 g/t Ag
and 0.25 g/t Au (using a 3 percent Zn block cut off grade) (as
stated in the November 26, 1998 release (file No.1998-13)).
Expedito's pit is reported by local garimperos to have yielded
2,250 ounces of gold from a six meter wide northwest trending,
northeast dipping shear zone from an adit and small surface cut.
This work terminated when the sides of the cut collapsed. It is
further reported by the DNPM (Department of Mines for Brazil) that
350,000 ounces of gold had been recovered downslope from the
Expedito pit by alluvial workers, the remains of which are still
evident in the broad valley which gave its name to the Valley
Zone. Trenching in the footwall of Expedito's pit by Ambrex in
1996 returned 11.87 g/t Au over 6 meters. Diamond drilling in the
vicinity of this trench encountered base metal mineralization at
depth, which ultimately led Ambrex to the Valley and West
Structural Zones. This new gold occurrence as outlined above is
located 600 meters to the northwest of Expedito's pit and is
currently being considered as a high priority gold/copper
exploration target. The gold/copper mineralization in both areas
may represent a later stage overprinting of the Valley and West
Structure zones mineralizing events. Alternatively, these
gold/copper occurrences may be indicative of additional stacked
zones of stratiform mineralization related to the geological event
that formed the Valley and West Structure zones. A program to
evaluate the nature of this mineralization and the potential of
these near surface gold/copper occurrences has been recommended by
the company's consultants.
The Aripuana property is 100 percent held by the Brazilian company
Mineracao Rio Aripuana Ltda. ("MRA"). Shares of MRA are currently
controlled 53.31 percent by Rio Taboco S.A. (wholly owned
subsidiary of Ambrex); 30 percent by Madison do Brasil (wholly
owned subsidiary of Ourominas Minerals Inc.) and 16.69 percent by
SGV Merchant Bank (wholly owned subsidiary of St. Geneveive
Resources Inc.). The respective pro rata interest level in MRA
does not reflect the application of the cost of the recent drill
program which was soley funded by Ambrex. In accordance with the
bylaws of MRA, shareholders must contribute to the funding of the
exploration at their respective interest levels in MRA or undergo
dilution.
Ambrex Mining Corporation is active in base and precious metal
exploration in Brazil. The company trades on The Canadian Dealing
Network. There are currently 57,389,069 shares outstanding.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Ambrex Mining Corporation
Neil Novak
President
(416) 366 2856
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