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Gold/Mining/Energy : Coleville Resources - CLL

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To: vandek who wrote (1607)	5/11/1997 10:50:00 AM
From: bill718	of 3058

News recap on Ojalali: 1. Aug. 30/96: -massive channel, trenching and grab sampling from Ojalali (over a 5 by 5 km area) confirm prior work indicating a large low-grade gold and silver deposit. Gold values as high as 1.46 oz/t reported. 2. Sep. 5/96: -potential JV partner confirms existence of 3 large areas of consistent low grade gold mineralization -high grade veins grading up to 1.5 oz./ton reported which augment the widespread low-grade gold mineralization -all high priority targets easily accessible 3. Sep. 24/96: -4 areas now identified that could contain sufficient ore grade and tonnage to justify production using heap leaching -historical reports from previous operators now reported available to substantiate recent exploration work done by CLL and potential JV partners. 4. Sep. 30/96: -negotiations underway with several potential JV partners under consideration. We know Barrick was one of these. -Watts, Griffis and McOuat retained to assist with exploration and development 5. Feb. 4/97: -evaluation to date indicates potential of Ojalali to host a mine is exceptional, and ANTARES announced as the JV partner -4 areas prioritized for exploration: -trenching programs reported in progress, and a drill program put in place by Anteres Mar. 6/97: -The work done by Antares since mid-Jan (as well as prior exploration done on the property) confirms widely distributed gold and silver over 25 sq. km. -advanced exploration announced: further detailed trenching to bedrock, and 10,000 m drilling at a cost estimated to be: $2 million for 97 and 3.3 million for 98. ******************************************************* What we all need now is patience. As I was told by a CLL director, there will be a mine there, the only question is "HOW MUCH GOLD". DON'T GIVE YOUR SHARES AWAY!!! The down-side is quite low IMO compared to the up-side at this point. Regards, W. Wolinski

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