To Larry and All
Here is unedited news release this date.
PANGEA TO COMMENCE DRILLING AT VICTORIA PROJECT IN PERU
TSE Symbol: PGD
TORONTO, Jan. 9 /CNW/ - Pangea Goldfields Inc. is pleased to announce
that it has completed the drill road at the Victoria Project in Peru, as
scheduled, and has awarded a drilling contract for 3,000 metres of diamond
drilling. The drill is expected to be on site within 2 weeks. Pangea manages
all exploration work and is the operator of the Victoria Project, which it
owns jointly with Sundust Resources Inc.
The first phase drilling program will be completed to confirm the depth
extension of wide-spread gold mineralisation identified from the results of
numerous trenches on five mineralized veins at Victoria. The drilling will
also test several strong IP anomalies in areas which could not be trenched.
Encouraging assay results from Pangea's trenching programs were previously
announced. These include the following from a one kilometre long structure,
which will be the first of the zones to be drilled, known as the Atenea dyke:
Trench Gold Assay Width Trench Gold Assay Width
------ ---------- ----- ------ ---------- -----
A-2 4.5 g/t 7.0 metres A-9 1.2 g/t 7.0 metres
A-3 8.1 g/t 7.5 metres A-10 2.0 g/t 5.2 metres
A-4 2.7 g/t 11.0 metres A-11 0.8 g/t 14.3 metres
A-5 8.4 g/t 11.2 metres A-12 14.8 g/t 11.8 metres
A-6 1.1 g/t 4.5 metres A-13 6.5 g/t 4.3 metres
A-14 9.4 g/t 9.9 metres
The Pucamina vein structure will also be tested at depth where trenches
P18 and P19 returned previously announced results of 7.3 grams/tonne gold over
8 metres and 23.2 grams/tonne gold over 3.7 metres, respectively. As well,
drilling will be undertaken in the Vein 4 where the only trench completed
returned 12 grams/tonne gold over 2.3 metres, however, geophysical work
indicated the presence of a 150 metre wide IP anomaly.
Work has also commenced on a second project in Peru known as Prodigiosa
where a trench completed by Pangea has returned 1.15 grams/tonne over its
entire 15 metre length. An IP survey and detailed mapping are in progress.
In addition to the Peruvian drilling activity, Pangea has planned an
active drilling and exploration program for the first quarter of 1997 on its
extensive property portfolio. The drilling will include four projects in
Tanzania (Baker, Abbey, Mgusu and Nungwisa) as well as projects in Mali and
Canada.
Results from at least ten separate projects (including those mentioned
above), in four different countries, are expected in the first quarter of 1997
where drilling and other field work is either in progress or scheduled to
commence in early January. Pangea is a well funded exploration company with no
debt and approximately $24.5 million in cash (fully diluted $31 million). As
well, in order to vest their interests, Pangea's joint venture partners will
be required to spend approximately $40 million over the next four years on
their respective projects. Pangea has approximately 19.9 million shares
outstanding (fully diluted 22.1 million shares).
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
-30-
For further information: please contact Pangea at 416-350-3781 - Judy Webster, Investor Relations, ext.230; J.C. Potvin,
President & CEO, ext. 227; Claude Britt, V-P Exploration, ext. 225; Pangea's Fax number is 416-350-3782
PANGEA GOLDFIELDS INC.
Thanks
John
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