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Canadian Company Press Release
GH 1999-05-11 (provided courtesy of BCE Emergis E-News Services.)
register to receive future releases by email from BCE Emergis E-News Services
GOLDHUNTER SIGNS LETTER OF INTENT TO ACQUIRE 100% INTEREST IN POTENTIAL GOLD DISCOVERY, MATO GROSSO STATE, BRAZIL
TORONTO, ONTARIO--
Goldhunter Explorations Inc. ("Goldhunter") announces the
signing of a Letter of Intent with a private Brazilian company,
Guariba Gold Mineracao Ltda. ("Guariba") of Rio de Janeireo.
This Letter sets forth certain matters with respect to the
acquisition by Goldhunter of up to a 100% interest in a 30,000
hectare property effectively covering a metavolcanic assemblage
which hosts a potential GOLD DISCOVERY located in Northwestern
Mato Grosso state of Brazil.
In January 1999, local artesenal workers reportedly identified
gold in an alluvial setting on the Agua Branca river, a small
river which drains into Rio Guariba, in northern Mato Grosso
State, some 100 kilometers west of the village of Coiniza near
the border with Amazonas State. During the alluvial washing, a
highly siliceous rock was exposed, which although oxidized
displayed original bedding structures, as well as dip and
strike formation. Recent surface exploration activity by the
local garimperos as guided by on site representatives of
Guariba, subsequently encountered gold bearing fragments..
Small nuggets of native gold are being recovered from the
streambed, and also in rock fragments found in colluvial
material immediately overlying the newly exposed bedrock. The
gold is coarse grained, appearing as small nuggets, veinlets
and fine disseminations in a banded hematitic chert. Similar
looking chert (without noticeable gold) is evident in the
underlying bedrock, which forms part of an intermediate
metavolcanic assemblage, traceable through a distance of
approximately two kilometres. Guariba personnel were onsite in
early March 1999 to follow up on this new discovery and
completed a small soil geochemical program in the vicinity of
the alluvial workings. A consistent gold anomaly 200 meters
wide on either side of the Agua Branca river was outlined, this
anomaly extends north (up stream for 50 meters) where it
narrows. All samples within the anomaly ranged in value from
106 ppb to 1056 ppb. The gold anomaly remains open to the
south. Work during the past week has included additional soil
sampling as well as rock sampling to further define the soil
anomaly and test bedrock sites.
Under the terms of the arms length deal with Guariba,
Goldhunter is to pay $25,000 US and issue 1,000,000 shares of
stock to be held in escrow and to be released in escrow at the
rate of one share for every 20 cents US funds expended on the
project. Goldhunter must expend $60,000 US in the first year to
earn a 25% interest and $200,000 US in the second year to earn
an additional 26% for a total of 51%. In the third year
Goldhunter is to carry out $300,000 US in exploration and pay
$500,000 US either in stock or cash to earn the remaining 49%
interest. The vendors retain a 2% net smelter interest
throughout.
The Letter of Intent between Goldhunter and Guariba is subject
to the outcome of a 45 day due diligence period which includes
an immediate site visit by representatives of Goldhunter.
Goldhunter intends on sending a geologist from a recognized
geological consulting firm in Toronto to verify the title and
ascertain the geological nature and economic significance of
this new gold discovery. Goldhunter is a mineral exploration
and development company, trading on the Alberta Stock Exchange
and currently has 13,563,136 shares issued.
The Alberta Stock Exchange has neither approved or disapproved
the information contained herein.
DATED: May 11th, 1999
ON BEHALF OF THE BOARD OF DIRECTORS
{Signed}
Stanley G. Hawkins
President
Stock Symbol: GH-ASE
For more information, please contact:
Stanley G. Hawkins, President
Tel: (416) 368-9411 ext. 25
Fax:(416) 861-0749
tandem-resources.com
e-mail: goldhunter@tandem-resources.com
Goldhunter Explorations Inc.
P.O. Box 6, Suite 710,
1 First Canadian Place,
Toronto, Ontario M5X 1A9
Telephone: (416) 368-9411
Facsimile: (416) 861-0749
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