TMBTF news:
Friday February 25, 12:42 pm Eastern Time
Company Press Release
Timebeat.com Provides Update On Mineral
Property Holdings
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Feb. 25, 2000--Timebeat.com Enterprises (OTC
BB:TMBTF; CDNX: TBE) today announced an update on its mineral property holdings in light of the recent firming of the
price of gold.
Chief Executive Officer of Timebeat.com Enterprises, Thomas L. Crom, stated ``The recent announcement by Placer
Dome, Inc. (NYSE: PDG - news), one of the largest gold-mining companies in Canada, that it has suspended its hedging
program implies increased confidence in the present value of gold. In addition, Barrick Gold Corp.'s (NYSE: ABX -
news) action to reduce the total ounces committed to its gold sales program should contribute to a positive long-term
upswing in the price of gold.'
Crom continued, ``Given the improving fundamentals of gold prices, we are pleased to provide our shareholders an update
on our Mineral Division, which holds 50,000 acres of gold mineral leases in Canada. During 1999, Timebeat.com
Enterprises increased its interest from 55% to 100% by buying out its former joint venture partner.'
PROPERTY SUMMARY
The mineral property is located in the Toodogone area of northern British Columbia, approximately 300 kilometers or 180
miles north of Smithers, and is comprised of 873 units totaling 22,900 hectares or 55,563 acres. To date over CDN $10
million has been expended on the Toodogone properties of which approximately CDN $5 million was spent by
Timebeat.com Enterprises, which continues to be carried on the Company's books.
The bulk of the exploration efforts have focused on the Finn Zone where a total of 218 drill holes amounting to 65,773 feet
have been completed. The Finn Zone has been tested over a strike length of 1,600 feet and to a depth of 500 feet yielding
an average true thickness of approximately 45 feet. There have been some outstanding results on the Finn Zone. For
example, Hole JD96-187 had an interval of 161 feet and averaged .14 ounces of gold per ton.
When discussing the Finn Zone in 1996, Project Manager Paul Hawkins P. Eng stated, ``The exploration target has
become a much larger porphyry style deposit in the order of 30,000,000 tons.' The following year, Timebeat.com
retained internationally known geologist Jen Touborg to conduct a review. Touborg agreed with previous geological
studies, which indicated the potential of a larger bulk porphyry style deposit in the order of 30,000,000 tons.
Since 1996, Timebeat.com has tested several other zones as part of its exploration, including the Bonanza, JC, EOS,
MVT, Crown, Thesis, Gumbo, Gasp, Orest and Creek. Drilling in 1998 confirmed the gold porphyry system.
Overall, the Company controls most of the 15 kilometer northwest strike extent of the mineralized trend which is marked
by numerous high level Epithermal gold deposits that indicate the presence of deep seated Porphyry style to transition
sulfide gold deposits.
For additional information on Timbeat.com's mineral property holdings, visit www.agcgold.com.
About Timebeat.com
Timebeat.com has two divisions: a mineral property division holding over 50,000 acres of gold mineral leases in Canada
and an Internet division focused on the operation of a premier e-commerce interactive website (www.timebeat.com)
retailing designer watches, fine and estate jewelry, collectibles and giftware from the world's most recognized
manufacturers. Timebeat provides an outstanding shopping experience either online or by telephone (1-877-TIMEBEA)
where specialized watch experts are available for consultation.
The www.timebeat.com site has been recognized by Yahoo! Inc (Nasdaq:YHOO - news), selected as an ``Editor's
Choice' for watches by America Online (Nasdaq:AOL - news) and given the highest rating by the Go Network
(NYSE:GO - news).
Forward-looking statements in this release are made pursuant to the ``safe harbor' provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and
uncertainties, including, without limitation, possible changes in cost of materials, expense items, capital expenditures,
capital structure, and other financial items; introduction of new products and possible acquisitions of assets or businesses;
possible actions by customers, suppliers, competitors, regulatory authorities; and other risks detailed from time to time in
the Company's periodic reports filed with the Securities and Exchange Commission.
Contact:
OTC Financial Network Timebeat.com Enterprises
John McElligott Barry Girling
888-765-5355 800-545-5787
jmac@otcfn.com wbg@agcgold.com
www.otcfn.com/tmbtf www.timebeat.com |
