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Gold/Mining/Energy : Anglo-Swiss (ASW-Montreal) Sapphire Discovery
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To: paulc who wrote (41)10/3/1999 2:27:00 PM
From: paulc  Read Replies (1) of 68
 
Anglo Swiss Resources Inc.
Ecuador - Catamayo River Property

Ecuador, rumoured as a major source of the vast gold wealth accumulated by the Incas, has been largely ignored by the current exploration rush in Latin America. In an effort to stimulate foreign investment, the government changed its mining laws in 1991. Anglo's management, using extensive connections previously developed over the years in Ecuador, has acquired two projects in southern Ecuador.

In August 1995, the company acquired 268 hectares of concessions along 11 kilometres of the Catamayo River. A February 1997 report (news release 2/20/97) on the Catamayo River Gold Property, estimated that 9.24 million cubic metres of gravel contained 332,820 ounces of unrefined placer gold.

Exploration in 1972 and 1973, financed by the United Nations Program for Development, attempted to uncover the source of the extensive alluvial gold found on the banks of the Catamayo River. They discovered several anomalies in an area known as the Rio Playas. The company has optioned an interest (news release 10/23/96) in four gold bearing concessions in the "Rio Playas" area of Ecuador. These claims consist of approximately 3,900 hectares.

Mineralization located on the properties to date consists of more than 20 chalcedonic quartz-breccia vein systems up to 10 metres wide and 1 - 200 metres in length with gold values in the 1 - 3 grams per tonne range. Calcite, pyrite, and sporadic chalcopyrite are also present in the vein systems.

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