Hi, Eric, and other Argosy-followers. Here's some
encouraging news:
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Canadian Corporate News --- Hot Off The Wire
News Release for ARGOSY MINING CORP
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ARGOSY MINING CORP.
VSE SYMBOL: AGO
NOVEMBER 27, 1996
Argosy Mining - Expansion of Precious Metals Program in
Slovak Republic
VANCOUVER, BRITISH COLUMBIA--The Company is pleased to announce
that it has expanded its precious metals program in Slovakia
substantially with an agreement to explore and develop the Banska
Stiavnica mines.
The Banska Stiavnica mines are located 30 kilometres due south of
Argosy's Kremnica project in the Neogene volcanic rocks of the
central Slovak Republic. Banska Stiavnica was the largest
epithermal gold-silver producer in Central Europe in the Middle
Ages. Up to the cessation of mining in 1992, recorded production
was 1.6 million ounces of gold and 166 million ounces of silver.
Production at Banska Stiavnica was taken from a swarm of at least
120 veins within the up-domed and horst-faulted central part of a
hydrothermally altered volcanic caldera. Upper parts of the veins
were very rich, particularly in silver. The majority of the veins
dip easterly and vary in width from 0.5 to 15 metres. The vein
system is 5 kilometres long and 4 kilometres wide.
The property is owned by a private company, Hell Spolocnost
s.r.o., also the owner of a part of the mineral rights at Pukanec.
Argosy and Hell have agreed that Argosy can earn a 75 percent
interest in the 14.2 square kilometre Banska Stiavnica mining
licence no. 1P/95 by extending its existing earn-in to incorporate
exploration at Banska Stiavnica. The earn-in provides for Argosy
to earn its interest over a 4-year period by work commitments of
C$2 million and payments to Hell of C$470,000. To date $100,000
in payments and approximately $480,000 in work commitments have
been fulfilled.
Unlike Kremnica, the Banska Stiavnica property has had little
modern exploration. Argosy has initiated a compilation of the
available production and geological data. That program will be
assisted by Hell personnel and geologists from the Geological
Survey. Recommendations for a drilling program will follow.
Mr. Yale Simpson, Chief Executive Officer, states: 'The Banska
Stiavnica property places Argosy in control of the major former
gold mining districts in the Slovak Republic. Argosy's
exploration at Kremnica has demonstrated the potential for modern
exploration to develop reserves within such old districts. We are
optimistic that the Banska Stiavnica mines can provide a similar
result."
ON BEHALF OF THE BOARD
YALE R. SIMPSON, President
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FOR FURTHER INFORMATION PLEASE CONTACT:
Argosy Mining Corp.
Yale R. Simpson
President
(604) 689-5529
(604) 689-5079 (FAX)
1-800-851-7423
The Vancouver Stock Exchange has neither approved nor disapproved
the contents of this News Release. |
