I thought this might be of interested to any La Teko investors. I read it at lateko.com and noticed it wasn't posted
here. Since I've put the others up I might as well put this up too.
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TRUE NORTH PROJECT, ALASKA
US$3.6 MILLION PROGRAM ANNOUNCED
Vancouver, B.C., February 3, 1998: La Teko Resources Ltd.(LAORF-NASDAQ, LAO-VSE)reports that True North Joint Venture
operator, Newmont Alaska Limited, has proposed a US$3.6 million
dollar program for the project in 1998. True North is an advanced exploration/development gold project in the Fairbanks
Mining District, Alaska, in which Newmont is earning a 65% interest.
PRE-FEASIBILITY STUDY
Engineering studies, budgeted at approximately US$ 2.1 million, will include pre-feasibility metallurgical work expected to
be completed by June, 1998. This metallurgical testing will utilize the large diameter core samples and surface bulk samples
collected in the fall of 1997. The core will be subjected to mineralogical examination followed by smaller diameter (eight
inch) column leach testing; while the two 25 ton bulk samples will also undergo large diameter (two foot) column leach tests.
Prior preliminary metallurgical tests have indicated good leaching characteristics for the oxidized mineralization. Subject to
satisfactory test results and favorable market conditions, this metallurgical testing will lay the foundation for scoping and
engineering studies scheduled for the second half of 1998.
This work will encompass siting studies, geotechnical work, engineering design and detailed cost estimates. There will also
be some fill-in drilling in the Central Zone for reserve definition purposes.
EXPLORATION
A further US$1.5 million Phase I budget will be directed towards exploring targets outside the current resource area through
the end of June this year. Power auger sampling will be the key exploration tool, following on from the successful 1997 results
with a program of developing and testing new targets throughout the expanded True North property. The goal is to discover
new zones of economic mineralization within the 22 square mile property in addition to the 1.3 million ounces of gold (18.2
million tons grading 0.072 ounces gold per ton), already outlined. A Phase II exploration program for the second half of 1998
will be considered in June.
Gerald Carlson, La Teko President, stated "We are very pleased, during this period of low gold prices, that Newmont has
shown a very strong financial commitment to the True North project,
advancing it on both the exploration and development fronts, while many other projects have been significantly curtailed.
This is an affirmation not only of the high quality of the currently identified True North gold deposit but also the potential of
the True North property to yield other exciting new gold discoveries."
La Teko is a gold exploration and development company concentrating its efforts in the prolific Fairbanks Mining District of
Alaska.
On behalf of the Board of Directors
"Gerald G. Carlson"
Gerald G. Carlson, Ph.D., P.Eng.
President & CEO
The Vancouver Stock Exchange neither approves nor disapproves of the information contained herein. |
