Very well said...this monkey could not say it better himself: Found this very interesting...especially look at the gold estimate for Pascua........:
Argentina Gold: Barrick's Hostile Takeover Bid
Unsuccessful; Aggressive Drilling Campaign at
Veladero Continues; Auction Process Continues
VANCOUVER, BRITISH COLUMBIA--Argentina Gold Corp. is pleased to announce that Barrick Gold Corporation
[NYSE:ABX - news]'s hostile takeover bid was successfully defeated and has expired.
The Company's Veladero project is part of a regional gold/silver district that straddles the Argentine/Chile border. The
Company controls much of the district on the Argentine side. To date, the Company has defined in excess of 5 million ounces
of gold
and 150 million ounces of silver. Central to this resource is the very rich, high-grade oxide deposit at the Amable target. The
Veladero project is of enormous financial and strategic value to the Company and the region. The potential of the Veladero
project is very significant and may prove to be one of the most important and economic gold/silver resources in the region.
Barrick Gold Corporation announced today that its neighbouring Pascua deposit hosts a resource of 20 million ounces of gold
which they expect to have in production in 2002 at an annual rate of 675,000 ounces of gold and 20 million ounces of silver
with i nitial cash costs of U.S.$125 per ounce. Argentina Gold, with a diatreme system several times larger than at Pascua,
higher-grade resources, oxide resources versus sulphide resources, over 5 million ounces of gold and 150 million ounces of
silver alread y defined and less than 30 percent of the project area explored, has the potential to surpass Pascua in terms of
economics.
''The fact that Argentina Gold shareholders did not tender to Barrick's $5.00 offer confirmed what has always been
management's view, that Barrick's offer was inadequate,'' stated Lukas H. Lundin, a director of Argentina Gold. ''Our
aggressive drilling cam paign at the Veladero project will continue for the balance of the exploration season (end of May) with
four reverse circulation rigs and two diamond core rigs. We have reaffirmed with ScotiaMcLeod their mandate to continue to
seek out alternative trans actions which will maximize shareholder value. The auction process initiated by Barrick continues'',
Mr. Lundin emphasized.
''Discussions with several major mining companies are ongoing. Now that Barrick has withdrawn, we believe that it will be
easier to attract another major mining company to enter into an alternative transaction with Argentina Gold which will benefit all
o f Argentina Gold's shareholders'', added Lukas H. Lundin.
ON BEHALF OF THE BOARD
Lukas H. Lundin, Director |
