Delgratia Mining Corporation Nevada Project Update
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 19, 1997-- Delgratia Mining Corp Your Board of Directors is pleased to report the results from the first 4 holes drilled on the 75,000 foot drill program underway on the Nevada gold project.
All drill holes are vertical using reverse circulation equipment. The results of the first 3 holes were released on February 28, 1997 and are included with Hole 4 for the sake of clarity and completeness.
Drill Hole # Hole Depth Gold Zone Gold Assays
opt g/t
-----------------------------------------------------
1 440' 0-440' .084 2.88
2(x) 1180' 0-600' .033 1.12
3 1005' 0-880' .071 2.43
4 1120' 10-1040' .063 2.14
Note: (x) Remainder of Hole 2 below 600' awaiting assay
These four holes were drilled in a fence line cross cutting the southern section of a gold anomaly. As previously reported, Hole 2 is 300 feet west of Hole 1 and Hole 3 is 3700 feet easterly from Hole 1. Hole 4 is 3500 feet easterly from Hole 3. Assay results from the remainder of Hole 2 will be released when completed.
On the basis of current results, the Company has elected to increase its interest in the project from 40 percent to 70 percent. Under the terms of the original agreement with Philgold Investments, the Company is committed to spend $15 million on the project and to issue a total of 3 million treasury shares by November 1, 1998. Any shares issued will be effected pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended (United States) afforded by Regulation S.
Once completed, this transaction will bring the total outstanding shares of the Company to 14.6 million. Delgratia's current cash position is $12.5 million. Further results will be reported as the drill program progresses.
On Behalf of the Board
Dr. Charles A. Ager, PEng, PGeo Chairman and President
CONTACT: Delgratia Mining Corporation
Dan Palikrousis, 604/ 685-7933
604/ 685-8109 (FAX)
www.delgratia.com (Website)
or
Delgratia Mining Corporation
Dean Eyman, 604/ 685-7933
604/ 685-8109 (FAX)
www.delgratia.com (Website)
or
Delgratia Mining Corporation
Kyle Washington, 604/ 685-7933
604/ 685-8109 (FAX)
www.delgratia.com (Website) |
