Peruvian appoints directors; Silvertip camp reopens; no more exploration
for Lara
Peruvian Gold Limited PVO
Shares issued 14,227,466 Jun 22 close $0.51
Wed 23 Jun 99 News Release
Mr. David Henstridge reports
At the company's annual general meeting held on June 17, 1999, David Henstridge, Robert Atkinson, David Black and Nick DeMare were elected as directors for the ensuing year. At a subsequent directors' meeting, Mr. Henstridge was appointed president and chief executive officer and Mr. Lim was appointed corporate secretary.
Silvertip
Imperial Metals Corporation, joint venture partner and operator of the Silvertip project, advised the company that the Silvertip exploration camp has been reopened in preparation for additional CSAMT geophysical surveys.
A previous CSAMT survey in the area discovered several deep geophysical
anomalies including one chimney-like feature. These anomalies are
immediately south of and below the known mineralization. After
interpretation of the new geophysical results, up to 2,000 metres of diamond drilling will be undertaken to test the best target anomalies. Resources in the Silvertip deposit are 2.57 million tonnes grading 8.80 per cent zinc, 6.4 per cent lead, 325 grams per tonne (9.5 ounces per ton) silver, and 0.63 g/t (0.02 ounces per ton) gold.
Lara
The company has received the scoping study report prepared by Rescan Engineering, and the report concludes that the Lara project will be viable if additional resources are delineated and the copper price returns to 90 cents to $1 (U.S.) per pound levels. The company believes that further resources can be discovered, however, with the current copper price at 65 cents per pound, the company has been forced to take a longer term view on this project and no additional exploration will be undertaken at this time.
Options
Subject to regulatory approval, the company has repriced all 1,266,500 outstanding stock options to 70 cents per share and in addition, in accordance with regulatory policies, the term of 416,500 options has been extended for seven years and the term of 178,000 options has been extended for five years.
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