I can't ever see this stock climbing above 5 dollars again I think this news release says it all sorry guys.<Picture>
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BRE-X Minerals Ltd.
BXM TSE
March 27, 1997
Results of Freeport-Mcmoran Confirmatory Drilling
ALGARY, March 27 /CNW/ - BRE-X MINERALS LTD., (T-BXM, ME-BXM, NASDAQ-BXMNF), a member of the BRE-X Minerals Group of Companies, released today the results of the confirmatory drilling conducted to date by Freeport-McMoRan Copper & Gold Inc. (FCX).
Based on information provided to Bre-X by FCX, FCX's confirmatory drilling consisted of seven diamond drill holes. Four holes (BSSE-63A, 173A, 202A and 217A) were drilled parallel to holes drilled by Bre-X (BSSE-63, 173, 202 and 217), with collars approximately 1.5 metres from the Bre-X collar holes. Two scissor holes (BSSE-63D and 202D) were drilled with inclinations of -60 degrees northeast, in contrast to the -60 degree southwest inclination of the Bre-X holes collared nearby. One hole (BSSE-173A) was drilled with an inclination of -60 degrees south. All FCX holes were approximately 250 metres deep. The attached chart sets out a summary of the above FCX and Bre-X drilling results. All assays reported in the chart were conducted by bottle-roll cyanide-extraction. FCX also performed standard fire-assays on samples from certain of the core holes drilled by FCX and on samples from certain core holes drilled by Bre-X. These fire-assays have indicated insignificant amounts of gold in those samples. FCX also noticed visual differences in gold particles contained in samples from core holes drilled by FCX and core holes drilled by Bre-X.
FCX has indicated to Bre-X that its findings are preliminary and incomplete and that FCX and will provide Bre-X with additional information as FCX continues with its work.
As announced yesterday, Bre-X has instructed Strathcona Mineral Services Limited, an independent Canadian mining industry consultant, to conduct an audit of the drilling and sampling programs done by both Bre-X and FCX. This audit will include the drilling of further core samples and will take approximately four weeks.
Bre-X has expressed its concerns to the Toronto Stock Exchange regarding the resumption of trading in Bre-X shares prior to the completion of the audit by Strathcona.
ON BEHALF OF THE BOARD
DAVID G. WALSH
Chairman, President & Chief Executive Officer
Drill Hole Interval Intercept Bre-X Assays Freeport Assays
From To m ft g/t oz/t g/t oz/t
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TWIN HOLES
Section SEZ 49 BSSE-63 BSSE-63A
BSSE-63 (63A)
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0 11 11 36 1.8 0.05 0.01 0.00
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25 191 166 545 4.39 0.13 0.01 0.00
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211 253 42 138 3.71 0.11 0.01 0.00
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Section SEZ 56.5 BSSE-173 BSSE-173A
BSSE-173 (173A)
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5 145 140 459 1.33 0.04 0.02 0.00
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Section SEZ 56.5
BSSE-202 (202A)
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72 119 47 154 3.23 0.09 0.06 0.00
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Note: Intervals not as previously reported because of incomplete Freeport
data.
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Section SEZ 56.5 BSSE-217 BSSE-217A
BSSE-217 (217A)
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226 250 24 79 5.68 0.17 0.01 0.00
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Note: Intervals not as previously reported because of incomplete Freeport
data.
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SCISSOR HOLES
Section SEZ 49 Section SEZ 56.5 )
BSSE-(202D)
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less than
0 250 250 820 N/A N/A 0.01 0.00
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-60 reig(at)45 deg magnetic
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Section SEZ 56.5 BSSE-(173E)
BSSE-(173E)
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0 250 250 820 N/A N/A 0.02 0.00
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-50 reig(at)180 deg magnetic
For further information: Investor Relations, Bre-X Minerals Ltd. (403) 543-7070
This release processed by Canstock at 11:09:11 Pacific Time
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The Canadian Stock Market Reporter has not reviewed the information contained in this document and assumes no responsibility for its accuracy or completeness.
c1997 Canadian Stock Market Reporter |
