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Gold/Mining/Energy : Peruvian Gold Ltd. PVO
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To: Brian Warner who wrote (699)8/17/1999 4:40:00 PM
From: kidl  Read Replies (2) of 892
 
Peruvian Gold commences drilling at Silvertip

Peruvian Gold Limited PVO
Shares issued 14,227,466 Aug 16 close $0.41
Tue 17 Aug 99 News Release
Mr. David Henstridge reports
Drilling at the Silvertip project, Northern B.C., has commenced.
The program will consist of a minimum 2,000 metres of HQ diameter core. The
first two drill holes will test the strongest CSAMT geophysical anomalies
found in the recent survey (see press release in Stockwatch Aug. 4, 1999).
The remainder of the drill program will test other geophysical and
geological targets.
Previous drill programs at Silvertip have defined a resource of 2.57
million tonnes grading 325 grams per tonne (9.5 ounces per ton) silver,
8.80 per cent zinc, 6.4 per cent lead and 0.63 of a gram per tonne (0.02 of
an ounce per ton) gold. The Silvertip deposit (formerly Midway) is
100-per-cent owned by Silvertip Mining Corporation, a wholly owned
subsidiary of Imperial Metals Corporation. Peruvian has the right to earn a
60-per-cent interest in the property by spending $5-million over three
field seasons with a minimum commitment of $450,000 in 1999. IMC retains
the right to buy back a 20-per-cent interest by spending $2-million within
18 months on completion of Peruvian's earn in.
The company believes that this is a promising project that has a
potentially high reward for an initial modest capital outlay.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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