Redex Gold (V.REX): Options on 18 properties in Bolivia Message Board

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Gold/Mining/Energy : Redex Gold (V.REX): Options on 18 properties in Bolivia

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To: Robert who wrote ()	4/3/1997 11:21:00 PM
From: Robert	of 14

Redex Gold Inc - News Release Core drilling begins on Bolivian property Redex Gold Inc REX Shares issued 12155300 1997-03-26 close $0.55 Friday Mar 28 1997 News Release Mr Charles Bruce reports An extensive and comprehensive property evaluation program has been started from the company's recently opened head office in La Paz, Bolivia. The company's chairman and CEO will assess properties in Bolivia and Peru. The company intends to direct its acquisition and exploration activities on medium sized and highly economic projects. A program will be instituted of short term, low cost option terms with intensive due diligence and exploration programs to adhere to the company's aggressive acquisition and development strategy. Several option agreements have been negotiated on highly prospective properties, including the following: Maria Luisa: North of La Paz, this concession encompasses 1360 hectares. Previous exploration has delineated a mineralized zone in excess of 500m by 2000m. Widespread gold values exceeding 3 g/t have been identified and an extensive exploration work program consisting of detailed sampling and tunneling is planned for mid-year following the rainy season. Incognito Mine: A skarn deposit near Sorata, north of La Paz, with sizeable potential. The structure contains high grade, near surface gold values and has a strike length of at least 1.5km and several other structures run parallel to it. These have yet to be evaluated. The previous operator worked on the property up until the late 1970s when the high grade ore was shipped to Chile for treatment. Due diligence sampling returned high grade gold values of 12 g/t to 60 g/t over a 3m width. An exploration program commencing in mid-April 1997 will consist of a 70m cross cut designed to intersect the mineralized structure at depth. Several other properties are currently being assessed and due diligence is under way. Progress updates will be issued upon execution of letters of intent. Continuing Projects Red II: Roads and drill pads have been constructed and diamond drilling began on March 23. Seventeen locations on the property have been identified as drill targets with the most prospective of these planned for initial drilling. Continued drilling will depend on positive results from the first holes. Red IV and Red V: Geophysical programs consisting of VLF and Induced Polarization surveys are scheduled for mid-April to be followed by diamond drill programs, the extent of which are dependent upon favourable results from the geophysical programs. With respect to the company's recently announced exploration activities in Peru, the company has retained geological consultants in Lima, Peru to assess and acquire mineral properties in that country on behalf of the company.

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