Hi, Dr. Rankin, thanks for starting this thread. I will use this forum to regularly update Redex shareholders.
We are currently represented in Miami, Florida, at the premier conference on mining investment in Latin America, Investing in the Americas '97(April 7-10)
The following news was released today:
Acquisition of Advanced Bolivian Property and Highly Prospective Concessions, and Update on Current Exploration
Vancouver, April 7, 1997: Redex Gold Inc. (the "Company") has entered into an agreement to purchase a partially developed open pit mine in Bolivia, known as Iroco. The concessions, which consists of 605 hectares located in Oruro, Bolivia, may be purchased by the Company within a twelve month period for US$1,460,000 for a 100% interest. The mine is presently operating on a small scale and all infrastructure is in place.
The Iroco Mine has a drill indicated reserve of 12.48 MMT with an average grade of 1.3 g/MT equivalent to 520,000 ounces of gold. The reserves were defined by several major companies, which previously held exploration rights to the Mine. The Company intends to immediately commence an extensive exploration program to define additional reserves by diamond drilling of numerous targets.
The Company has also entered into a contract to purchase a 100% interest in a Bolivian company, Rex Mines Ltda., which holds as assets a 100% interest in 12 exploration concessions covering 19,221 hectares in the Altiplano and Precambrian areas of Bolivia. The properties are at various stages of development; one with reserves blocked out. The purchase price is the issuance of 200,000 shares, subject to prior approval from the Vancouver Stock Exchange. The Company plans an extensive exploration program of these properties as part of its 1997 exploration program.
The Company has completed phase one of its diamond drilling program on the Red II property and has commenced a crosscut of a structure on the Incognito Mine. An exploration program will commence by May 1, 1997 on the Llallagua I and Llallagua II concessions under option to Anthian Resources Corp. The Company now has under active exploration over 100,000 hectares in Bolivia for 1997.
ON BEHALF OF THE BOARD OF DIRECTORS
"Charles Bruce"
______________________________
Charles Bruce, Geol. Eng., P.Eng., P. Geol.
Chairman and Chief Excutive Officer
As you can see, Scottie has been extremely busy down in Bolivia. We are awaiting assay results from the drilling completed on the Red II property.
If you have any questions or comments, do not hesitate to contact me at 1-888-388-7222.
Ernest Florendo |
