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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC)

AMC 2.590

+2.0%

Oct 31 9:30 AM EDT

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To: Berry Picker who wrote (390)	10/15/1999 9:08:00 AM
From: George Castilarin	Read Replies (1) of 397

Abacus receives progress report on Ferragudo diamond drill program Abacus Minerals Corporation AMC Shares issued 22,815,405 1999-10-13 close $0.15 Thursday Oct 14 1999 Mr. Steve Todoruk reports Abacus Minerals has received a progress report from Phelps Dodge Exploration Ltd. on the diamond drill program at the Ferragudo project in Portugal. The diamond drill program at the Ferragudo project is designed to test various UTEM geophysical conductors and gravimetric anomalies that Phelps Dodge generated earlier in the year. The drill program began in August and will consist of at least 2,000 metres of diamond drilling, or approximately four drill holes. The first drill hole, in the area of Cabeca de Porco, will be drilled to a maximum depth of 800 metres. This hole is currently at a depth of 580 metres. The drilling has been considerably difficult because of several flat-lying fault structures that have significantly slowed the drilling process. Drilling by previous operators in this area have intersected narrow semi-massive to massive sulphide layers and silicified semi-massive sulphide modular fragments within black graphitic slates and felsic tuff layers (holes CP-2 and A6-1). Mineralization consisted predominantly of pyrite with some sphalerite. No assays are known from these intervals. Phelps Dodge's second drill hole was completed at the Cavandelas target to test a large gravimetric anomaly. The hole is approximately 400 metres in length and is currently being logged. The third hole is currently being drilled in an area known as the Madruga target. The drill hole, planned to a depth of 500 metres, is presently at a depth of 350 metres. The location of the fourth drill hole is currently being planned, and will begin upon the completion of the other holes. Phelps Dodge is employing the use of a local Portuguese drilling company. Phelps Dodge can earn a 70-per-cent interest in the project by spending $7-million (U.S.) in exploration, of which a minimum $500,000 (U.S.) will be spent this year. The Ferragudo property ties onto the northwest corner of Rio Tinto's Neves Corvo mine with reserves of 38 million tons of 6.5 per cent copper.

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