Actually, I have. LOL ;-))
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: PURE GOLD MINERALS INC.
TSE SYMBOL: PUG
JANUARY 11, 2000
Pure Gold Minerals Company Update Year 2000
VANCOUVER, BRITISH COLUMBIA--
DIAMOND UPDATE
Pure Gold Minerals Inc. (T.PUG) Pure Gold is exploring for
diamonds in the Northwest Territories and the province of Alberta.
Exploration in the Northwest Territories has focused on an area
North and West of Lac de Gras where the Ekati diamond mine is
located. Pure Gold and Ashton recently announced the discovery of
a new kimberlite on its Ric property in Nunavut. The kimberlite,
known as the Hydra outcrops on the side of a small lake. This new
discovery is significant as it shows that a kimberlite can be
found right on surface. "Micro diamond analytical results are
pending". Of the ten property blocks or groups in the Northwest
Territories, Pure Gold and Ashton are focusing on four in
particular. The Star and adjacent Cross groups are located about
180km southwest of the Ekati mine. Pure Gold and Ashton have
discovered three kimberlites on the Cross property. The Ric
property, 250km northwest of the Ekati mine is the site of the
Hydra find, while the Roundrock property has an interesting
complex system of dykes and small blows called the Aquila
kimberlite. This system is not clearly understood and will
require further evaluation. It does appear to be diamond bearing
and the company intends to conduct additional exploration work.
During a recent stock watch interview Yorkton Security Mining
Analyst Mr. Art Ettlinger explained "While we don't put target
prices on junior exploration companies because none of them have
balance sheets, we generally do not recommend a junior exploration
company unless it is going to be a double or triple in the
intermediate term". Due to the attributes discussed above, Mr.
Ettlinger has recently recommended Ashton as one of four junior
exploration issuers with a high risk, high reward profile. Pure
Gold as Ashton's partner in all of its projects obviously should
benefit from Ashton's performance. The company is looking forward
to the initiation of exploration activities in both the Winter and
Summer of this year 2000.
LARNE GAS PROJECT
Regarding Northern Ireland, the (Larne Project, where Pure Gold
has the right to earn a 25% working interest,) drilling of the
first of three slim holes was suspended in December, 1999 due to
drilling problems related to a freak Winter storm. A new slim
hole will be spudded in January with charges to the joint venture
partner not commencing until the hole reaches the depth of the
suspended hole. This should result in little difference to the
ultimate costs of the program and allow the Contractor to be well
prepared with respect to both equipment and personnel, prior to
recommencing drilling. The drilling techniques will also be
evaluated to assure that the program can be completed efficiently
and economically. Drilling to date, did not generate any
information that would undermine the indicated structure and
potential trap being tested by the Carne Castle No. 1 hole. Pure
Gold is looking forward to the commencement of drilling scheduled
for January 22, 2000 and completion of this exciting slim hole
testing program.
RIGHTS OFFERING
The Company's Rights Offering closed on November 15, 1999, (see
News Release dated November 15, 1999). A total of 4,455,101 Units
were subscribed for, for gross proceeds of $712,816.16. Canaccord
Capital Corporation acted as Agent and under the terms of their
guarantee, subscribed for 3,241,187 of the above Units. Also,
under the terms of their commitment, the Directors subscribed for
937,500 Units. On November 16, 1999, the Series F Warrants were
listed for trading on The Canadian Dealing Network - symbol:
PUGR.WT.S Each full Series F Warrant will be transferable and
exercisable at $0.175 per common share until May 15, 2000.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Pure Gold Minerals Inc.
Donald R. Sheldon
President
(604) 687-2038
Website: www.pugres.com
INDUSTRY: PCS
SUBJECT: NWS |
