Geodex Resources - GXM.V (was Agate Bay ABE) Message Board

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Gold/Mining/Energy : Geodex Resources - GXM.V (was Agate Bay ABE)

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To: The Count who wrote (17)	4/30/1997 12:31:00 AM
From: Gabe Heti	of 210

Great news released today, see attached. Jack M. Maris, President of Agate Bay Resources Ltd. is pleased to announce that work has started on the Chimborazo SX/EW project in Northern Chile. This work is being carried out by the Santiago office of joint venture partner, Inmet Mining Corporation of Toronto. A definitive agreement with the vendor, Cyprus-Amax Minerals Company of Denver, Colorado, is in its closing stages. Two geologists have been assigned to the project and assistants have been hired. Work is progressing on core relogging and establishment of a complete database of previous exploration. A contract has been signed with a consulting metallurgist to direct and monitor metallurgical testing. Tenders have been received for 30,000m of RC drilling and 2,500m of HQ core drilling. As previously indicated, this drilling will be directed towards 50m spaced infill drilling to establish grade and continuity and to improve the reserve status. Drill holes will also be assigned to increase the size of the deposit, to explore the oxide cap and to provide samples for metallurgical testwork. Other studies will be carried out in parallel to locate sites for leach pads and to provide process water. A total of US$3.0 million will be spent by the joint venture partners in the first year of the agreement. TEL: (604) 689-7771 Jack M. Maris, President FAX: (604) 689-5528

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