Gabriel is going to Torronto..
Exploration update at Rosia Montana
CDNX Trading Symbol: GBU
TORONTO, May 29 /CNW/ - GABRIEL RESOURCES LTD. (``Gabriel'') is pleased
to provide the following update on Gabriel's corporate and technical
activities.
Highlights
----------
- 2000 exploration drilling program at Rosia Montana now underway
- Program designed to upgrade and expand existing 8 million ounce
resource base
- 25,000 meters of drilling planned for 8 new areas of known
mineralization
- Additional exploration drilling also planned at Cetate and Cirnic
deposits
- Corporate reorganization approved by the Yukon Supreme Court
Exploration at Rosia Montana in 2000
------------------------------------
Gabriel has planned an extensive exploration program at the Rosia Montana
project during 2000. This program has been designed to test a number of areas
where limited or no exploration has previously been conducted and where
Gabriel believes the potential exists to expand the current resource base. The
majority of these areas lie within 2 kilometres of the Cetate and Cirnic
deposits, where the current 8 million ounce resource base has been estimated,
as indicated on the attached general location map. These programs are in
addition to the work program Gabriel is presently undertaking at Rosia Montana
as part of the Bankable Feasibility Study on the Cetate and Cirnic deposits.
Cetate and Cirnic
-----------------
Gabriel's current resource estimates at the Cetate and Cirnic deposits
only include material from the surface down to the 700 level, which is the
level of the valley floor. Mineralization remains open at depth under the 700
level and no exploration has yet been conducted by Gabriel beneath the 700
level. In addition, there are significant areas within the Cirnic deposit
above the 700 level where no exploration has been conducted and no data
exists. Gabriel's exploration program for Cirnic includes approximately 3,000
meters of reverse circulation (``RC'') drilling and 575 meters of diamond
drilling (``DD'') from surface in addition to approximately 4,500 meters of DD
in 18 underground holes. This program is designed to test the potential of the
untested areas of the deposit, along strike and at depth, as well as to
upgrade the existing resource categories. A program of approximately 5,100
meters in 29 underground DD holes at Cetate has also been designed to expand
and upgrade existing resource categories.
New Mineralized Areas
---------------------
Mineralization also remains open to the southwest at Gauri, and to the
west and northwest at Orlea, Tarina, Carpeni, Lespedar, Cos, Jig and Vaidoaia.
Gabriel has designed a program of up to 25,000 metres of RC and DD surface
drilling in up to 82 holes to test the tenor and extent of the mineralization
at these 8 targets. All of these targets have been subject to some form of
historical mining. It will take approximately 5 months to complete all the
various drill programs. Jig and Vaidoaia will be drilled first, to be followed
by Gauri, then Tarnia, Orlea and the other targets, and finally Cetate and
Cirnic. The results of these programs will provide the data base necessary to
update the overall resource estimate for Rosia Montana by the fourth quarter
of 2000.
At present, two drill rigs are operating at Jig-Voidoaia and one drill
rig is operating at Gauri. Surface drill pads are being prepared at Cirnic and
underground drill cubbies have been completed. Within the next two weeks a
second drill rig is expected to be operating at Gauri and the underground
drill contractors will be mobilizing their personnel and equipment to site.
Regional Exploration
--------------------
As Gabriel has focused its exploration programs to date on presently
known deposits and mineralization, it has not yet conducted any regional
exploration within the concession boundaries of the Rosia Montana project. As
part of its exploration program for 2000, Gabriel will conduct a detailed
areomagnetic and radiometric survey designed to provide tighter structural
control on existing deposits and define new targets.
Corporate Reorganization
------------------------
Further to Gabriel's previous announcement on May 23, 2000 regarding its
proposed corporate reorganization, Gabriel is pleased to report that on May
24, 2000 the Supreme Court of the Yukon Territory granted its final approval
for the reorganization. Gabriel currently anticipates that the reorganization
will be effective during the first week of June, 2000.
Gabriel is a Canadian based resource company involved in the exploration
and development of mineral properties in Central Europe, primarily in Romania.
On Behalf of the Board:
signed by ``Frank D. Wheatley''
-------------------------------------
Frank D. Wheatley
President and Chief Operating Officer |
