New Blue Ribbon Resources Ltd (NBL.V was BLO) Message Board

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Gold/Mining/Energy : New Blue Ribbon Resources Ltd (NBL.V was BLO)

NBL 8.460

0.0%

Oct 6 5:00 PM EST

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To: Laser who wrote (171)	5/23/1997 9:08:00 AM
From: Jeffry K. Smith	of 407

NEWS RELEASE Check out Savanna resources, they surround Canarc and Golden Star resources major discoveries and they are one of the largest land owners in Suriname. Stock trades for .12 (12 cents) * THE PRECEDING & FOLLOWING POSTED HERE AT THE REQUEST OF A FRIEND * newswire.ca SAVANNA STRENGTHENS ITS POSITION IN SURINAME CALGARY, May 22 /CNW/ - Savanna Resources Ltd. announces a contract has been signed granting Savanna a 60% interest in bedrock gold and a 50% interest in alluvial gold extracted from the joint venture property on some 15,000 hectares at the junction of the Lawa and Tapanahony rivers in Suriname, the former Dutch Guyana. For the past year this ground has been exploited on a small scale by local miners under contract to the permit holders, with considerable success. A steady flow of gold nuggets has been recovered from the alluvium, which overlies the bedrock with the largest to date weighing 22 oz. An examination of the nuggets reveals that they are irregular in shape with rough surfaces. Many contain remnants of quartz and all are inbedded in oxidized lateritic soil, the product of years of weathering from the 3 metre annual rainfall. The presence of the nuggets is considered indicative of gold bearing quartz veins in close proximity. A United Nations report completed in 1983 identified many gold bearing quartz outcroppings on the property. Panning and auger sampling showed gold in the soil overlying the bedrock. Savanna has initiated work involving satellite image interpretation and geophysical surveys to establish the orientation of the gold bearing structures. A follow-up program of diamond drilling will be implemented to test these structures. Earlier, a joint venture agreement was negotiated with a private Surinamese exploration company, granting Savanna the right to earn up to a 75% interest in all joint venture lands, currently standing at over 130,000 hectares strategically located in the greenstone belt also being explored with positive results by Canarc Resource Corp. and Golden Star Resources Ltd. One of Savanna's properties borders Canarc's Sara Creek property which has been drilled by Canarc and returned significant results. This property consists of approximately 32,000 hectares. Glen R. Alston Vice-President The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. For further Information: Glen R. Alston, 1 (800) 793-8370, WEBSITE: alberta.net SAVANNA RESOURCES LTD. has 2 releases in this database.

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