Angler: Here's the last significant news release. The most recent one from May 1st indicated warrants to be set for about 388K shares. The key point to remember is that vein #60 most likely contains "several million mineable ounces of gold" (read below). The share price is not reflecting this, and any additional gold from that property or their other holdings (particularly their Canadian properties) should really put them in the spot light. As far as I can see NLE does very little, if any, investor marketing to the general public. I haven't seen a single newsletter mention them. We will simply have to go by news reports for now. And based on what I've seen, this is really a gem in the rough. My only concern is that they get adequate financing. So far, so good.
Nu-Lite Industries Ltd
NLE VSE
April 23, 1997
China Gold Project Progressing Rapidly
NU-LITE INDUSTRIES LTD. ("NLE-V;NULTF-L")
- China Gold Project Progressing Rapidly
Kenneth W. Trociuk, President and Chief Executive Officer of Nu-Lite Industries Ltd. announces that Prima Mining Inc. (Prima)
with Nu-Lite as the operator has delivered the initial capitalization requirement of US$1.2 million to Prima's joint venture
partner, the San Men Xia Jin Tuo Mining Exploration Company Ltd. The fulfilment of this first capitalization requirement
legalizes the joint venture under Chinese Law. With the first commitment completed, the previous April 18th, 1997 deadline for
the second US$1.2 million has been extended to 'the first opportunity after Vancouver Stock Exchange approval of the project'.
All other capital requirements have been adjusted to reflect these changes in terms. Nu-Lite expects that the Chinese Legal
Council Opinion on the joint venture will be completed shortly and that final approval from the Vancouver Stock Exchange will
follow.
Samples from the #60 vein on Prima's Sanmenxia Gold Property, operated by Nu-Lite (see Nu-Lite Industries Ltd. news releases
January 29th, 1997, February 26th, 1997, March 4th, 1997, March 17, 1997) were submitted to Vancouver Petrographics Ltd. for
polished section analysis to determine the formation and habit of the gold to aid in increasing recovery during initial production,
scheduled to begin mid-1997.
A selection of six hand specimens taken from the #60 vein by H. Sigurgeirson and R. Verzosa in January 1997 were examined. Ten
polished sections were prepared and examined by J. Shearer, M.Sc. Gold was identified in a variety of habits, forming rounded
inclusions encapsulated in pyrite, as isolated grains within quartz gangue, and associated with small chalcopyrite inclusions
within pyrite.
The 1749 adit which will be used to access the #60 vein showing an average grade along 335 metres of vein 2.83 oz/t gold
across 2.0 metres true width, from 1997 sampling (see March 4th news release). The #60 vein has been delineated by the
Chinese Geological Bureau's by diamond drilling and surface trenching to have a continuous strike length of 4200 metres and a
dip length of over 1500 metres.
A Canadian engineering/geological team will mobilize onto the property mid-May 1997 to arrange and direct the pilot production
and to map and resample the entire surface exposure of the vein as well as the remaining adits accessing the #60 vein. At the
completion of this development program, Nu-Lite expects to have sufficient data to delineate several million mineable ounces of
gold and work toward completing a feasibility study aimed at bringing the #60 vein to full scale production.
TEL: (604) 682-2998 Kenneth W. Trociuk, President and CEO FAX: (604) 688-3346
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