WAYBURN RESOURCES (WYB - ALBERTA)
Additional Papua New Guinea properties acquired !!
Wayburn Resources Inc WYB (Alberta Stock Ex)
Shares issued 10,288,244 May 22 close $1.49
Fri 23 May 97 News Release
Mr Frank Underhill reports,
Mr Frank Underhill, president, announces subject, to regulatory approval, two new property acquisitions in central Papua New Guinea. The licences, EL1097 (720 square kilometres) and EL858 (520 square kilometres) are contiguous to the great Porgera mine, with the Mt Kare project of *Madison Enterprises* nearby. EL1097 is within the Porgera transfer structure, which encompasses both the Porgera mine and the Mt Kare project.
The Porgera mine was first drilled in 1966. Operated by Placer Dome, it is now one of the largest epithermal gold deposits in the world. Current reserves and resources, including past production, total over 24 million ounces of gold. It presently produces about one million ounces per year.
The Mt Kare project of Madison Enterprises made headlines in April/97 with their latest impressive drill results on the property. Recent history shows that between 1988 and 1990, more than one million ounces of gold were recovered from colluvial and alluvial mining activity. Madison's interpretation of Mt Kare has indicated the potential existence of a gold deposit of similar scope and style to that found at Porgera.
Mr Underhill states, "It is amazing that we were able to secure these two licences in this active gold-rich area. We are fortunate to have such a strong foundation of research, technical, governmental and local support in Papua New Guinea. With our producing Edie Creek mine, continuing exploration and favourable results on the Ioma project, these two new strategic acquisitions, and secure funding in place, Wayburn is in an enviable position."
For further information, please contact Frank Underhill at:
Toll free: 1-800-685-0013
Telephone: 1 (604) 669-3385
Fax: 1 (604) 669-3307
Web Site: home.ican.net |
