Correction to NEWS RELEASE
Correction from Source:
In the news release transmitted earlier today (June 24, 1997), an
error occurred. In the fourth paragraph, the last sentence should
read "Trenches 1 to 3 ...located 600 metres east..." instead of
"..600 km..". The complete and correct version follows:
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: INTERNATIONAL PURSUIT CORPORATION
TSE SYMBOL: IPJ
JUNE 24, 1997
Correction from Source - Pursuit Confirms Ulzit Gol
Trench Results (Mongolia)
TORONTO, ONTARIO--International Pursuit Corporation ("Pursuit")
is pleased to announce trench results from the Huh Bulagin Hundiy
('HBH') prospect which lies within the Ulzit Gol License in
West-Central Mongolia. The trenches were originally completed and
sampled by a Soviet sponsored exploration program in the late
1980's.
The Ulzit Gol License covers 410,000 hectares and is located in
the center of the Bayanhongor Gold Belt. Pursuit holds a 100
percent interest in the license.
The HBH prospect is a gold/copper skarn located at the contact of
a metamorphosed limestone and a diabase sill. Mineralization has
been identified by trenching along a 2 km arcuate contact zone.
Previous reports noted a possible initial resource of 110,000 oz
gold, based on a 4.0 g/tonne gold cut-off. No drill testing has
been carried out, and most of the 2 km zone is not exposed.
Pursuit began an exploration program on the HBH prospect in early
June 1997 and initially completed the cleaning and re-sampling of
5 trenches which exposed the skarn mineralization. Trenches 1 to
3 (20 m apart) are located 600 metres east of trenches 4 and 5.
/T/
Results are as follows:
Trench Gold Width Including (9/h gold)
(g/tonne) (m)
1 3.72 10.0 6.25 over 5 m
2 4.47 8.0
3 5.67 6.0
4 17.42 10.0 28.6 over 6 m
5 nil 8.0
/T/
In addition, Pursuit has collected 913 soil samples over the 2 km
long contact zone. Results are pending. Geophysical surveys
(magnetics and induced polarization) are now being carried out
over the prospect area. Initial drill testing of the HBH prospect
is anticipated by August of this year.
The Ulzit Gol License area includes several other known gold
prospects. Gold mineralization is typically associated with
intrusive events characterized by quartz stockworks, veins and
skarn. South of the HBH prospect Pursuit is also sampling the
Khar at uul prospect which has reported samples up to 15.0 g/t
gold. Pursuit management is very excited about this extensive
gold bearing quartz stockwork zone, which is 1 km x 2 km in size.
Pursuit holds direct and indirect interests in 5 licenses in
Mongolia totaling 2 million hectares. Exploration teams will be
evaluating a number of priority gold prospects this season.
Pursuit expects to drill test at least three prospects by year
end.
Pursuit is a Canadian public company whose shares are listed on
the Toronto Stock Exchange under the symbol ("IPJ").
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen R. Dattels William Burton
President and CEO Vice President, Exploration
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
International Pursuit Corporation
Investor Relations
(416) 947-9216 or 1-800-396-5188
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