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Gold/Mining/Energy : Alliance Pacific Gold Corp, V.APG (formerly Yukon Gold -V)
APG 36.07-0.9%3:59 PM EST
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To: Augie Goldspechkt who wrote (17)7/15/1997 7:57:00 AM
From: Bill   of 209
 
Independent property due diligence under way on Buduk gold
project

Alliance Pacific Gold Corp
APG
Shares issued 8164116
1997-07-14 close $0.75
Tuesday Jul 15 1997
Mr Brian Lueck reports
The company has hired the engineering firm of Watts, Griffiths and McQuat to
conduct independent due diligence of the results from the Buduk gold project
in Indonesia. The engineering firm is currently on the property, and is
resampling the split core which has been archived at the site.
The company is meeting its current financial requirements through the
purchase of outstanding warrants. This financing will meet all of the company's
cash requirements until mid-1998.
The surficial oxide deposit at Buduk is currently being evaluated as a mineable
deposit, and a scoping study is under way to determine the program
necessary to finish a final feasibility study and put this deposit into production.
Recent drilling has shown an upgrade in the resource to an average grade of
2.2 g/t Au and this indicates a current total oxide resource of approximately
180,000 ounces which occurs within an oxide blanket from 0 to 7m deep. This
deposit is expandable and shows excellent economic potential in terms of
grade, mineability and profitability.
The company's stratabound gold deposit, which is separate from the oxide
deposit, also hosts a potentially economic gold deposit averaging 10.5m of 4.5
g/t Au. This deposit has been drilled to a depth of 150m and for a strike length
of over 1km.
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