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Gold/Mining/Energy : Argosy Mining
AGO 90.39+0.5%Jan 8 3:59 PM EST
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To: Peter Bourgeois who wrote (136)8/12/1997 9:31:00 PM
From: S.G.   of 165
 
Kremnica Gold Project - Third New Zone Discovered

Argosy is pleased to announce an important new discovery at its Sturec gold deposit at Kremnica in the Slovak Republic. As shown on the available map (please contact company), the new "South Ridge Zone", is located west of the 965,000 ounce Sturec gold resource announced on April 30, 1997. The new discovery remains open to both the south and west. Argosy will commence drilling to define and extend the discovery shortly.

The South Ridge Zone has been tested by 13 diamond drill holes. Results are available for 11 holes as shown on the attached Table 1. The deeper intercepts in the holes AS-125, AS-127, AS-129 and AS-141 are east of the new discovery within the western portion of the Sturec deposit.

The South Ridge Zone is at least 500 meters long. While forest cover had obscured its presence, the new zone appears to outcrop on the top of a ridge and dip to the east. It consists primarily of quartz stockwork mineralization located in the footwall of the main Sturec deposit.

The discovery of the South Ridge Zone is highly significant as it will increase the total ounces in the Sturec deposit and decrease the waste-to-ore ratio for all of the mineralization located in the southern part of the Sturec deposit.

Assays from drill hole AS-3.2, the last of the deep holes drilled on the main Sturec deposit this year, are reported in attached Table 2.

Argosy is planning to complete a new resource calculation leading to a preliminary feasibility study this winter. The company expects that overall resources will be increased substantially by this year's drilling.

ON BEHALF OF THE BOARD

signed by "Y.R. Simpson"

YALE R. SIMPSON, President

TABLE 1 Drilling Results from South Ridge Zone

DrillHole From(m) To(m) Intercept(m) Gold(g/t) Silver(g/t)
AS-122 0.0 33.0 33.0 1.70 6.0
40.0 63.5 22.8 2.10 6.4
AS-125 0.0 6.0 6.0 0.55 2.8
26.0 50.6 24.6 0.92 5.7
78.2 81.2 3.0 1.00 6.0
84.5 91.0 6.5 0.89 5.2
96.5 97.5 1.0 3.02 9.7
105.0 110.2 5.2 1.07 3.8
164.0 175.0 11.0 1.17 19.5
179.7 184.2 4.5 3.98 10.2
AS-126 7.0 20.0 13.0 0.77 3.6
36.8 50.0 13.2 0.93 3.5
56.1 68.0 11.9 1.56 12.3
94.4 103.0 8.6 4.61 8.1
AS-127 53.0 60.2 7.2 0.92 4.9
73.5 118.5 45.0 0.81 5.7
AS-128 8.0 12.0 4.0 0.73 8.0
19.0 33.0 14.0 0.70 5.2
47.0 54.0 7.0 1.69 11.7
67.0 75.0 8.0 2.14 3.5
includes 1m @ 13.51 g/t Au and 14.5 g/t Ag
79.0 93.0 14.0 2.10 4.4
108.0 109.0 1.0 1.01 3.3
111.0 120.0 9.0 0.81 2.0
AS-129 3.0 10.0 7.0 0.81 2.4
32.0 38.0 6.0 0.60 3.4
44.0 57.4 13.4 0.70 3.7
72.0 82.0 10.0 0.95 13.2
86.0 98.0 12.0 1.38 10.5
104.0 109.2 5.2 0.71 5.2
157.0 165.0 8.0 0.68 3.4
171.6 174.0 2.4 2.24 11.8
210.0 219.0 9.0 0.93 6.5
AS-130 20.0 25.0 5.0 0.74 5.5
42.0 44.0 2.0 5.51 6.0
includes 1 m @ 10.53 g/t Au and 9.5 g/t Ag
48.0 56.0 8.0 0.66 3.0
83.0 84.0 1.0 0.85 1.8
89.0 90.0 1.0 0.67 2.5
assays pending for 91 to 92 m
92.0 95.0 3.0 0.80 7.3
120.0 127.0 7.0 1.92 3.5
no recovery from 121 to 122 and 127 to 128 m

AS-141 0.0 4.0 4.0 1.12 4.6
62.4 64.5 2.1 2.81 16.8
81.7 88.8 7.1 1.77 5.9
93.6 120.5 26.9 1.16 5.3
128.0 135.9 7.9 4.99 12.2
includes 130.0 131.7 1.7 20.61 27.8
156.0 161.3 5.3 1.41 4.0
183.0 188.6 5.6 2.39 5.8
AS-145 44.3 53.7 9.4 1.78 8.9
57.0 72.7 15.7 0.86 5.6
AS-146 4.5 10.5 6.0 1.45 4.8
AS-147 0.0 9.5 9.5 1.21 5.4
17.0 24.0 7.0 1.66 5.4
28.0 33.0 5.0 2.92 3.4
53.0 54.1 1.10 3.98 5.0

TABLE 2 Drilling Results from AS3.2 - Sturec Zone

DrillHole From(m) To(m) Intercept(m) Gold(g/t) Silver(g/t)
AS-3.2 88.5 98.0 9.5 1.44 2.6
111.3 125.0 13.7 1.65 7.5
133.0 136.0 3.0 2.71 48.6
141.1 150.7 9.6 3.51 8.9
Void from 150.7 to 153.4 m
153.4 165.1 11.7 1.93 11.2
Void from 165.1 to 167.9 m
167.9 176.9 9.0 2.22 9.8
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