Someone added a 100k bid @ 29c before the news was released.
Property acquisition
Starpoint Goldfields Inc STS
Shares issued 6,444,175 Aug 25 close $0.32
Mon 25 Aug 97 News Release
Mr Harry Bristman reports
Agreements on four concessions were signed on August 23 1997 by the Minister of Mines, the Honourable Kambale Kabila Mututolo of the Democratic Republic of Congo. The company has now acquired three additional gold and diamond concessions as announced in its July 24 1997 news release
(Stockwatch, July 25). The company has also acquired a 4,000 sq km tantalite concession. Tantalite is used extensively in alloys for strength and higher melting points in industrial metal, and in surgical steel.
An independent consulting geologist accompanied company officials to the Democratic Republic of Congo and a search by him of old mining records has revealed two reports relating to the gold and diamond concessions.
The first report indicated a soil sampling program had been carried out on a portion of one or more of the three gold concessions and gold grades of less than 1 g/t were indicated. It is uncertain what areas were sampled or what portion of the claims were examined. The report indicates an orebody of 60,000,000 tons of iron ore grading approximately 60% iron on one of the concessions. The company will now determine the economic feasibility of the iron ore. The report on this property was written by BRGM.
The second report contains raining production records from a Belgian mining company. This report indicates a total of 11,125 kg of gold were produced from the three gold concessions. The reports contain no information with respect to methods of production, costs of production, or grades of gold. All production ceased when the former Belgian Congo was granted independence.
No information on the tantalite concession or additional information on the previously announced Luiza concession was obtained.
The company has retained the services of two geologists from the Democratic Republic of Congo, one familiar with the Luiza area and one familiar with the area of the three gold concessions. These geologists will accompany the company's independent consulting geologist to all five concessions and
information will be made available when received.
It must be stressed that the consultant has not yet visited any of the concessions and no assumptions can be made about the extent of mineralization on these concessions.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
