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Gold/Mining/Energy : MacMillan Gold
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To: Simon P. Schrijver who wrote (26)9/10/1997 1:59:00 AM
From: Simon P. Schrijver   of 43
 
MacMillan Gold Corp - News Release

Peru JV

MacMillan Gold Corp MMG
Shares issued 9,696,626 Sep 8 close $0.49
Tue 9 Sept 97 News Release
Also Cambior Inc (CBJ)

an anonymous director reports
MacMillan and Sociedad Minera Cambior Peru SA, a subsidiary of Cambior, have agreed to proceed jointly (50-50) with the exploration of several properties in the Huamachuco area of Northern Peru. Cambior Peru has been designated operator and has experience in the local geologic environment which hosts the La Arena gold project just to the west.
The property consists of three separate concessions totalling 1,600 hectares. The properties are underlain by Cretaceous quartzites which have been intruded by Tertiary age intrusive rocks. Gold mineralization has been identified by both companies' geologists associated with the intrusive contact with the quartzites. Gold is occurring in disseminated stockworks, in high grade quartz veins and also associated with polymetallic veining and breccias.
Gitennes Exploration has been exploring its Virgen gold property several kilometres south of the joint properties and OroPeru's El Toro gold property lies northeast of Huamachuco.
The companies will jointly finance a preliminary reconnaissance exploration program at the properties, after which the companies can elect to create a joint company to conduct further work at the property.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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