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Gold/Mining/Energy : Ballad Ent.;BDC.Vancouver

BDC 119.90

-0.3%

3:59 PM EST

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To: arizona_ice_tea who wrote (55)	9/17/1997 1:42:00 PM
From: arizona_ice_tea	of 107

NEWS ELEASE Ballad Enterprises Ltd. wishes to announce that based on preliminary exploration results on the four Las Aguilas concessions it did not make the required US$115,000 payment July 13, 1997 which was necessary to maintain its interest in the Las Aguilas concessions. Ballad has attempted unsuccessfully to renegotiate payment terms. Ballad's acquisition of the Las Aguilas concessions was pursuant to an agreement with Dr. Alphonso Aguilar. Ballad has received his consent to abandon the Las Aguilas concessions. The four Las Aguilas concessions total 3,800 hectares and were part of Ballad's Arequipa Gold Project totalling 9,900 hectares in Southern Peru where Ballad's target is a large tonnage, low grade disseminated gold deposit. Exploration results to date on the four Las Aguilas concessions have confirmed the presence of gold hosted in veins but mapping on the Las Aguilas concessions has failed to identify targets for the large-tonnage, low grade deposit to justify maintaining the concessions on the present acquisition terms relative to other Ballad projects. Ballad has entered into discussions for the possible joint venture development of the remaining concessions in the Arequipa Gold Project. In addition to exploration of the remaining concessions in the Arequipa Gold Project, Ballad continues to explore its other properties throughout Peru. BALLAD ENTERPRISES LTD. Per: ________________________ Anthony J. Beruschi, President The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. ************************************************************** Ballad Enterprises Ltd. VSE - BDC Suite 606 - 700 West Pender Street 604-682-7159 Vancouver, BC, V6C 1G8 N.America : 1-888-880-2288 Roger Kelly, Investor Relations www.canvest.com/ballad/ Gold Exploration in South America ballad@express.ca Questions ? Investors? E-mail us. **************************************************************

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