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Clarification
Alliance Pacific Gold Corp APG
Shares issued 8,164,116 Sep 22 close $1.45
Tue 23 Sept 97 News Release
Mr Brian Lueck reports
At the request of the VSE, the company would like to clarify the status of the resource potential stated in the company's news release dated September 19 1997 (Stockwatch, September 22). In the September 19th release, the company stated: "In 1981, Goldfields Asia calculated an open pit exploitable gold resource potential at Mainit in the order of 30 million to 90 million tonnes containing 3 to 10 g/t Au. This resource assumes a 10 to 30 metre surface thickness over an area of one sq km, the known area of gold mineralization.
The metal resource potential for such a target is 3 to 30 million ounces of gold". The company retracts this statement in its entirety as this potential resource is not defined. This resource potential is based on surface sampling only, with previous results stated in the September 19th news release. There has never been any drilling done on this property, due to previous political problems. This resource potential is speculative and cannot be verified until the property is drilled. Only the surface
dimensions of the gold bearing area are defined, and surface sample density is not sufficient to determine an overall gold grade. There is currently noknown resource, or potential resource, indicating an economic orebody at this time. The company also stated that "The extent of surface alteration, and the degree of mineralization, point to a possible underlying porphyry copper-gold deposit of major dimensions. The potential to a depth of 300 metres is in the order of +500 million tonnes." The company retracts this statement in its entirety. The company previously stated in its September 19th news release, in
reference to the Kilong-Olao property, that: "Marcopper had reported an open ended drill-indicated resource of 50 million tonnes in the southern half of Kilong-Olao where drilling was focused. Al Magan's review of Marcopper data indicated a resource of 68 million tonnes at 0.32% Cu. ... Gold was not determined but local panners were recovering gold from the drill sludge left at the hole collar." In the company's opinion, this resource is, at best, in the inferred category, and further infill drilling as well as redrilling of the old holes is required to confirm these results. This copper resource was calculated by Al Magan (a Philippine engineering group) and was based on over 20 vertical diamond drill holes drilled by Marcopper. Marcopper's estimate for the grade was 0.4% copper. The gold in drill cuttings and in creek gulleys draining the deposit was confirmed by MRA Consultants Ltd and
Alliance Pacific Gold Corp geologists on a recent property visit. The gold content of this porphyry is currently unknown. It has also come to the company's attention that investors are discussing the company's stock on the, "Silicon Investor Website". Several statements
in regards to the company's reserves and pending results are located on the website. The company does not know who is responsible for these statements and assumes no responsibility for their accuracy. Several statements concerning gold grades and proven resources are false statements and investors are cautioned that any information found on the internet is questionable in its accuracy, and investors should not rely on this information for investment purposes.
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