September 22/97 News Release.............
Company: Prospex Mining Inc.
Symbol: PRM Exchange: VSE
Telephone: (604) 689-0988 Fax: (604) 687-3797
Website: prospexmining.com
September 22, 1997
Moving Forward on West Africa Gold Focus
Prospex Mining Inc. (formerly known as Akiko Gold Resources Ltd.) is moving forward on its previously announced program of focusing its resources on acquisition and exploration of gold properties in West Africa while retaining upside potential, but not obligations, in its former projects in the Americas.
As part of this program, Prospex has agreed to assign its 50 percent leasehold interest in the Colorback claims and certain adjacent land located in Lander County, Nevada, to Bradner Resources, Ltd. Prospex has retained the upside potential with its right to acquire half of the property owners' 4 percent net smelter returns production royalty on the Colorback claims. In consideration for assigning its leasehold interest, Prospex is to receive aggregate payments of US$25,000. issuance of an aggregate of 75,000 common shares of Bradner Resources, and reimbursement of certain maintenance fees and lease holding payments recently incurred. In addition, Prospex ceases to share responsibility for over US$100,000 in annual maintenance fees, lease holding payments, and work obligations. Closing by Bradner is subject to satisfactory title update and Vancouver Stock Exchange approval.
Meanwhile, at the Company's 141 square kilometer Antubia/Afere concession in southwestern Ghana on the west side of the highly mineralized Sefwi - Bibiani belt, drill targets with gold potential
have been identified in the Afere zone by a third phase of exploration, which included trenching and induced polarization surveys. Other target zones on the concession requiring additional trenching, induced polarization surveys, and geochemical soil sampling have been defined based on a recently completed sophisticated and detailed interpretation by CME & Company of the Phase I and II exploration data. The Company is also in advanced negotiations to acquire interests in additional gold exploration properties in West Africa.
On Behalf of the Board of Directors
"Stanley K. Hamilton"
President & Chief Executive Officer
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