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Gold/Mining/Energy : Peruvian Gold Ltd. PVO
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To: Jon Warren who wrote (366)10/8/1997 6:16:00 PM
From: Jon Warren   of 892
 
Press Release,

Developments in Peru

Peruvian Gold Limited PVO
Shares issued 14,204,966 Oct 7 close $0.88
Wed 8 Oct 97 News Release
Mr David Henstridge reports
The company has been advised by the appropriate authorities in Peru of
title deficiencies to Peru 3 (Ollachea prospect) that may lead to a
declaration that the lease is null and void. The company is the operator of
a joint venture whereby it can earn a 70% interest in the prospect by
financing certain exploration costs. The company is of the view that all
the matters were properly dealt with and an appeal has been lodged. No
further exploration work will be undertaken pending the outcome of this
appeal process.
Results have been received for the recently completed 12 hole program at
the Perenti gold prospect. Gold values were generally low with best results
of 4m of 1.88 g/t gold and 20m of 0.4 g/t gold. These results are not
considered significant and no further work is justified on this prospect.
A further five drill holes will be completed with estimated depths of 100m
each to test the copper oxide horizon which may contain in excess of 50
million tonnes. The drill pads are currently being constructed with a D8
and drilling is scheduled to commence next week. These holes are designed
to test the northerly extent of mineralization intersected in holes LRC4
(20m of 0.78% Cu) and LRC5 (20m of 0.58% Cu).
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
____________________________
Another gold bust but possibly a decent copper find. We'll see if
they can hold on to the property.

JW
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