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Gold/Mining/Energy : War Eagle Mining...[WEM:VSE]
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To: Jon Warren who wrote (57)10/10/1997 1:02:00 PM
From: Jon Warren   of 235
 
News Release

News releases clarified

War Eagle Mining Company Inc WEM
Shares issued 15,953,924 Oct 8 close $0.50
Thu 9 Oct 97 News Release
Mr Tim Brock reports
Clarification of October 1 and August 19 News Releases
The company collected 95 rock chip samples from five grid lines. Each line
was spaced 200m apart with the sample spacing at 50m intervals. Of these,
50 of the rock chip samples defined a mineralized zone 600m long by 400m
wide and may be open-ended to the northwest. The remaining 45 samples are
outside the mineralized zone and were of nominal value. The 50 chip samples
assayed an average grade of 14% lead, 20.1 oz/t silver and 0.02 oz/t gold.
The reported average grade may not be representative as a result of
possible surface enrichment.
As previously reported, a Mexican company processed 46,000 tons of ore. War
Eagle calculated run-of-mine grades at 10% lead, 1.5 oz/t silver and 0.045
oz/t gold. This calculation was based on limited information from the
former mine owners which may not be reliable and therefore the company
wishes to retract this information including its gross recovery calculation
of US$81 per ton at current prices.
At the request of the VSE, the company has agreed to engage an independent
consulting firm to re-sample the 50 rock chip samples within the
mineralized zone and assist the company in assaying the diamond drill core
during the November 1997 drill program.
It is not possible to define the previously reported 100 plus million
tonnage potential of the Promontorio project given the limited amount of
information to date.
The company would also like to clarify that the mineralization is both
laharic and fracture controlled and confined to quartz and calcite cement
that envelopes the clasts and fills fractures. The mineralization consists
of coarse pyrite, galena, and sphalerite that is massive only in patches.
Alteration of the clasts appears to be minimal except for hardening which
may be silicification.
The geophysical electromagnetic survey is being completed at this time in
advance of the drill program.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
____________________________________________________

So I guess everything they said before is horse hockey. We will
have to wait for more results from independant labs to find out
what is there. The way the VSE is telling them how to do things
leads me believe this is more Post-Bre-x shareholder protectionism.
I think it is good for the VSE to do that so eventually people will
start trusting junior mining companies again.

JW
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