NEWS RELEASE
Trading Symbol: PHO CUSIP NO.: 718923-10-5
US 12g3-2(b) NO.: 82-4419
Progress Report,October 28, 1997
Despite difficult market conditions, Phoenix Gold Resources has been maintaining active exploration programs on several projects:
1. Coyote Knolls, Epithermal Gold-Silver Property, Utah, USA
Work consisting of geophysics, trenching, stockpiling of ore and diamond drilling are all in progress. Best surface assays to date included 135 opt silver (4200 gpt)and 0.52 opt gold (16.7 gpt). The company and its affiliate, Orion International Minerals, are now completing DDH hole No. 6. Assay results are expected within
two weeks. The company is also in negotiations to option a 100% interest in 13 additional claims lying within the Delta Quadrangle which has produced three million ounces gold and 300,000,000 ounces of silver. The new acquisition has an IP geophysical target measuring 100 ft wide x 2000 ft long.
2. Platinum, Tulameen, BC
The company has completed nine diamond drill holes to date. Surface rock chip samples have provided for assays to 19 grams platinum per ton. Core is continuing to be logged and sent in for assay. A report will be compiled when final information is completed from participating laboratories.
3. Copper-Gold Skarn, Rock Creek, BC
Two diamond drill holes have been completed and a third hole has been collared.The core appears well mineralized and is being split for assay.
Phoenix Gold Resources looks forward to providing more detailed information in the near future.
We encourage all parties to review our web site for background information on the company and properties; phoenixmining.com
ON BEHALF OF THE BOARD OF DIRECTORS
JOHN W. CARLSON, President
INVESTOR RELATIONS in Vancouver:
DICK LONSDALE
Tel: 604-689-9960
Fax: 604-684-3499
ROBERT MATTHEWS
Tel: 604-732-3316
Fax: 604-732-4096
Toll free: 888-732-8366
e-mail: norwest@axionet.com |
