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Gold/Mining/Energy : Consolidated Magna Ventures (CMV.V)

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To: Joe Veres who wrote (167)	11/6/1997 2:37:00 PM
From: John Fairchild	Read Replies (2) of 380

News Release. - Respectable - interesting statements regarding lack of recovery. Future drilling will be RC (not before new year). NOVEMBER 6, 1997 Consolidated Magna Drill Results from Reyna de Oro VANCOUVER, BRITISH COLUMBIA--Consolidated Magna Ventures Ltd. is pleased to report additional drill results from its Reyna de Oro property in Chihuahua, Mexico. A total of 10 holes were drilled which successfully tested the mineralized stratigraphic horizon over 150 m. in strike length. Drilling has confirmed that the deposit is predominantly stratigraphically controlled with mineralized thicknesses of at least 30 m. and up to 70 m. wide in some areas not yet drill tested. /T/ Hole From - To Width Width Au Equiv. Au Cu (m.) (ft.) g/t g/t per cent ------------------------------------------------------------- No. 5 3.70- 25.0 21.3 69.9 0.66 0.43 0.11 84.4 - 96.0 11.6 38.0 Tr 0.50 No. 8 59.0 - 89.9 30.9 101.4 1.42 1.19 0.11 includes 59.0 - 75.0 16.0 52.5 2.42 2.06 0.18 No. 9 Abandoned No. 10 44.8 - 78.3 33.5 109.9 1.79 0.99 0.38 includes 58.5 - 78.3 19.8 64.9 2.32 1.39 0.44 /T/ The mineralized volcanic sequence that hosts the ore dips shallowly into the hillside and has been traced along strike by prospecting for 1 km. west and 400 m. east of the current drilling. In addition, multiple other mineralized zones have been sampled from other areas on the property. Since some of these zones have been mined by local gambusinos, there remains significant potential for some interesting new discoveries from the property wide reconnaissance sampling work. As previously reported drilling to date has met numerous technical challenges, geologists and management now believe that these problems are causing somewhat lower gold grades to be encountered in the drilling than seen in both surface and underground sampling. The explanation lies in the fact that high grade samples with fine free gold (402 g/t) are being panned from altered and oxidized seams and fractures in the stockwork zones by the gambusinos. These seams are in all probability being washed away by the high water pressure and vibration during the drilling process contributing to poor core recoveries. Additional evidence is exampled in Hole No. 8 which was drilled between the two Cuse tunnels and no further than 5 m. from either. Cuse Nuevo averaged 3.80 g/t (54 m.) and Cuse Viegjo averaged 2.83 g/t (45 m.) which was more than a 100 percent increase over values in the drill hole. The Cuse Viejo tunnel has been sampled by two different sample teams and both obtained an average grade over the entire width that was within 0.1 g/t gold of their counter-part. The underground sampling is believed to be a much truer representation of expected grade particularly because it can also be substantiated by historical production and sampling. Even so, results to date have achieved economic grades over significant widths as summarized in the table above. Of particular interest is the correlation between Hole No.5 and Hole No. 10. Hole No. 10 was drilled significantly higher in elevation than and pointed back towards Hole No. 5. The mineralized intercept in Hole No. 10 was truncated by a fault 40 m. above where the mineralized intercept in Hole No. 5 began when it emerged from the fault drilled from the other side. This may indicate a mineralized zone up to 80 m. in width with 40 m. still untested (illustrated in the attached section). In addition, evidence is mounting to support the theory that we will encounter multiple stacked mineralized lenses although intense faulting is complicating geological correlation between holes. Further results of surface property reconnaissance with potential new discoveries is anticipated over the next several weeks. The Company has set employee incentive stock options to acquire up to 150,000 shares at $0.70 per share for a two year period. Consolidated Magna Ventures Ltd. is a growth-oriented mineral exploration company listed on the Vancouver Stock Exchange (Symbol- CMV.VSE). ON BEHALF OF THE BOARD OF DIRECTORS CONSOLIDATED MAGNA VENTURES LTD. Bradley T. Aelicks, President NOTE: Location maps available from the Company at the phone number listed below. -30-

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