Light at the end of the tunnel? Some unfortunate news, but work maybe starting this year in Africa?
Karl
Pacific Galleon Mining Corp.
News Release
November 7, 1997
The Company wishes to announce that, due to adverse market conditions and
the inability to complete the brokered private placement announced August
21, 1997, the Company has relinquished its option on the OB Claims located
in The Yukon Territory, Canada. The Company is, however, retaining its 100%
interests in the Screamer Claims also in The Yukon and intends carrying out
its previously planned work program as soon as weather permits in 1998.
The Company also wishes to announce that, on the advice of its consulting
geologists in West Africa, operations on the Company's Finkolo concession in
Mali, West Africa will cease. Although the auger drilling results confirmed
the existence of three mineralized zones, the large majority of observed
gold grades were sub-economic.
The Company is pleased to announce that discussions with Tarkoola Ltd. on
the Company's West African properties are proceeding and an agreement is
anticipated shortly. Once agreements have been concluded, work programs for
1997/1998 will be put in place by the Company's joint venture partner.
By Order of the Board,
Peter Bryant
President and Director |
