another NR
Alliance Pacific Gold Corp APG
Shares issued 8,164,116 Dec 9 close $0.37
Wed 10 Dec 97 News Release
See Big Blackfoot Resources Ltd (BLF) News Release
Mr Paul White reports
CARAMELIA PROJECT
Drilling permits were received from BC authorities on December 1 1997, and
drilling will commence forthwith. Drill target locations are selected,
following a substantial surface program. Reconnaissance sampling produced
assays from trace Au through anomalous values to 1.0 ounce per ton, in the
process. A significant increase in reserves is the goal of drilling of gold
targets. There are 3% - 5% base metal occurrences which increase the
property's potential beyond reliance on precious metals alone.
LOVE PROJECT (Lincoln, Montana)
Final location of drill sites was completed on October 28 1997. Drill site
and access road permission is awaited from the Helena Forest Reserve. No
delays (excepting mail service) are anticipated. Confirmation of deeper
known (250 - 1000 ft) high grades (0.3 opt class) and enhancement of proven
reserves over 250,000 ounces are anticipated, from previous drill results.
The project remains viable for 1999 production plans.
PLATA INCA PROJECT
Alliance Pacific Gold informs the company that it will commence an
immediate program of trenching and drilling on the P3/P4 zone, at the
estimated cost of $400,000, which financing has been arranged. Winter
surface access will commence before December 15 1997, for transport of
fuel, bulldozers and a rotary drill, which will remain on site through
1998. Reserves at March 1997 indicate an 800,000 oz Au. Geological
resource, with 100,000 oz proven and probable, in the P-3/P-4 zones,
according to APG's 1996-1997 reports. The property has excellent potential
for commercial precious metal and polymetallic deposits. Big Blackfoot
Resources retains 100% ownership until $2,000,000 expenditures are
complete. With the current program, 1996-1997 expenditures will approach
$1,000,000.00 by Alliance Pacific Gold.
Current gold prices are stabilized at US$300+ (C$420), disruptions in Asian
stock exchanges and the last of fallout from scandal in Indonesia have a
depressing effect on most producing companies. The Canadian dollar price is
not yet disturbing, and gold will be sought and paid for, as reality
emerges. The acquisition of producer properties which need cost cutting and
fresh technology is at hand.
Big Blackfoot expects prices to improve significantly by the end of 1999,
when its production development for Montana is expected to be completed.
Fundamentals of production versus consumption favour shortages over the
next two years, and restoration of higher prices. The company continues to
seek cash flow producing properties.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
