Ballad announces that it has filed its interim financial statements for the 9 month period ended September 30, 1997.
During the quarter, Ballad closed its acquisition of TVX Minera del Peru S.A. with TVX Gold Inc. TVX Minera del Peru S.A. holds a 100% interest in 35 property areas located in Peru totalling 31,100 hectares. Since March, 1997, Ballad has worked extensively on reconnaissance geological mapping and sampling on a number of these property areas. Based on results to date, it has conducted aggressive exploration and development on three of those properties with a view to establishing drill targets.
Ballad also continued to explore its other existing Peruvian and Brazilian properties and to conduct exploration in Peru on potential new acquisitions. The initial phase of Ballad's exploration program on its Anaua concessions in Northern Brazil has been completed. Ballad is evaluating the results and expects to meet with its joint venture partner, Vannessa Ventures Ltd., in January to review the project.
Subsequent to quarter-end, Ballad entered into agreements providing for an option to acquire a 100% interest in a 100 hectare gold mining property, the Santa Cruz de Mayo concession, which is situated approximately 700 metres north-west of Barrick Gold Corp.'s Pierina gold deposit in Northern Peru. The acquisition is subject to Vancouver Stock Exchange acceptance for filing.
Ballad also entered into an option to acquire a 100% interest (subject to a maximum 2% royalty) in two adjacent property areas totalling 1200 hectares which are located in the Quiruvilca mining district in North Central Peru. This acquisition is subject to Vancouver Stock Exchange acceptance for filing. The properties, called the Las Princesas Project, have good potential to host a large tonnage, low grade silver/gold deposit.
Ballad will be focusing its exploration effort on the newly acquired Las Princesas Project, and secondarily on the Santa Cruz de Mayo and Fabiola properties. Ballad has targeted a March/April drilling program on the Las Princesas subject to continued favourable exploration results, the completion of an access road and general market conditions. Ballad is also focusing on negotiating the possible joint venture development of the Santa Cruz de Mayo concession.
At September 30, 1997, Ballad held in excess of $1.5 million in cash and term deposits and had resource properties valued at $7,242,730.
BALLAD ENTERPRISES LTD.
per:"Anthony J. Beruschi"
Anthony J. Beruschi, President
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this News Release.
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Ballad Enterprises Ltd. VSE - BDC
Suite 501 - 905 West Pender Street 604-682-7159
Vancouver, BC, V6C 1L6 N.America : 1-888-880-2288
www.canvest.com/ballad/
Gold Exploration in South America ballad@express.ca
Questions ? Investors? E-mail us.
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