Hey look !.....poppa got a brand new bag.. the name is different but
the smell reminiscent.
Golden Panther Resources, Ltd.
201 - 1111 West Hastings Street, Vancouver, BC, Canada V6E 2J3
January 19, 1998
GOLDEN PANTHER RESOURCES ANNOUNCES:
GOLDEN PANTHER FINDS MASSIVE SULFIDE ZONE
Symbol: GPRX -L
Exchange: OTC- Bulletin Board
Industry: Mining
Subject: Massive sulfide zone discovered
Gordon Muir, CEO and Chairman of Golden Panther Resources, Ltd. is
pleased to announce that the test drilling completed in late December
1997 on the La Verde property has substantiated the width and vertical
extension of the newly discovered Navarro ore body and has located the
fault extension of the area currently being mined. The new ore body
Navarro was identified by a strong induced polarization chargeability
anomaly on the I.P. survey ( induced polarization ) and has graded 33
oz/ton Ag and 2% Cu on the first bulk sample.
The La Verde property is a rich polymetallic mineral property, operating
mine and facilities. It comprises 8,900 hectares of mining concessions
located about 160 km north of Mazatlan, Mexico. The La Verde mine
comprises four levels of mining in a spiral decline and currently
employs approximately 90 people.
The La Verde mine has generated an after tax net profit of approximately
$1.2 million US per year for over 10 years and the past 8 (eight) years
has consistently been milling approximately 200 tons of ore per day.
The property consists of limy volcanic beds with tetrahedrite and
chalcopyrite.
Overall average concentrate for the past two years is 184.6 dry tonnes
per month with an average of 5,806 grams of silver per tonne and 25.3%
copper per tonne. These numbers calculate to the following grades:
Historical Production
208 Tonnes per Day Net Smelter
Cu .93% 1,232,980 lbs/yr $ 751,995.00
Ag 214 g/t (6.88 troy oz) 413,551 troy oz/yr $1,169,522.00
Au .33 g/t (.01061 troy oz) 641.05 troy oz/yr $ 133,130.00
Net Smelter Return US $2,054,647.00
Ore in La Verde formation is hosted in well-sorted volcano-clastic beds
and is well defined. The Navarro, having just been discovered, is a
sulfide rich horizon and requires further definition. This zone could
host an important number of high-grade beds which would significantly
increase the total reserves. The strike length of mineralized and
lithologically related rock continuously outcrops for 2 miles to the
south. The several La Verde mine mineralized sequences have been traced
to the southwest for 2 miles to the Los Indos area in which I.P. values
ran up to 8 oz Ag/ton and 0.47% Cu in a 10 meter thick weathered
outcrop bed. Previous trenching of this area gave a representative
sample in excess of 27 oz/ton Ag.
Our geological team is now managing the drifting directly into the
Navarro zone from level four (4) of the current mine workings. The
results of the test drilling in December combined with the I.P. results,
it was determined that drill hole number 2 intercepted the tail of the
Navarro deposit. Further drilling of the Navarro will entail
underground drilling since this deposit is parallel to and hidden behind
the current mine zone. The drilling and I.P. results have determined
that the Navarro zone is 400 ft in strike, 660 ft in depth and 330 ft in
width.
The La Verde sequence averages over 7 oz/ton Ag and 1% Cu. The newly
discovered Navarro zone at this time, has a geological indicated reserve
of over 5.7 million tons.
The assay results from the first bulk sample graded 33 oz/ton Ag and 2%
Cu.
Geological mapping, surface sampling and geophysics are warranted for
eight other areas on the La Verde properties.
The La Verde properties is owned 100% by Golden Panther as per the
agreement signed by the Company in late 1997. For further information
on our company, please contact our office at 604-689-5377 or visit our
web-site www.goldenpanther.com.
Gordon Muir, CEO and Chairman or Alex Burton, Chief Geologist
Phone: 604-689-5377
Fax: 604-689-3744
Certain statements in this News Release constitute "forward-looking"
statements' within the meaning of Section 21E of the U.S. Securities
Exchange Act of 1934. Such forward-looking statements involve risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. |
