Great News today yet stock price goes unchanged at $7.00(c):
Miramar Mining Corporation
MAE VSE
October 2, 1996
New Mineralized Zone Discovered at the Co Mine
VANCOUVER, Oct. 2 /CNW/ - Miramar Mining is pleased to report that surface
drilling on the southern extension of the Con Mine, located in Yellowknife,
Northwest Territories, has identified a significant new mineralized gold
zone (Zone 104) at depths of 3,500 to 5,300 feet below surface, well above
the bottom of the Con Mine shaft. A total of 7 holes have been drilled over
an area extending 1,800 feet vertically and 1,500 feet laterally.
Significant intercepts in this new mineralized trend to date include the
following:
Hole Intercept Gold Grade
---- --------- ----------
Y86 14.6 feet 0.242 oz/ton
Y86A 7.8 feet 0.165 oz/ton
Y88 5.8 feet 1.060 oz/ton
Y96 2.7 feet 0.103 oz/ton
Y96A 1.1 feet 1.160 oz/ton
These holes are generally spaced more than 500 feet apart, however Miramar
is very encouraged by the style of mineralization and alteration
intersected. The grade of intercepts to date suggest that Zone 104 will be a
significant mineralized zone. Zone 104 is in an area which has no prior
history of exploration or production and it can be accessed from existing
underground workings. For comparison, individual mineralized zones at the
Con Mine have produced between 250,000 oz (Zone 102) and 2.3 million oz of
gold (Zone 101), and the Con Mine has produced a total of more than 5.4
million oz of gold to date.
These drill results, and the proximity of these intercepts to existing mine
workings, suggest the potential to define a significant new reserve area in
the Con Mine. The results also confirm the excellent exploration potential
in and around the Con Mine, where more than 800,000 oz in proven and
probable reserves have been added since 1993. A follow-up program of
drifting and underground drilling is planned for 1996-97 to better define
Zone 104. Miramar controls over 45,000 acres of land in the immediate
vicinity of the Con Mine.
Con Mine Operations
In addition, Miramar is pleased to report that it has realized increased
gold production in the third quarter of 1996 than was realized during each
of the first two quarters of the year. Throughout the third quarter, the
Bluefish hydroelectric plant has been producing electricity at near
capacity. The combination of this increase in gold production and the
increase in power generation will result in significantly reduced operating
costs in the third quarter than were realized in the first and second
quarters of 1996.
The Toronto & Vancouver Stock Exchanges have neither approved nor
disapproved of the information contained herein.
This News Release contains forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995. These
statements relate to the Company's beliefs and expectations as the result of
drilling results and operating developments at the Con Mine. These
forward-looking statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ from
those reflected in the forward-looking statements, including, without
limitation, risks and uncertainties relating to the interpretation of drill
results, the geology, grade and continuity of mineral deposits, accidents,
equipment breakdowns or other unanticipated difficulties with or
interruptions in production, unexpected costs and expenses, and other risks
and uncertainties, including those described in the Company's Annual Report
on Form 40-F for the year ended December 31, 1995 and Reports on Form 6-K
filed with the Securities and Exchange Commission.
For further information: Peter Maynes, Investor Relations, Tel (604)
985-2572
This release processed by Canstock at 13:32:44 Pacific Time |
