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Gold/Mining/Energy : ECM.VSE - El Callao Mining.

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To: John Soileau who wrote (1116)	2/3/1998 2:38:00 PM
From: Abner Hosmer	Read Replies (2) of 1253

El Callao Mining Corp - News Release Drill results from Lo Increible property El Callao Mining Corp ECM Shares issued 39,007,250 Feb 2 close $0.42 Tue 3 Feb 98 News Release Mr John Anderson reports The company has discovered a new gold zone and further diamond drill results from other gold zones at its Lo Increible gold property in Venezuela where it has a right to earn a 70% interest. The new discovery known as the Extranjero zone is nine kilometres northeast of Sophia at the west end of a seven kilometre long gold soil geochemical anomaly originally outlined in 1994-95. Extranjero Zone Hole Core From To Interval Gold Size (m) (m) (m) g/t 97-220 HQ 54.4 73.5 19.1 3.29 97-222 HQ 93.0 97.5 4.5 4.38 97-224 HQ 75.0 77.O 2.0 3.39 80.0 92.0 12.0 3.73 97-253 HQ 47.0 47.8 0.8 7.44 57.2 58.8 1.6 6.98 99.0 102.5 3.5 1.77 97-254 HQ 154.7 171.0 16.3 3.34 97-257 HQ 116.0 120.0 4.0 1.64 124.0 131.3 7.3 1.88 165.3 169.0 3.7 1.49 97-258 HQ 148.0 150.0 2.0 5.04 97-259 HQ 89.0 106.0 17.0 1.76 Nine of the holes (220, 224, 253 to 259) drilled along a 250m strike length have defined at least two en-echelon zones of gold mineralization. The tenth hole (222) intersected mineralization 400m to the east. The mineralized zones are between four and 15m thick and have been drilled to between 100 and 150m down dip. This first phase of drilling in the Extranjero zone indicates there is good potential to find additional mineralization along this seven kilometre long trend. The Extranjero zone remains open down dip. Additional drill results have also been received from the Sophia zone and the La Loca zone, which are also in the La Experencia area of the property. Sophia Zone Hole Core From To Interval Gold Size (m) (m) (m) g/t 97-250 HQ 100.0 128.0 28.0 2.68 146.4 154.5 8.1 1.76 97-251 HQ 116.0 142.4 26.4 3.48 These holes were drilled approximately 50m east of the holes released on August 21 1997. The Sophia zone is an extension of the original Sophia showings and is an oval shaped body 60m wide and averaging 25 to 30m thick in the centre. Sophia has been intersected down dip for approximately 200m, and remains open down dip. Three diamond drill holes were drilled to further test the La Loca zone, previously drilled with RC drilling in 1994. La Loca is three kilometres northeast of Sophia. Hole Core From To Interval Gold Size (m) (m) (m) g/t 97-260 HQ 64.0 73.0 9.0 8.86 97-261 HQ 64.0 79.0 15.0 2.58 94.8 96.2 1.4 13.17 97-262 HQ 58.0 61.1 3.1 3.68 71.0 75.O 4.0 1.75 112.0 116.0 4.0 4.84 Mineralization at the La Loca zone consists of quartz sulphide veining and sulphide breccias with strongly sericitized and sheared pillow basalt and felsic tuffs. Mineralization has been intersected over 100m of strike length (north trending) and down dip for 100m. The mineralization dips 45 degrees east and has a true thickness of six to 15m. The La Loca zone is open along strike and down dip. Based on the Extranjero discovery and new extensions to the Sophia and La Loca zones the company is currently recalculating the previously reported resource estimate of 2.0 million ounces of gold on Lo Increible. This new resource calculation will be used to develop a pre-feasibility study that will update the positive independent scoping study released in July 1997. The results of the pre-feasibility study will be released during the second half of 1998. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

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