CARIBGOLD/PURE GOLD HIGHLY ENCOURAGED WITH DIAMOND POTENTIAL
IN SOUTH CENTRAL SASKATCHEWAN
TORONTO, ONTARIO--
David Bell, President of CaribGold Resources Inc. (TSE-CG) and Nelson Baker,
Director of Pure Gold Minerals Inc. (TSE-PUG), are pleased to report that
since last October the Companies have acquired, by staking, a total of
715,000 acres in an area of south central Saskatchewan.
The claims were staked to cover a significant concentration of variable
kimberlite indicator minerals consisting of high chrome pyrope garnets,
calcic pyrope-almandine garnets, magnesium almandine garnets and chrome
diopsides. Three separate clusterings of anomalous concentrations of
kimberlite indicator minerals were identified from samples collected in 1991
by the Saskatchewan Geological Survey. Wilf Jones, a diamond expert with
thirty years experience with Ashton Mining and Selection Trust and now a
consultant to Pure Gold, concluded that the indicator minerals were possibly
derived from three separate local kimberlite clusters.
Since staking the claims, the 50/50 joint venture completed a 15,000 line
kilometre high resolution magnetic survey (Sanders Geophysics Ltd.) over the
entire property with flight lines spaced at 400 metre intervals. The
Companies' geophysical consultants have selected 21 high priority circular
magnetic anomalies, some of which appear to be in clusters, that may
represent kimberlite bodies. The magnetic anomalies all lie within the high
concentration of indicator minerals.
Following a detailed compilation of data obtained, the Companies plan to
investigate the 21 magnetic anomalies by helicopter mag survey, ground
geophysics and drilling.
The Saskatchewan project is a 50/50 joint venture with Pure Gold Resources
Inc.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT: Mr. Paul Zyla, Chairman
Mr. David Bell, President
Tel: (416) 350-2338
Fax: (416) 350-3510
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