PAMLICO RESOURCES LTD.
Suite 406 - 535 Howe Street
Vancouver, British Columbia
V6C 2Z4
Telephone: (604) 688-9517
Fax: (604) 688-9726
E-mail: info@pamlicoresources.com
Web site: www.pamlicoresources.com
March 17, 1998 Trading Symbol: PGP
NEWS RELEASE
PAMLICO STAKES ADDITIONAL CLAIMS ADJACENT TO DOROTHY LAKE PROPERTY
PAMLICO RESOURCES LTD (the "Company") today announced that they have
recently staked an additional 52 claim units adjacent to the Dorothy Lake property, located 65 kilometres west of Pickle Lake, Ontario and 15 kilometres northwest of Barrick's Golden Patricia mine site.
The Dorothy Lake Property is 100% wholly owned by Major General Resources Ltd., subject to a 2.5% net smelter royalty. The Company has the right to exercise an option to acquire a 51% interest in the Property upon meeting certain requirements, including issuing a total of 200,000 shares of the Company to Major General by December 1, 1999, making cash payments totalling $75,000 by October 1, 1999 and incurring total expenditures of $1,500,000 on the property by October 1, 2000.
Previous drilling on property has outlined approximately 215,000 tonnes averaging 0.179 opt Au within the 700 meter long Main Zone and
intersections of up to 0.49 opt over 1.5 metres have been returned from the West Zone. The newly-acquired claims cover the possible downdip extensions of the Main and West Zones as well as further prospective ground along strike to the northwest and southeast of these known gold occurrences.
Pamlico Resources Ltd. is a Vancouver-based mineral exploration and
development company.
PAMLICO RESOURCES LTD.
"Terence Steel"
Terence A. Steel
President
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. |
