Hello Ross: Got this today and it sounds very encouSubject:
NEWSMINE - Samex - October 25/96
Date:
Fri, 25 Oct 1996 18:43:34 -0700
From:
Steve Stakiw <stakiw@info-mine.com>
Reply-To:
newsmine@info-mine.com
To:
Multiple recipients of list <newsmine@info-mine.com>
> SAMEX
> CORPORATE OFFICE
> 1100 - 675 W. Hastings St. SOUTH AMERICAN OFFICE
> Vancouver, B.C. V6B 1N2 Canada Calle 21 #8365 (Calacoto)
> Tel: (604) 688-6080 - Fax: (604) Casilla 474
> 688-6090 La Paz - Bolivia
> Toll Free: 800-828-1488 Tel: (5912) 790433
> E-Mail: samex@direct.ca Fax: (5912) 790434
> ----------------------------------------------------------------------
> WALTER PROJECT UPDATE - BOLIVIA
>
> * potential of up to 6 million tonnes @ 0.36 oz/ton gold equivalent
> at Walter South
> * 330 meters of new drifting brings total to 1.44km of underground
> workings
> * discovery of eight new vein structures
> * metallurgical tests achieve required results
> * 2000 meter core drilling program begins mid November
> * major mining group reviewing project
>
> October 25, 1996 SAMEX Mining Corp (SAMEX) is pleased to report that,
> over the past several months, a program of exploration drifting,
> metallurgical testing and central camp construction has been carried
> out at the Walter South zone within the Walter Project. The property
> covers 4,710 hectares and is situated 12 kilometers north of the town
> of Tomave which lies between Uyuni (80km) and Potosi (145kms)
>
> Recent work includes 330 meters of drifting along five vein structures
> which increases the total underground workings at Walter South to
> 1,444 meters. A complete summary table of results is attached. During
> this program eight new vein structures have been discovered within the
> Walter South zone which increases the number of sulfide bearing veins
> to 17.
>
> Results of this initial program are very encouraging and a decision
> has been made to accelerate and expand the work in progress. This more
> aggressive program will include approximately 2000 meters of core
> drilling at Walter South. Drifting along several fronts will also be
> enhanced with the acquisition of additional mining equipment. New road
> access is currently being constructed to other important mineralized
> areas of the property (Walter Central and North), where vein swarms
> with similar metallic content and grade have been discovered hosted in
> porphyry intrusions.
>
> The core drilling program at Walter South will focus on testing the
> subsurface extent of the veins and intrusions to depths of up to 350
> meters (see attached map). It is hoped that results will demonstrate
> their persistence to a much greater depth than that used (70 meters)
> in current resource estimations. If successful, the drilling program
> will give evidence that the vein resource potential of the Walter
> South zone is much greater than previously estimated (i.e. increasing
> from +/-1.2 to 6.0 million metric tons with 0.36 troy ounces/metric
> ton gold equivalent). This estimate does not take into consideration
> the resource potential associated with mineralized parts of the
> intrusions.
>
> Bulk vein samples were sent for testing to the metallurgical labs of
> Lakefield Research Limited (Ontario, Canada) and Elizabeth Varges
> (Oruro, Bolivia). The results to date have produced separate
> sphalerite and arsenopyrite concentrates recovering 87.76% of the
> zinc, 88.97% of the gold and 89.59% of the arsenic. The Company is
> very pleased with these early results, which demonstrate the viability
> of treating the ore with conventional floatation and extraction
> techniques. Further refinements, optimizations and recoveries of the
> other metals (Ag,Cu,Pb,Bi,Sb) will be undertaken during the next phase
> of metallurgical test work.
>
> Consideration will also be given to contracting out the exploration,
> development and production phases of Walter South to a major mining
> contractor. J. S. Redpath (Ontario, Canada) and Widman Brothers
> (Baker, Oregon), both experienced contractors in underground mine
> development, have been contacted with each expressing an interest in
> bidding on the project. A major mining group who recently visited the
> property will return mid November with a team of geologists to conduct
> a detailed examination on which to base future discussions. Management
> will continue to critically review all forthcoming developments and
> opportunities with a view towards optimizing long term shareholder
> value.
>
> October 25, 1996 Trading Symbol: SXG
>
> sample width length Au Ag Cu Pb Zn Bi As
> interval (m) (m) (g/mt) (g/mt) (%) (%) (%) (%) (%)
> VEIN POTOSI NORTH
> 555-574 0.60 20.0 3.540 81.9 0.38 0.20 6.97 0.05 n/a
> 354-359
> 593-2131 0.52 32.0 4.530 686.9 2.00 1.24 9.14 0.33 13.42
> 362-370
> 2137-614 0.61 30.0 4.730 89.3 0.38 0.18 0.85 n/a 10.60
> 373-378
> 9601
> 9608-9619 0.26 26.0 8.251 168.0 1.38 0.27 0.53 +/-0.11 >7.83
> 9623-9632 0.33 +20.0 5.867 938.5 0.71 0.23 0.48 +/_0.19 n/a
> VEIN POTOSI-SOUTH
> 9601-9607 0.26 +14.0 0.846 18.4 0.37 0.19 1.59 0.01 3.01
> VEIN PULLMAN-NORTH
>
> 9602-9603 0.15 +8.0 5.416 58.6 0.04 0.56 3.22 0.01 9.82
>
> VEIN PULLMAN-SOUTH
> 9613-9615 0.37 12.0 2.438 84.6 0.03 1.92 0.92 n/a n/a
> 9616- 0.30 40.0 1.165 124.4 0.13 1.55 8.14 n/a n/a
> 9625ab
> 9626ab- 0.27 +28.0 2.673 42.6 0.05 1.32 5.66 n/a n/a
> 9632
> VEIN DAHL-NORTH/SOUTH
> 9608S- 0.31 +20.0 2.987 104.3 0.15 0.60 0.77 0.03 6.44
> 9602N
> VEIN PUPUSANI - SOUTH
> 630-634 1.02 +30.0 3.050 114.1 0.32 0.47 6.46 n/a 9.82
> 381-388
> LITORAL ZONE - NORTH/SOUTH
> 9602-9606 0.19 12.0 0.361 38.0 0.13 0.69 2.38 n/a n/a
> 9608-9611 0.37 8.0 1.823 31.3 0.06 0.57 1.90 n/a n/a
> 9612-9613 0.40 4.0 0.080 3.7 0.07 0.10 0.33 n/a n/a
> 9614-9620 0.85 12.0 0.215 13.1 0.04 0.28 2.18 n/a 0.65
> 9621-9626 0.92 12.0 0.464 13.5 0.06 0.12 0.69 n/a n/a
> VEIN RICA
> 1057-1043 0.71 48.0 14.020 9.0 n/a n/a n/a n/a +/-16.62
> 528-602
> 607-644 0.68 18.0 9.300 10.6 18.0
> VEIN HUANCARANI
> 510-514 0.26 +10.0 12.760 n/a n/a n/a n/a n/a n/a
> 509-342 0.20 34.0 19.930 n/a n/a n/a n/a n/a n/a
> 311-321 0.40 28.0 24.130 3.6 n/a n/a n/a n/a 15.51
> PUPUSANI INTRUSION
> PP-94 +20.0 +57.0 1.100 28.0 0.09 1.24 5.60 n/a 9.18
>
> ON BEHALF OF THE BOARD OF DIRECTORS,
>
> "Jeffrey P. Dahl"
> Jeffrey P. Dahl - Vice Chairman
>
> The Vancouver Stock Exchange has neither approved nor disapproved of
> the information contained herein.
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