AMC drops $.04 to $.45.....
I guess the shareholders were not receptive to the news release and having their shares diluted today...
perhaps a good time to average down??????
Brillo
Abacus Minerals: Phase I Drilling Completed
VANCOUVER, BRITISH COLUMBIA--Abacus Minerals Corporation
(the"Company") announces that company insiders and management have
agreed to carry out a Private Placement Financing of 500,000
Special Warrants at a price $0.50 for net proceeds of $250,000.
Each Special Warrant is exchangeable into one common share and one
share purchase warrant exercisable for a two year period. Each
share purchase warrant will be exercisable at a price $0.50 in the
first year and $0.575 in the second year.
Proceeds from this financing will be primarily used for ongoing
diamond drilling of the La Manchuria gold-silver property in Santa
Cruz, Argentina. Abacus is earning a 100 percent interest in six
properties (including La Manchuria) in this area from Barrick Gold
Corp., subject to a Barrick 50 percent back-in right. Abacus must
carry out US $2,700,000 over a four year period with at least US
$500,000 spent in this first year. Abacus has now met its first
year work commitment.
Abacus is nearing completion of its seventh diamond drill hole at
La Manchuria. Drill holes have varied from 100-300 metres in
depth. The La Manchuria deposit target is a silicified epithermal
gold-silver stockwork system with potential for a near surface
bulk tonnage open-pit deposit. It also has the potential for a
deeper higher grade epithermal vein system similar to Anglo
American's Cerro Vanguardia Mine, located 80 kilometres east of La
Manchuria. Cerro Vanguardia has stated reserves of 13,500,000
tons grading 9.5 g/t gold and 125 g/t silver. Trenching at La
Manchuria completed by Barrick in 1996 include results of 110
metres grading 1.48 g/t gold and 57.7 g/t silver and 180 metres
grading 1.37 g/t gold and 14.89 g/t silver. Work completed by
Abacus in 1997 includes trench results of 70 metres grading 1.18
g/t gold and 51.77 g/t silver.
Abacus' geological crew in Argentina will now take a two week
break in which to wait for initial drill assay results prior to
commencing further diamond drill testing at La Manchuria. During
this break, Abacus' field crew will visit the previously
unexplored Cerro Morro and Rio Oro properties which are 2 of the 6
properties included in the Abacus/Barrick joint venture. These
two properties were acquired by LAC Minerals in 1990 based on
satellite imagery which clearly indicated good alteration and/or
structural settings for epithermal precious metal deposition.
Abacus is extremely eager to begin exploration programs on these
last two properties. Four of the six properties previously visited
have been identified to have very significant mineralized/altered
systems (most notably at La Manchuria). There is excellent
potential that significant mineralization will also be discovered
on Cerro Morro and Rio Oro.
Assay results from La Manchuria drilling will be released upon
receipt from Acme Analytical Labs in Santiago, Chile.
ABACUS MINERALS CORPORATION
Steve L. Todoruk, P.Geo. President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Abacus Minerals Corporation
Steve L. Todoruk, P.Geo.
President
(604) 682-0301 or 1-800-811-5388
(604) 682-0307 (FAX)
Email: info@abacusminerals.com
Website: abacusminerals.com
The Vancouver Stock Exchange has not reviewed and does not accept
the responsibility for the adequacy or accuracy of this release.
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