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Gold/Mining/Energy : Western Copper Holdings Ltd. T.WTC
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To: jack marshall who wrote (276)4/17/1998 10:28:00 AM
From: rdww   of 401
 
another opinion - cannacord Fri AM

WESTERN COPPER HOLDINGS ("WTC-T") -Teck and Western Copper released
further drill results from the San Nicolas massive sulphide discovery
in central Mexico (refer to table and map below). The known sulphide
resource of the deposit stands at approximately 100 Mt. The new
step-out drillholes confirm that valuable sulphides occur outside of
the deposit's geophysical footprint. SAL-54 intersected 6.0 m with
184.8 g/t silver and 14.3% zinc. SAL-38, SAL-39, SAL-52, and SAL-56
did not contain significant results. Further drilling is needed to
determine if these sites restrict the dimensions of the deposit. We
know that San Nicolas has been broken by faults that created gaps in
the mineralization. We also know that deep sulphides should not have
been detected with a shallow sensing Quantec real-section IP survey.
>From the information provided to date, we believe that the deposit
remains open in all directions, although it pinches in the north at
SAL-58 where only 5.0 m were found.

Starting this week, Teck/Western Copper JV will start to drill other
gravity and IP anomalies at the El Salvador property. Western Copper
will also start work at targets on its 100% owned Penasquito Project
in northeastern Zacatecas.

The stock is a SPECULATIVE BUY with a target price of $12.75. Dr.
Glenn Brown - Canaccord Research
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