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Gold/Mining/Energy : Pure Gold Minerals (PUG)-TSE

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To: violetta martinez who wrote (549)	4/23/1998 9:39:00 AM
From: Famularo	Read Replies (1) of 1030

Angola negotiations continue Pure Gold Minerals Inc PUG Shares issued 26,379,471 Apr 22 close $0.98 Thu 23 Apr 98 News Release Mr Donald Sheldon reports ANGOLA Gold is negotiating with the owners of two diamond concessions straddling the Chicapa River in the Lunda Norte area of Angola. The total area of the concession is 300 sq km. Some areas of the concessions provided 350,000 carats at a grade of 0.4 carats/cubic metres with a 2:1 stripping ratio. The average value is US$200/carat. Pure Gold has paid a deposit to secure an interest in these rights and will make a further payment as soon as the due diligence has been completed. SOUTH AFRICA Agreement in principle has been reached with Thabex Exploration a publicly trading (Johannesburg Exchange) South African diamond exploration company, to acquire an interest in its diamond concession in South Africa. The project, known as the Douglas project, is 450 ha in size and contains 3.65 million tonnes indicated diamondiferous reserves at an average grade of 1.1 carat per 100 tonne at an average expected price of $757.00 per carat. Mining of this project began April 15 1998, and will be increased from the current 100 tonnes per month (from exploration trenching) to a diamond mine, producing at a rate of 50,000 tonnes per month. As soon as due diligence is complete, a further news release on the terms and timing of the project will be made. The two projects represent a further diversification for Pure Gold as it expands its potential for economic diamond production. ALBERTA Further news is expected shortly from the Ashton Mining of Canada/Alberta Energy Company joint venture regarding microdiamond counts in new kimberlites discussed in news release dated March 23 1998

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