N E W Sÿÿ R E L E A S E
ÿ
April 28, 1998ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿ V.S.E. Trading Symbol:ÿ PHO
CUSIP NO.:718923-10-5
US 12g3-2(b) NO.: 82-4419
Property acquisition; high grade silver ore processing - update
Phoenix Gold Resources Ltd. is pleased to report that the Company has
negotiated an additional property acquisition nearby its Coyote Knolls
property in Juab County, Utah, USA. Additionally, progress is continuing on
the Coyote Knolls silver gold property for near term production of ore
concentrates and anticipated cash flow from concentrate sales (see news
release of April 14, 1998 for a complete update).
Property acquisition - Dome Hill
Phoenix has recently negotiated to acquire a 100% interest in a highly
prospective silver gold property, Dome Hill, located approximately 10
kilometres (15 miles) from its Coyote Knolls property. The terms of the
agreement are a $3,000 initial payment and a 3% NSR, capped at $1,000,000.
Preliminary prospecting has returned extremely encouraging values with rock
grab samples assayingÿ 145 to 3860 gpt silver (4.23 opt to 112.45 opt) and
0.2 gpt to 10.31 gpt gold (0.01 to 0.3 opt). Phoenix is exploring the
possibility of processing a yet to be determined quantity of ore from an
existing stockpile at Dome Hill through its nearby Coyote Knolls processing
plant.
Phoenix will begin systematic exploration of Dome Hill shortly. The
exploration will include a comprehensive drill program coinciding with a
drill program at Coyote Knolls, as soon as cash flow allows.
Coyote Knolls - high grade silver ore processing - update
All processing equipment is now set up on site and the crew is making final
preparations for start-up. Some details such as well clearing and unusually
cold weather have not delayed the anticipated start-up date of
approximately April 30, 1998.
Phoenix looks forward to reporting further progress on both Coyote Knolls
and Dome Hill and potentially other properties in the near future.
All interested parties are encouraged to contact the company to ensure they
are placed on the email or fax distribution lists. The company web site,
phoenixmining.com, has recently been extensively updated and includes
several photographs of the property, ore, plant, and equipment. Site
updates will be frequent.
ON BEHALF OF THE BOARD OF DIRECTORS
"JOHN W. CARSON"
JOHN W. CARSON, President
INVESTOR RELATIONS in Vancouver:
ROBERT MATTHEWS
Phone: 604-732-8366
Fax: ÿÿÿÿÿÿÿ 604-732-4096
Toll free: 888-732-8366
E-mail: RMatthews@phoenixmining.com
Web site: phoenixmining.com
DICK LONSDALE
Phone: 604-689-9960
Fax: ÿÿÿÿÿÿÿ 604-684-3499
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. |
