Panther Resources Ltd. (PTHR NASD BB) news
Here is todays news release from Panther Resources.
Panther's Website is pthr.com
May 5, 1998
PANTHER RESOURCES ANNOUNCES:
Panther and Minera Humaya to Restructure Agreement
Gordon Muir, CEO and Chairman of Panther Resources, Ltd. is pleased to
announce that the company has signed an agreement under which the
parties will change the payment terms for Minera Humaya. All payments
from the previous agreement have been deferred until counsel and the
Directors of the companies have ratified the terms of a new agreement.
The company reports that any terms of the new agreement will be more
favorable for Panther Resources. These terms and conditions will be
released as soon as they are available for dissemination. Mr. Guinea,
President of Minera Humaya, is very pleased with the results from the
last month of exploration of the La Verde property by Panther
Resources. In fact, in light of the new agreement Mr. Guinea wishes to
speed up the delineation of the ore reserves and has agreed, at his
expense, to start 4 separate crosscuts from 2 levels. The company is
very pleased with this proposal, as it will save the company time and
money. At a potential 8 meters per day from these four drifts there
is a substantial savings to the company and for our shareholders of
more than $60,000 USD per month.
Significant new assays continue to verify the potential of the
property and reserve potential.
The following 3 blasts of approximately 1.8 m each in level 3,
crosscut # 41-A have the following results for a total distance of 5.4
m into the unmined fault offset of the La Verde ore beds.
Ag/gt 111 - 175 - 234
% Cu .5 - .5 - .32
This zone called unit one is very significant as it corroborates the
faulted extension of the bedded La Verde sequence continues to the
south east as predicted from the I.P. survey and drilling. This
sequence of mineralization should continue for approximately 30 meters
in width, 180 meters in length at this level and a vertical extent of
200 meters.
The last 2 rounds from level 4 in crosscut # NEX have the following
results for another 4 meters of mineralization.
Ag/gt 50 - 850
% Cu 0.20 - 1.12
This mineralization has continued for approximately 20 meters in the
first zone of Navarro. We expect a decline in grade and then a rise in
grade entering the second zone of the Navarro. This would give us a
total width of approximately 80 meters of mineralization. As predicted
from the I.P., drilling, and crosscutting into the new ore body
continues to produce high-grade silver with substantial width and
depth.
The company is also please to report that it has in its possession the
DRAFT copy of the long awaited Behre Dolbear Report on the exploration
activities on the La Verde Mine. The company is reviewing the report
and a summary of the contents will be released as soon as possible.
Behre Dolbear was founded in 1911 and is one of the most respected
consultants in the Minerals Industry.
The board of Directors of Panther Resources Inc. regrets the premature
release, on March 03, 1998 of a statement concerning the appointment
of Mr. Robert Grunburg as a member of the Board. Although all members
had been prepared to vote for such an appointment, such vote has not
yet been taken and as of this date Mr. Grunburg has not been
appointed. For further information on our company, please contact our
office at 604-689-5377 or visit our web-site pthr.com
Phone: 604-689-5377 Fax: 604-689-3744
Certain statements in this News Release constitute "forward-looking"
statements' within the meaning of Section 21E of the U.S. Securities
Exchange Act of 1934. Such forward-looking statements involve risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. |
