Any Good Penny Resources Left? Message Board

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Gold/Mining/Energy : Any Good Penny Resources Left?

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To: J T who wrote (706)	5/5/1998 12:45:00 PM
From: GM	Read Replies (1) of 753

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... The rest of the release can be seen at pthr.com Regards GM

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