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Gold/Mining/Energy : ENERGOLD (EGD.V)
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To: Bobby Yellin who wrote ()5/26/1998 11:02:00 AM
From: keith schaefer  Read Replies (1) of 130
 
Work program under way at Longyear

Energold Mining Ltd
EGD
Shares issued 12298194
1998-05-22 close $0.55
Monday May 25 1998
Also Eldorado Gold Corp (ELD)
Mr. H. Walter Sellmer reports
A detailed surface exploration program is well under way at the Longyear
exploration concession in the Dominican Republic. Longyear is beside Pueblo
Viejo, a 20-million ounce gold deposit with substantial silver credits.
A 37 line kilometre grid at 100 metre line spacing has been established. The first
phase of work in 1997 over a 15km grid at Longyear identified a multi-element
geochemical soil anomaly over an area of approximately 600m x 700m and open
in two directions. The current program has completed soil sampling of the
ex-tended 37km grid at 100m spacing.
Approximately 7km of a planned 17km IP survey has been completed.
Detailed geological mapping of the property is approximately half completed.
Over 50 test pits have been completed over an area of 500m x 600m to expose
bedrock from which samples are taken for assay. All samples have been shipped,
and the company is waiting for results.
Longyear is owned by Casa Real, S.A., a Dominican company owned by FMI
Technologies. FMI is owned 51 per cent by Eldorado Gold Corporation and 49
per cent Energold Mining. Energold is the operator for the first two years, or until
Eldorado has paid its $2-million commitment, and Energold's 49 per cent
undilutable interest is carried to feasibility.

-30-

PS Test pits results should be available by 2nd-3rd week of June.

KS
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