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From: "Jeffrey P. Dahl" <samex@direct.ca>
Subject: News Release
Date: Fri, 22 Nov 1996 16:09:26 -0800
NEWS RELEASE
Trading Symbol: SXG No. 18-96 November 22, 1996
* DRILL PROGRAM AT WALTER GOLD/POLYMETALLIC PROJECT
* MANAGER OF GEOLOGICAL & TECHNICAL SERVICES APPOINTED
* EMPLOYEE STOCK OPTION GRANTED
A drill rig has arrived at the Walter Gold/Polymetallic Project in Bolivia
and a 2,000 meter core drilling program will commence shortly. Veins and
porphyry intrusions on the property host gold, silver, zinc, lead, copper,
arsenic, and bismuth (see Analytical Results - News Release #17 - October
25, 1996). Veins in the Walter South zone have an average grade of 0.36
ounces per tonne gold equivalent based on the combined metal value of the
gold, silver and base metals. The dacite porphyry intrusion averages 1.1
grams gold/tonne, 28 grams silver/tonne and 5.6% zinc. Sampling at surface
and underground suggests that grades in the intrusion could increase with depth.
A total of eighteen "Bolivian-style" polymetallic veins have now been
discovered within the vein swarm at the Walter South zone. Ongoing
underground exploration at Walter South is currently expanding vein reserves
in drifts and crosscuts at depths up to 100 meters below surface. The drill
program is designed to test the continuity of the veins and intrusion to 350
meters depth. If successful, underground drifting will begin at deeper
levels to further expand reserves. Other "Bolivian-style" polymetallic vein
systems in this region are known for their persistent mineable
mineralization to depths of 900 meters and lateral distances of up to 2
kilometers along strike. Veins at Walter South can be traced for 2
kilometers to the Walter Central area where more than a dozen veins with
similar metallic content and grade are exposed along with a dacite porphyry
intrusion. This extensive vein strike-length is indicative of the
significant tonnage potential of the Walter property.
The Company is pleased to announce the appointment of Nancy Sinnott M.Sc.,
P.Geo, as Manager of Geological & Technical Services at the Company's
corporate office in Vancouver.
On November 19th, SAMEX granted an employee incentive stock option on
100,000 shares exercisable at a price of $2.50 per share. The option is
exercisable over a five year period ending November 18, 2001 and is subject
to regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS,
Jeffrey P. Dahl - Vice Chairman
The Vancouver Stock Exchange has neither approved nor disapproved of the
information contained herein |
