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Gold/Mining/Energy : Ballad Ent.;BDC.Vancouver

BDC 121.85

-0.3%

Oct 31 9:30 AM EST

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To: arizona_ice_tea who wrote (83)	6/16/1998 8:08:00 AM
From: arizona_ice_tea	Read Replies (1) of 107

Additional Alteration Discovered North of Las Princesas Discovery on Jose and Bonzai Concessions Ballad is pleased to announce that it has discovered additional zones of acid-leach alteration northwest of Las Princesas concession in Northern Peru. The zones were recently discovered by Ballad geologists during breaks from supervising ongoing road construction for the forthcoming drill program on Las Princesas Project. The two alteration zones are located approximately 7 and 9 kilometers northwest of Las Princesas discovery on a northwest-trending fault zone known to control the emplacement of porphyry intrusions, acid-leach alteration, and economic base and precious metal mineralization in the surrounding Quiruvilca area. The Quiruvilca trend is one of the most active exploration areas in Peru and includes Pan American Silver's producing Quiruvilca silver-lead-zinc mine and the Tres Cruces deposit. The two newly discovered alteration zones are located on the Jose and Bonsai concessions. Exploration and mining rights to these two concession areas and a third, the Manuel, have been obtained by Ballad through direct grant by the Peruvian Government. Exploration of Las Princesas Project began in late 1997. Surface mapping and rock sampling of Las Princesas concession led to the discovery of a broad northwest-trending area of acid-leach alteration on the north central part of the concession. Initial exploration focused on two zones of intense, pervasive acid-leach alteration. The north zone measures 700 meters by 250 meters and hosts two pyrite-quartz vein systems with numerous old workings. The south hosts old workings along a central pyrite-quartz vein and measures 400 meters by 100 meters. Follow-up exploration including trenching revealed the two zones within Las Princesas discovery were connected by 100-150 meter wide central zone giving a total length of 1,250 meters. Analysis of 661 channel samples yielded strongly anomalous base and precious metals mineralization with numerous samples containing ore grade silver and gold. Ballad's consulting geologists have interpreted Las Princesas discovery as a typical Peruvian high-sulphidation acid-leach hydrothermal system with similarities to Yanacocha, Pierina, Tres Cruces and Las Virgen de Fatima. Construction of access roads and drill pads on Las Princesas discovery is nearing completion. A ten-hole reverse circulation drill program on the north zone on Las Princesas is scheduled for July. Detailed grid rock sampling will continue on the central and south zones in preparation for a Phase III drill program. Continuing Phase I exploration of the two new discoveries on the Jose and Bonzai concessions is being coordinated with the drill program on Las Princesas. Negotiations for the possible joint venture development of Las Princesas Project are continuing. The Jose and Bonzai discoveries are not part of discussions. With the addition of the Jose, Bonzai and Manuel concessions, Ballad now controls 12 kilometers on the Quiruvilca trend. Exploration is continuing. Preparation of December 31, 1997 year-end audited financial statements will be finalized in the next new days. Delays were encountered in gathering and providing various confirmations on Ballad's subsidiary companies in Peru. BALLAD ENTERPRISES LTD. Anthony J. Beruschi President

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