Abitibi Mining Corp. ABB VSE December 5, 1996
ABITIBI MINING CORP. ("ABB-V") SEDEX MINING CORP. ("SDN-V;SDXMF-L")
Increased Land Position in Tannahill Project
Victor G. Coulthard, Director of Abitibi Mining Corp. and Sedex Mining Corp. wish to announce that, subject to regulatory approval, they have entered into a purchase agreement to acquire a 100% in 6 patented claims immediately east of our Tannahill Project, approximately 15 km south of the Barrick Gold's Holt-McDermott mine, Ontario.
With the acquisition of these long held patented claims, this completes a land package that has not been held by the same operator since the mid-1930's. The Companies announced the initial shallow drilling results on the main property on November 21, 1996, with very encouraging gold assays averaging 0.05 oz/t gold over 36 feet in one hole and visible gold (4.08 oz/t gold) in another. Follow-up drilling has already begun with initial reports intersecting forty feet of the same mineralized zone extending the alteration zone on surface to 600 feet and open in both directions. Assays are expected with one week. This zone appears to trend onto the new "Tannahill East" property and will be vigorously explored over the coming months. The Companies are extremely pleased with the results to date and expect to be working on this property for quite some time.
The total acquisition cost for the "Tannahill East" property is $60,000 cash and $200,000 in exploration all over 18 months - split between the Companies. Each Company must also issue 100,000 shares to the Vendors.
TEL: (604) 685-2222 Victor G. Coulthard, Director FAX: (604) 685-3764 |
