July 16, 1998 Las Catalinas Title Received Symbol: MAD.V
Form 20F: 0-27760
The Company is pleased to announce that its Mexican subsidiary, Minas Miranda, S.A. de C.V. has been granted title to the Las Catalinas concession.
The Las Catalinas project is located 10 kilometres southwest of Rosario de Tesopaco and 70 kilometres east of Ciudad Obregon, in south central Sonora, Mexico. The Las Catalinas concession comprises 1971.4 hectares (19.7 square kilometres) and was acquired by staking. Two additional adjacent concessions totalling 16,000 hectares have since been staked, thereby increasing the size of the project to approximately 18,000 hectares.
The majority of the exploration effort to date has been concentrated on this Las Catalinas concession. The Company completed a first phase exploration program during February and March, 1998 consisting of detailed geological mapping, soil and rock sampling, and a magnetometer survey. The geologic environment has been mapped as an intrusive complex composed of granodiorite, porphyritic quartz monzonite, latite porphyry and intrusive breccias. Numerous grab and channel samples returned values of up to 30 grams gold per tonne and over 500 grams silver per tonne. The program identified four discrete zones of mineralization on the Las Catalinas concession. Three of the targets have bulk tonnage potential and the fourth area has potential to host a high-grade vein structure.
Miranda is having the project area flown for the preparation of detailed air photos and is currently in the permit process for a planned trenching and reverse-circulation drill program.
The Las Catalinas project is 100% owned by Miranda.
ON BEHALF OF THE BOARD
Dennis L. Higgs, B. Comm
President
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