WE have NEWS - NEW GOLD - I will post but format is bad
WRONG John,
Sounds like another SCAM in the making to me. Maybe they should change their name to ETRUSCAM...LOL
NEWS RELEASE:-(
Placer Dome Inc -
CHU says EET and PDG resource estimates are materially different; EET says not
Placer Dome Inc PDG
Shares issued 250,016,963 1998-07-22 close $16.65
Thursday Jul 23 1998
See Channel Resources Ltd (CHU) News Release
Mr. D. Ross Fitzpatrick of Channel Resources reports
There is a material difference when comparing the Placer Dome and the Etruscan Resources resource estimate of the Samira property.
Placer carried out an extensive program on the property during a period of 18 months, which included drilling the deposit and along strike. Placer reported in its annual information form for the year ended Dec. 31, 1997 that a preliminary kriged estimate of gold bearing material was calculated on the Samira property in December 1997 based on 12,500 metres of drilling. Results of Placer's study indicate the existence of 9.2 million tonnes grading 2.25 grams of gold, which represents 665,505 ounces or 1,144,495 ounces less than claimed by Etruscan. Placer used a 1.0 gram cut off whereas Etruscan's resource estimate totalling 1,810,000 ounces employed a 0.5 gram cut off.
Even by applying a 0.5 gram cut off, Placer's indicated resource totals 796,611 ounces, representing a difference of over 1,000,000 ounces of gold. Nowhere, and at no time, has Placer reported a resource of 1,410,000 ounces as incorrectly stated by Etruscan in its letter to Channel shareholders of July 13, 1998.
Furthermore, in order for Channel shareholders to make an apples to apples comparison of the indicated resource at the Bombore first target to the indicated resource estimated by Placer of the Samira property, the respective estimates are set out below in table form:
BOMBORE FIRST TARGET
Indicated Resource
Channel estimate
Cut-off Tonnes Au g/t oz/Au
0.5 35,000,000 1.1 1,200,000
SAMIRA PROPERTY
Indicated Resource
Placer estimate
Cut-off Tonnes Au g/t oz/Au
0.5 14,819,000 1.67 796,611
Even if the inferred resource estimate calculated by Placer is included, which is not an apples to apples comparison, the total resource is still only 1,286,000 ounces. This represents 524,000 ounces less than the 1,810,000 ounces reported by Etruscan as an in situ geological mineral inventory, which is a less rigorous classification than an indicated resource.
Channel reaffirms its indicated resource of 1,200,000 ounces of gold at Bombore first target, which was evaluated by the Arthur Andersen-Centre of Excellence in Mining, and Channel directors urge Channel shareholders not to exchange undervalued shares of Channel for overvalued shares of Etruscan and to reject the Etruscan offer.
Mr. Gerald McConnell of Etruscan also reportss
Etruscan charges Channel with misleading shareholders by announcing a material difference when comparing the Placer Dome and Etruscan Resources resource estimate of the Samira property. Etruscan states that no material difference exists.
Etruscan has previously reported that the indicated and inferred resource for the Main and East zones totalled 1.51 million ounces utilizing a 0.5 g/t cut-off and no high grade capping. Placer Dome has estimated 1.29 million ounces using the same cut-off grade, but including a high grade cap for the same two zones. By removing the high grade cap and using Placer Dome's parameters, Etruscan calculates, the resource estimate for the two zones to be 1.41 million ounces. This is not a material difference. These resource estimates exclude the West zone resource.
Gerald J, McConnell, Chairman of the Board of Etruscan stated:
"It is unfortunate that Senator Fitzpatrick and the Channel board continue to misrepresent and mislead shareholders with incorrect and confusing resource estimates. What is important is that Channel shareholders, be provided with full and correct disclosure to be able to compare 'apples to apples'. They are not getting this information from the Channel board.
As an update on the takeover offer, the board of directors, of Etruscan met on Tuesday of this week to consider withdrawing the offer. The diamond drill results on the Bombore property, recently released by Channel's joint venture partner, Solomon Resources, have raised serious and substantial questions on the quality and quantity of the Bombore resource estimates. The board of Etruscan decided that in light of these results, it was not in the interest of Etruscan shareholders to either extend or improve the offer. Therefore, it was decided to let the offer expire on Monday, July 27, 1998."
Etruscan will continue to advance its West African properties and review other West African merger and acquisition opportunities that will add value to its shareholders. Etruscan extends it best wishes to Channel shareholders.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
Mr Metals |
