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Gold/Mining/Energy : Gran Colombia Resources Inc (TSE.GRM)
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To: Michael Brody who wrote (45)12/10/1996 11:04:00 PM
From: Daytek77   of 308
 
Michael

Here is a copy of the last results. The grades are not 2-3 grams but around 1 gm. Further the company states they must do further work to prove the 3.7 mil oz resource. As I said before if the tonnage is there and the economics are viable (stripping ratios, capital costs etc...) then the markets will respond. This will take alot more drilling especially in the current market.

Tony

GRAN COLOMBIA RESOURCES INC. ("GCRI-Z")
- Additional Results from Drilling at Marmato

Gran Colombia Resources Inc. (the "Company") is pleased to announce
additional results from its ongoing drill program at its Marmato gold
property in Colombia. A summary of results to date is tabulated below:

Hole Intersection Interval Au Ag Gold
(m) (m) (g/t) (g/t) Equivalent
(g/t) (X)

M1 + 0.00-116.00 116.00 0.75 10.00 0.85
127.60-193.00 65.40 0.57 32.00 0.89
M2 + 0.00-117.00 117.00 1.30 19.00 1.49

M3 + 4.07-85.40 81.33 0.63 58.00 1.21

M4 0.00-151.42 151.42 0.53 14.00 0.67
incl. 81.24-151.42 70.18 0.89 13.00 1.02

M5 103.00-134.50 31.50 0.74 28.00 1.02

M6 40.33-162.00 121.67 0.35 15.00 0.50
181.66-264.32 82.66 0.40 23.00 0.63

M7 0.00-136.03 136.03 1.02 19.00 1.21
incl. 38.42- 44.40 3.78 1.74 45.00 2.19
incl. 50.64-53.36 2.72 1.82 42.00 2.24
incl. 58.09-80.67 21.68 2.87 106.10 4.48
incl. 97.10-102.15 5.05 1.49 28.00 1.77
incl 115.95-117.95 2.00 2.43 16.00 2.59
incl. 173.00-237.00 64.00 0.29 23.00 0.52
M8 0.00-73.60 73.60 0.51 0.40 0.91
incl. 17.30-20.38 3.00 1.38 1.50 2.88
incl. 26.00-31.60 5.60 1.90 2.87 4.77
incl. 136.25-176.60 40.35 0.50 0.17 0.67

(X) Gold equivalent is calculated using a conversion factor of 100
+ results previously reported in August 1996.

Exploration is focusing on two zones within the Marmato gold deposit, the
upper near surface zone that was intersected from surface and the deeper
zone where the Company had previously established an inferred resource of
3.7 million oz. gold equivalent. The Company is evaluating both zones as
part of a potential open pit deposit.
Two deep drilling rigs are positioned on surface over an extensive area
of soil geochemical anomalies found on the Echandia-Chaburquia-Maria
property. This property occupies the central portion of the Company's
extensive holdings in the Marmato district that total more then 34,000
hectares. The results tabulated above show the best intersections from the
first 8 holes completed on the upper zone and confirm the presence of the
near surface mineralized zone from surface to a depth of more than 100
metres below surface. It is thought that the near surface zone will enhance
the potential of a possible open pit deposit by drastically lowering the
stripping ratio.
The mineralization in the near surface zone is closely related to a
geochemical anomaly which has a surface area of 300 metres by 400 metres.
The precious metals are associated with an intensely altered and sheared
contact between an andesite and dacite porphyry. Surface drilling is
continuing with the objective of drilling the area of the geochemical
anomaly on 50 metre centres.
Elsewhere on the property, two small underground drills have been
mobilized and are now beginning to test the underground inferred resource.
Previously the Company had rehabilitated most of the existing underground
workings and completed a program of detailed channel sampling which led to
the delineation of an inferred resource of 3.7 million oz. The objective of
the underground program will be to confirm the presence of the resource,
and hopefully upgrade the resource to reserve categories. This will be
accomplished by drilling a series of holes in a fan pattern from several
of the underground stopes. Underground drilling is now in progress and the
first results are expected to be released later in October.
The drilling program on the Echandia-Chaburquia-Maria property is part
of a major exploration program to evaluate the more than 34,000 hectares in
the Marmato district. The Company either through leases or direct
ownership, controls 128 concessions totaling more than 266,000 hectares in
Colombia's best known gold districts. In addition to these properties the
Company also owns a 48.25 percent interest in Mineros Nacionales, a company
that owns the neighboring operating underground Marmato mine. All of the
Company's present exploration activity is outside the Mineros Nacionales
property.
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