For what it's worth Lizzy, please find the following NR issued by AMC which I received not more than 30 minutes ago.
At least we know the financing deal is not completely dead.
Is the news "crappy". . . ? well I think not.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ABACUS MINERALS CORPORATION
VSE SYMBOL: AMC
AUGUST 4, 1998
Abacus Minerals: US $3,000,000 Convertible Debenture
Closing Date Extended and Company Update
VANCOUVER, BRITISH COLUMBIA--Further to Abacus Minerals
Corporation's ("the Company") News Releases of July 13, 1998 and
May 27, 1998, the date for completing the US $3,000,000
convertible debenture financing between the Company and First
American Financial Group has been extended to August 31, 1998.
The Company anticipates receiving the final documents shortly for
filing for regulatory approval.
COMPANY UPDATE
PORTUGAL
During the week of July 13-17, geological and geophysical
personnel from Abacus and joint-venture partner Phelps Dodge
Exploration Ltd. spent the week in Portugal reviewing data on the
Ferragudo Project. Phelps Dodge has requested digitized gravity
and geophysical data from the Portuguese Department of Mines in
preparation for their upcoming exploration program. Of the US
$7,000,000 Phelps Dodge will spend on the Ferragudo Project, a
minimum US $500,000 must be spent this year with at least 2,000
metres of diamond drilling.
Tying directly on to the Neves Corvo Mine property boundary, the
Ferragudo Project is 190.5 square kilometres in size and lies only
3.5 kilometres from the Neves Corvo deposits. Within Neves
Corvo's 270,000,000 ton pyritic massive sulphide resource, lies
the Neves and Corvo deposits with reserves of 42,000,000 tons
grading 7.6 percent copper, of which 4,300,000 tons grades 2.5
percent tin. A third deposit, the Lombador, contains 47,000,000
tons grading 6.2 percent zinc.
ALASKA
Permits to conduct the underground exploration program at the
Niblack Project were received in late June. The permits allow for
1,200-1,500 metres of underground workings and road construction
from tidewater to the portal. In addition, 5,000-6,000 metres of
underground diamond drilling will be completed. The goal of this
program is to expand downdip mineralization of the drill inferred
resource presently defined at Niblack's Lookout Mountain. The
current resource at Niblack is 2,800,000 tons grading 2.77 g/t
gold, 35.5 g/t silver, 1.71 percent copper, and 3.22 percent zinc.
The program at Niblack will commence upon closing of the
previously mentioned financing.
ARGENTINA
At the La Manchuria project in Santa Cruz Argentina, expenditures
from the trenching and drill program totaled over US $900,000,
surpassing the first year work commitment of US $500,000. The
Company is required to spend US $325,000 to meet its December 31,
1999 commitment.
Santa Cruz Province is an area generating a tremendous amount of
interest with several companies active in the area. These include
Mount Isa Mines/Newcrest Resources of Australia, Yamana Resources,
Minera Andes, Northern Orion, Penoles, and Triton Mining. The
most prominent project in this gold district is the Cerro
Vanguardia Mine which has been recently put into production.
Reserves at the Cerro Vanguardia Mine are 3,800,000 ounces of gold
and 35,000,000 ounces of silver.
Recently, Mount Isa Mines (MIM) and Newcrest Resources have
announced extremely exciting discovery drill holes from their
Cerro Negro project, 75 kilometres northwest of the La Manchuria
Project. Grades of 80.0 metres grading 3.9 g/t gold (including
26.0 metres of 9.0 g/t gold) and 38.0 metres of 4.1 g/t gold were
reported. A major program is planned for Cerro Negro in
September.
Abacus is extremely pleased with the Company's first drilling
program at La Manchuria. The target is a low sulphidation
epithermal gold- silver prospect similar to the Cerro Vanguardia
Mine and Meridian Gold's El Penon deposit in northern Chile. At
El Penon, tremendous bonanza gold and silver grades have been
encountered in these early holes, which are important in the early
capital payback in a mining operation. High grade results at La
Manchuria include 58.5 metres of 6.53 g/t gold and 22.3 g/t silver
in drill hole LM98-2 and 54.6 metres of 4.46 g/t gold and 12.14
g/t silver in drill hole LM98-9. Exploration at La Manchuria is
expected to resume in September.
ABACUS MINERALS CORPORATION
Steve L. Todoruk, P.Geo., President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Abacus Minerals Corporation
Steve L. Todoruk, P.Geo.
President
(604) 682-0301 or 1-800-811-5388
(604) 682-0307 (FAX)
abacusminerals.com
e-mail: info@abacusminerals.com
The Vancouver Stock Exchange has not reviewed and does not accept
the responsibility for the adequacy or accuracy of this news
release.
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