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Gold/Mining/Energy : Pure Gold Minerals (PUG)-TSE
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To: violetta martinez who wrote (816)10/16/1998 4:16:00 PM
From: Famularo  Read Replies (1) of 1030
 
Of interest to Pure Gold lurkers. Pure Gold was is in JV with these guys. CG is not funding any future projects in ADP.. Did I read this right?

Drilling program begins in Cuba

Caribgold Resources Inc CG
Shares issued 10,496,000 Oct 13 close $0.32
Fri 16 Oct 98 News Release
Mr. David Bell reports
Caribgold Resources has commenced a 12,000 foot diamond drilling program on
its 82 square kilometre Jacinto project near Camaguey, Cuba. The drill
program, which is being carried out in accordance with the recommendations
of an independent scoping study, will consist primarily of fill-in drilling
to broaden and better define the 395,000 ounce gold resource of the Elena
quartz vein system.
Pursuant to an agreement with GeoMinera S.A, the Cuban government mining
authority, exploration of the Jacinto project is currently being financed
by Caribgold and GeoMinera on a 50-50 basis with Caribgold as operator.
Caribgold has budgeted about $500,000 (U.S.) toward this exploration
program.
The Jacinto project drill program will use two diamond drills and is
expected to be completed in four to six weeks. A full evaluation of the
results should be available early in the first quarter of 1999.
At this time Caribgold continues to have an involvement in two exploration
joint ventures for diamonds in Alberta and one in Saskatchewan. Overall
exploration results have shown modest success however, due to the current
investment climate regarding the financing of mineral exploration
companies, it is unlikely that Caribgold will continue with these programs
beyond current commitments.
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