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From: "Golden Thunder Resources Ltd." <info@gth-gold.com>
To: "Investor" <info@gth-gold.com>
Subject: GTH news release
Date: Wed, 25 Nov 1998 12:30:28 -0800
Dear Sir,
Enclosed is the latest news release from Golden Thunder Resources Ltd.
We have just completed a private placement with Sir John Craven and an
associate for $100,000 @ $0.25/shr. He was recently appointed chairman of
Lonrho Plc., a $6 billion/year London-based mining company, and was formerly
chairman of Deutche Morgan Grenfell Securities of England, one of the
largest brokerage houses in England, where he remains a director. Sir John
Craven was one of Robert Friedland's largest financiers and has told Tun Aye
Sai that he will assist us in arranging financing in England for the Henan
titanium project.
The Company plans to commence gold production from the Yuntong project
during the first quarter of 1999 and complete a pre-feasibility study on the
Henan titanium project during this period as well. The Henan titanium
project has an indicated resource of 100,000,000 tons of 3% titanium (worth
approximately US $1.5 billion at today's prices).
Griff Jone
NEWS RELEASE November 25, 1998
Golden Thunder Resources Ltd. (the "Company") is pleased to announce that it
has closed 400,000 units of the Private Placement announced on October 7,
1998 at a price of $0.25 per unit. The placees are Sir John Craven as to
300,000 units and Marie Lai-Soskin as to 100,000 units. The Placement net
the Company $100,000 which will be used for its Yuntong Joint Venture.
October 6, 1999 is the expiry date of the hold period of the securities
issued. There were no finders fees payable with respect to the placement.
Yuntong Joint Venture, China
The Company further announces that it's Joint Venture in China, Yunnan
Yuntong Exploration Co. Ltd., of which the Company has a 60% interest, has
prepared a project proposal to mine and process the surface oxidized gold
deposit. The application has been submitted to the Ministry of Land and
Resources, Beijing, through the Yunnan Bureau of Geology and Mineral
Resources, for approval of the project and issuance of a mining permit.
The Yuntong JV has also conducted two types of leach tests on the oxidized
ore of the Bianfushan gold deposit, a stirred tank cyanide leach test and a
column leach test. Both tests show good leachability and the cyanide
consumption is comparatively low.
The conclusion of the report states that the Bianfushan gold ore is amenable
to heap leaching and is metallurgically simple. A gold extraction of 85.9
% - 94.9% can be achieved. The recommended cyanide dosage is 0.2kg/t ore
and the lime dosage is 5 kg/t ore. The ore should not be crushed to avoid
generation of fines. At a column height (heap thickness) of 1.35 meters,
the column permeability and oxygen ingress are satisfactory. In the column
leach test the leach cycle was 15 days which include 6 days leaching and 9
days rinsing.
The Column leach test samples were collected from a 5 meter section of
trench #BF32TC1 and another 5 meter section of adit #BF32PD1. 240 kg ore
sample was collected, approximately 120kg from the trench (sample ID BFS1-1)
and 120kg from the adit (sample #IDBFS1-1). The gold contents are 3 g/t for
the trench sample and 6.28 g/t from the adit sample respectively. The gold
content of the composite sample is 4.64 g/t.
The Yunnan Yuntong JV Co. is currently continuing trenching and tunneling in
the Bianfushan ore section in the JV mineral concession to confirm the
lateral and depth extension of Bianfushan No. 1 ore body near trench
#BF32TC1 and adit #BF32PD1.
Henan Rutile (titanium mineral) Deposit
The Company is awaiting the results of initial metallurgical test-work on
rutile samples from its proposed Henan titanium(rutile) project, (news
release of September 14, 1998). The test work is being conducted by Carpco
Inc., Florida, U.S.A., an industry leader in titanium minerals testing and
processing , on samples collected in September, 1998. Initial studies by the
Henan Provincial Geological Bureau suggest that the higher grade section of
surface weathered material should contain about 1.2 million tonnes of rutile
(TiO2) out of a possible 5 million tonnes of accessible surface weathered
rutile. These figures do not contain any of the unweathered reserves that
are known to exist as unweathered hard-rock below 15 meters of depth. It is
expected to have the initial metallurgical test-work and property reports
available to Golden Thunder before the end of the year.
The President of the Company, Mr. Tun Aye Sai, and a Vancouver - based
professional engineer are travelling to China on November 30, 1998.
On Behalf of the Board of Directors
"Tun Aye Sai"
Tun Aye Sai
President
info@gth-gold.com
www.gth-gold.com
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility
for the adequacy or accuracy of this News Release.
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