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Gold/Mining/Energy : Gran Colombia Resources Inc (TSE.GRM)

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To: Michael Brody who wrote (81)	1/17/1997 2:25:00 PM
From: Kenith Lee	of 308

Gran Colombia Resources Inc - News Release Drilling results for 1996 Gran Colombia Resources Inc GRM Shares issued 35,025,321 Jan 16 close $1.25 Fri 17 Jan 97 News Release Mr Serafino Iacono reports In 1996 the company concentrated its exploration activities principally on the Echandia concession of its Marmato gold property in Colombia. Exploration consisted of an intensive drilling program aimed at confirming and upgrading the substantial resource block which was estimated from sampling of the old underground mine adits. Surface drilling commenced in June 1996 and by year end a total of 4,094 metres had been completed in 17 holes. In addition a further 2,418 metres were drilled in the underground adits from September to the end of 1996. The surface diamond drilling was started in an anomalous area identified by systematic rock chip sampling which returned assay values as high as five g/t Au. This drilling intersected a previously unidentified mineralized zone overlying the deeper resource block. To date, four sections separated at 50 metre intervals have been drilled with holes spaced at 70 metre intervals. These four sections cover a strike length of 200 metres and have identified an initial near surface drill indicated reserve of 6.5 million tonnes at a grade of 1.50 g/t Au equivalent (1.03 g/t Au and 47.3 g/t Ag). This near surface mineralization is associated with a contact between a dacite porphyry and andesitic rocks. The mineralization remains open along strike and drilling is now in progress to investigate its full extent. The importance of this open-pittable resource is that it could add substantially to the deeper body of mineralization previously outlined by channel sampling. Assay Results from Surface Diamond Drilling Inter- Gold section Au Ag Equiv Hole (m) g/t g/t g/t ---- ------------- ----- ----- ----- M1 + 0.00-116.00 0.750 10.00 0.850 127.60-193.00 0.570 32.00 0.890 M2 + 0.00-117.00 1.300 19.00 1.490 M3 + 4.07- 85.40 0.630 58.00 1.210 M4 + 00.00-151.42 0.530 14.00 0.670 incl 81.24-151.42 0.890 13.00 1.020 M5 + 103.00-134.50 0.740 28.00 1.020 M6 + 40.33-162.0 0.350 15.00 0.500 181.66-264.32 0.400 23.00 0.630 M7 + 0.00-136.03 1.020 19.00 1.210 incl 38.42- 44.40 1.740 45.00 2.190 incl 50.64- 53.36 1.820 42.00 2.240 incl 58.09- 80.67 2.870 161.00 4.480 incl 97.10-102.15 1.490 28.00 1.770 incl 115.95-117.95 2.430 16.00 2.590 173.00-237.00 0.290 23.00 0.520 M8 + 0.00- 73.60 0.510 40.00 0.910 incl 17.30- 20.38 1.380 150.00 2.880 incl 26.00- 31.60 1.900 287.00 4.770 136.25-176.60 0.500 17.00 0.670 M9 150.18-171.15 0.618 20.00 0.818 190.62-220.05 0.877 34.30 1.219 M10 29.75- 40.17 0.881 4.80 0.929 M11 40.30- 50.15 0.419 50.90 0.928 M12 75.30- 88.30 0.894 17.20 1.086 M14 0.00- 43.30 1.084 15.90 1.223 incl 2.40- 10.60 3.605 21.90 3.824 78.53- 88.30 1.250 43.20 1.683 incl 78.53- 81.90 2.917 114.00 4.058 98.86-110.00 3.855 127.60 5.131 incl 104.50-108.75 67.717 532.00 73.037 uncut 147.20-175.65 0.823 87.80 1.701 incl 161.60-165.93 2.934 352.00 8.454 184.05-191.60 1.561 91.90 2.113 incl 184.05-187.60 2.285 178.80 4.053 M15 142.80-262.00 0.851 69.40 1.344 incl 181.60-185.60 5.281 851.20 13.793 incl 189.25-195.00 2.378 342.20 5.800 M16 0.00- 21.00 0.837 88.20 1.719 incl 11.00- 21.00 1.322 166.80 2.880 106.60-129.50 0.687 36.10 1.048 incl 123.60-129.50 1.499 99.40 2.492 M17 10.60- 18.60 0.731 18.40 0.915 M17 141.60-147.30 0.740 23.60 0.977 M18 107.38-141.64 0.525 10.00 0.625 incl 107.38-110.00 3.547 19.90 3.746 + Previously reported The results to date of drilling from the old underground adits appear to support the estimate of 100 million tonnes as previously identified in the deeper resource block. Average grade in this initial drilling is lower than estimated for the entire deeper resource block, however it is consistent with the estimate for the area drilled to date. During the first quarter of 1997 underground drilling will progressively move towards the richer grade zones in the western part of the resource block. Assay Results from Underground Diamond Drilling Inter- Gold section Au Ag Equiv Hole (m) g/t g/t g/t ---- ------------- ----- ----- ----- MU-1A 20.35- 35.18 0.274 73.40 1.009 MU-1C 40.28- 79.37 1.093 10.50 1.198 incl 59.04- 67.70 3.437 20.50 3.842 MU-1D 85.65-102.54 0.907 8.20 1.000 MU-2A 0.00- 3.02 1.801 5.20 1.854 14.58- 50.07 1.169 13.10 1.300 incl 24.47- 28.11 5.994 79.80 6.792 MU-3A 30.18- 33.50 1.833 12.60 1.960 MU-3B 10.36- 37.03 1.034 8.30 1.117 MU-5A 0.00- 13.26 2.175 7.50 2.250 incl 10.62- 12.62 11.435 13.30 11.587 151.55-158.29 2.080 10.70 2.187 incl 157.29-158.29 12.343 47.80 12.819 MU-5B 0.00- 28.50 0.849 8.50 1.034 incl 9.00- 11.00 4.097 13.80 4.237 MU-6A 0.00- 33.09 1.195 3.00 1.225 incl 0.00- 1.46 19.359 43.60 19.795 MU-6B 0.00- 31.68 1.352 4.90 1.401 incl 19.97- 22.73 5.006 4.10 5.047 64.62- 89.50 2.083 23.10 2.315 MU-6B incl 78.47- 81.20 13.307 153.80 14.845 MU-7B 87.78-103.72 0.860 21.30 1.072 MU-7C 94.47-114.04 1.400 77.80 2.180 MU-7D 84.49-104.44 1.004 41.80 1.422 incl 92.80- 96.89 2.005 147.30 3.477 MU-8A 57.86- 78.88 0.846 17.00 1.116 MU-8B 66.89-123.30 0.942 3.80 0.979 incl 121.17-127.00 10.678 21.30 10.691 In addition to continuing exploration of the potential of the Echandia concession on the Marmato property, the company plans to explore the adjacent concessions, especially those held under option agreements in the Cien Pesos area to the west of Echandia. The company holds rights to more than 200,000 hectares in other gold districts of Colombia on which it plans to carry out further regional reconnaissance work while continuing to pursue an active property acquisition program. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

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