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Gold/Mining/Energy : Queenstake Resources (QTR.T)

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To: morrie who wrote (1588)	12/24/1998 11:14:00 AM
From: morrie	Read Replies (2) of 2249

I believe things should start heating up soon, as to-day is the last day for tax loss selling. I've learned that results from Queenstake/Newcrest jv, at Pico Machay's 8 hole drill program in Puru, will be released in the first week of January. Which is not that far away. (Previously reported) Detailed mapping and sampling by Newcrest has out lined an altered zone 2 kilometers by 1 kilometer in size. Rock chip sampling returned 33 meters @ .84 gpt. gold, 90 meters @ 1.21 gpt. gold, including 12 meters @ 4.97 gpt and 69 meters @ 1.25 gpt gold, including 42 meters @ 1.82 gpt gold . Analysis of over 400 rock chip samples indicates strongly anomalous gold zones correlative with altered rocks with-in the core target area. At the center of the system assay results averaged 1.0 grams per ton (gpt) gold over 130 rock chip and soil samples in an area 400 meters by 300 meters. To me, these are very exciting surface results and "if " they extend to depth, we could have a rich, monster, size deposit on our hands, as usually grade increases at depth. Barrick will resume drilling on Uchcumachay in Peru around January 4th - they've completed 3 holes and were part way through the 4th before shutting down for the holidays. This is a minimum 10 hole program and will most likely continue through all of January so no results for a while from this project. Queenstake and Alamos will resume drilling at Guinoloza in Mexico at the end of the first week in January. They've completed 3 holes to date so results should be out towards the end of January. I feel this is a very positive sign for the company to release these results ( Pico Machay's ) in the first week of jan.. If these results were not so good, they could probably choose to hold off and release them with some more positive news. However I have no crystal ball so it's anybody's guess. We'll all have to wait and see. Merry Christmas ! morrie

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