The following is The old Jan 14 press release, but this one has some additional information regarding the private placement. Does anyone know what requirements are needed to get on the senior exchange
Exploration and Corporate Updates
datetime:15 Jan 1999 01:00:00 / PERUVIAN GOLD LTD
PERUVIAN GOLD LTD ("PVO-V;PRVGF-L")
- Exploration and Corporate Updates
Mr. David Henstridge, President, is pleased to announce the
following exploration and corporate updates:
LARA
The Company has commissioned Rescan Engineering Ltd. to perform
a scoping study to estimate the potential copper production
economics of its 100 percent owned Lara porphyry copper deposit
located in coastal Peru. A supergene zone of chalcocite
mineralization was identified in three drilling programs performed
between May, 1997 and August, 1998. The drill results to date and
the potential size of the mineralized area warrant this study.
A preliminary column leach study was started in November, 1998
on core from the mineralized intervals of two diamond drill holes
from the third drilling campaign. These holes, LDD-13 and LDD-14,
are twinned core holes of earlier reverse circulation drill holes.
Analyses from these holes showed a significant increase in copper
values, suggesting that some of the chalcocite may have been lost
using the reverse circulation drill method. The column leach
study is being undertaken at C.H. Plenge Laboratories in Lima,
Peru. So far, after about 90 days of digestion, the copper
extraction curves have not flattened out, and the extraction rates
are approaching 80 percent. This is considered to be very
acceptable for chalcocite mineralization. The columns will
continue to be monitored until an estimate of final copper
extraction can be made.
OLLACHEA
The Company has received the first results from a 5 hole, 501
metre diamond drill program completed in mid-December on the
Company's Ollachea gold prospect. Drill hole # 1 was located
up-slope from old underground workings from which a value of 4.9
g/t Au was obtained by the Company over a 17.2 metre interval.
Hole #1 was directed towards these workings but the values in
the drill core were significantly lower than those found in the
underground workings. The entire 120.5 metres of the hole
averaged 0.32 g/t Au, which included a 71 metre interval between
49 metres and 120.5 metres that averaged 0.47 g/t Au, and two
narrower intervals that ran 0.99 g/t Au over 10 metres and 5
metres that ran 2.1 g/t Au.
The remaining holes, drilled along strike from hole # 1, are being
split and analyzed at C.H. Plenge Laboratories in Lima, Peru, and
results will be released as soon as available.
CORPORATE
A private placement of 1,000,000 units to raise $625,000 has
been arranged. Each unit comprises a share and a two year share
purchase warrant exercisable at $0.70 per share in year one and
$0.75 per share in year two. The purchaser of the units is
Bradstone Equity Partners, Inc. (Bradstone).
Bradstone presently has a 24.7 percent ownership interest in
the Company and this purchase will increase Bradstone s interest to
29.56 percent. The placement is subject to regulatory approval.
The Board has, subject to regulatory approval, granted options
to purchase 50,000 common shares at a price of $0.81 per shares.
In December 1998, the Company's listing status on the Vancouver
Stock Exchange was upgraded to the Senior Board.
With the downturn in the junior exploration market, companies
which are well financed and professionally managed will have
greater opportunities to acquire high quality exploration
properties. The Company is well positioned with sufficient cash
and exploration expertise to identity and acquire such projects.
The Board of Directors has affirmed management s continued
objectives for the acquisition and development of exploration
properties with a prime focus on Latin America.
TEL: (604) 681-0110 David Henstridge, President
TEL: 1-888-215-5111 Peruvian Gold Limited
FAX: (604) 682-2236 (FAX)
Website: www.peruviangold.com
E-mail: pvo@intergate.bc.ca
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Tel:(604) 689-1101 Fax:(604) 689-1106 |
