Trading Symbol (Vancouver) RIO
NEWS RELEASE
February 3, 1997
RIO AMARILLO MINING LTD. "RIO" is pleased to announce that RIO has signed a
Letter of Intent to form a Joint Venture Agreement with RTZ Mining and
Exploration Limited Sucursal Peru (RTZ-CRA) whereby RTZ-CRA can earn a 65%
interest in RIO's Aija Property located in central Peru, for a cash
expenditure of US $3.97 million over the next 2 years. These payments are
at the option of RTZ-CRA and RTZ-CRA may elect to withdraw from the
agreement at any time.
This agreement is subject to RIO and RTZ-CRA entering into a definitive
Joint Venture agreement, verification by RTZ-CRA's lawyers of free clear and
secure title to the mineral rights by the underlying owners, the legality of
RIO's option agreement with the underlying owners, and all necessary
regulatory and stock exchange approvals.
The Aija property is located 35 kilometres south of Barrick Gold's Pierina
property. Over the past year RIO has carried out a drilling program on a
series of tourmaline breccia bodies on the north side of the Aija river
which has demonstrated the presence of gold, copper and silver
mineralization. The south side of the Aija river exhibits lithologies and
alteration that are similar to those associated with porphyry copper
deposits and it is this area that is targeted for the initial phases of the
proposed exploration program.
RIO is a mineral exploration and development company engaged in locating,
evaluating, acquiring, and, contingent upon obtaining satisfactory
exploration program results, developing mineral properties in South America.
The Company aggressively seeks value added opportunities on its own or with
others in areas of its primary focus.
On Behalf of the Board of Directors of
RIO AMARILLO MINING LTD.
James K. Wright, President
For further information please contact: James K. Wright or Luc Lesage -
(604) 681-7131
The VSE has not reviewed and does not accept responsibility for the adequacy
or accuracy of this release.
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604-681-7131 voice Rio Amarillo Mining Ltd
604-687-7102 fax The Marine Building
luc@rio-amarillo.com #820 - 355 Burrard Street
Exchange: VSE Vancouver, B.C., Canada
Symbol : RIO V6C 2G8
Feb 03/97 close: CDN$0.56
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