News: Avmin withdraws from Uganda,
PACIFIC VANGOLD MINES LTD.
210 - 580 Hornby Street
Vancouver, B.C., V6C 3B6
Telephone: (604) 662-7000
DATE: FEBRUARY 4, 1999 TRADING SYMBOL: PVM
News Release
Avmin Limited, a subsidiary of Angolvaal Minerals of South Africa, the company's joint venture partner in Uganda has reported completion of four drill holes on Special Exploration Prospecting
License 4150. Avmin reports that no economic mineralization was intersected in any of these holes, which tested the first four of sixteen anomalies identified by airborne geophysics.
Avmin reports that it has spent $1,050,000 on exploration to date on SEPL 4150. This was the contractual requirement of the joint venture expenditure by Avmin in year one. Avmin has notified us that they have elected to not proceed with the second year exploration program and
are therefore returning their 70% interest in the joint venture company Ruwenzori Exploration (Uganda) Limited.
Pacific Vangold's total mineral concessions in Uganda cover 10,329 sq. miles. License 4150, which is 2,873 sq. miles in area, covers the northeast ward extension of the rocks that host the former Kilembe copper-cobalt mine, which produced 15.4 million tons of ore grading 1.9% copper and an estimated 0.135% cobalt before being closed in 1977 because of political unrest.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dal Brynelsen”
DAL BRYNELSEN, President
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