"NEWS"
Subject:
Stockwatch: Abacus Minerals Corporation - News Release
Date:
Mon, 08 Feb 1999 06:33:40 -0800
From:
newsout@canada-stockwatch.com
Abacus private placement; Barrick agreement signed
Abacus Minerals Corporation AMC
Shares issued 21,590,405 Feb 5 close $0.22
Mon 8 Feb 99 News Release
Also Barrick Gold Corp (ABX)
Mr. Steve Todoruk reports
The first tranche of 3,228,750 units of the 5,000,000 unit brokered private
placement, previously announced on Oct. 13, 1998, closed today for gross
proceeds of $645,750. The deadline to file final materials for the
remaining units with the Vancouver Stock Exchange has been extended until
Feb. 15, 1999. Each unit consists of one share and one-half of a share
purchase warrant of the company. Each whole warrant is exercisable for a
period of two years at 25 cents to acquire one share. Canaccord Capital
Corporation has received an 8 per cent cash commission and 322,875 bonus
warrants, with the bonus warrants having the same terms of those which
underlie the private placement.
The shares and any shares issued pursuant to the exercise of the warrants
will be subject to a four month period expiring June 5, 1999.
Argentina
Field crews are now mobilizing to the company's La Manchuria project in
Santa Cruz, Argentina to begin a 2,000 metre phase III drill program. The
focus of the phase III drill program is to expand the zone of
mineralization defined by previous drilling in 1998. The zone encompasses
an area 250 metres in strike length and to a depth of 100 metres, and is
open in both directions along stirke and down dip. Geochemical and
geophysical anomalies suggest excellent potential to expand the zone. Some
highlights from drilling in 1998 are as follows:
Hole From To Interval Gold Silver
No. (m) (m) (m) (g/t) (g/t)
LM98-1 106.20 117.70 11.50 1.22 136.6
LM98-2 45.05 103.10 58.05 6.53 22.3
incl. 52.50 66.00 13.50 22.66 45.2
LM98-81
49.50 151.00 1.50 7.53 70.5
LM98-9 34.00 88.60 54.60 4.4 12.1
incl. 79.90 88.60 8.70 24.88 11.3
LM98-10 3.04 97.50 94.46 0.74 104.6
incl. 87.85 90.00 2.10 6.43 650.4
LM98-11
106.00 120.50 14.50 5.10 56.7
LM98-12
21.00 79.50 58.50 1.04 20.5
Barrick agreement
Abacus has formally signed documentation with Barrick Gold Corporation
pertaining to the letter agreement dated March 5, 1997, whereby the company
was granted the option to acquire a 100 per cent interest in the La
Manchuria property and five other gold exploration properties (collectively
the "Patagonia properties") in Santa Cruz, Argentina.
At closing, Abacus will issue to Barrick 150,000 shares as required by the
agreement. Additional shares will be issued to Barrick as exploration
continues. With the newly-issued shares, Barrick now owns 1,150,000 shares
of Abacus.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
