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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC)

AMC 2.583

-0.3%

Nov 3 3:59 PM EST

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To: morrie who wrote (290)	2/16/1999 12:28:00 PM
From: Neil Irwin	Read Replies (1) of 397

NEWS: Abacus Minerals: Portugal Project Update VANCOUVER, BRITISH COLUMBIA--Abacus Minerals Corporation has been informed by its joint venture partner, Phelps Dodge Exploration Corporation that an extensive UTEM (University of Toronto Electromagnetic) geophysical survey was initiated on the Ferragudo project in the Portuguese section of the Iberian Pyrite Belt in late January. The UTEM survey is being carried out by Lamontagne Geophysics Ltd. of Kingston, Ontario under the supervision of Phelps Dodge personnel. Continued assessment of all other available data is being conducted along with the survey work. Phelps Dodge has recently presented to Abacus an intensive compilation and re-interpretation of all historical work and data generated at Ferragudo. A number of geophysical anomalies within the 190.5 square kilometre property have been identified which Phelps Dodge will investigate with the UTEM survey. UTEM was successful in identifying the deposits at the Neves Corvo Mine which tie onto the southeastern portion of the Ferragudo property. The Neves Corvo orebodies (owned 49 percent by Rio Tinto Mining Ltd. and 51 percent by the Portuguese government) lie within 3,500 metres of the claim boundary. One prominent geophysical target is the extension of the gravity anomaly associated with the Neves Corvo orebodies. This anomaly extends onto the Ferragudo property for approximately 2-3 kilometres. The portion of the gravity anomaly which lies on the Ferragudo property has never been drill tested. The current UTEM survey is expected to be completed by the middle of March. UTEM survey results will be compiled in conjunction with the existing gravity data. Once the data is interpreted, diamond drilling will test the most promising targets. Phelps Dodge may earn a 70 percent interest in the Ferragudo project by funding the first US $7,000,000 in exploration. A minimum US $500,000 must be spent this year and will include at least 2,000 metres of drilling. ABACUS MINERALS CORPORATION Steve L. Todoruk, P.Geo., President

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