NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: LAYFIELD RESOURCES INC.
VSE SYMBOL: LAY
MARCH 11, 1999
Layfield Resources: Mexican Zinc-Silver-Lead Exploration
Properties Acquired
VANCOUVER, BRITISH COLUMBIA--Layfield Resources Inc. is pleased to
announce that it has entered into an agreement to acquire a 100
percent interest in the over 1 million-hectare Nicolas North and
Conception properties in Mexico. The property is located within a
major geological belt hosting Carbonate Replacement Deposits
(CRD's) extending from Arizona in the north to central Mexico in
the south. This belt is one of the largest zinc-silver-lead
regions in the world and has been mined since before the 16th
century.
Layfield's properties are in the central Mexico ("Altiplano")
portion of this belt where some of the world's largest
zinc-silver-lead CRD's are located. For example the Conception
del Oro district is reported to have had 40 million tons of
production and still is reported to contain 48 million tons of
reserves at an average grade of 12.8 percent zinc, 5.8 percent
lead, 275 g/t silver together with copper and gold credits.
The majority of known deposits are in areas of outcrop and were
found by prospecting. Recent discoveries in the region have been
made, in large part, in overburden covered areas utilizing modern
exploration techniques. Layfield's properties cover a very large
area with extensive overburden cover and no record of modern
exploration. The Altiplano CRD's are generally associated with
the flanks of Early to Mid-Tertiary diorite to granite intrusions.
Many of the deposit related intrusions have strong magnetic
signatures that provide a regional scale guide to identifying
favorable target areas for exploration.
The agreement covers eleven prospecting licences in Zacetcas and
San Luis Potosi states of Mexico, totaling 1,020,568 hectares.
The purchase price to Layfield is strictly reimbursement of
staking and acquisition costs incurred by the vendor, being
approximately $412,758, which Layfield will pay through the
issuance of 2,700,000 shares of its capital stock at a deemed
price of $0.15 per share. There are no royalty interests or
finders fees payable in this transaction. Completion of the
acquisition is conditional upon Layfield completing its due
diligence investigations, and upon receipt of Vancouver Stock
Exchange approval.
Layfield plans to complete Mobile Metal Ion (MMI) sampling over
the thirteen groups of magnetic anomalies interpreted to be
related to Tertiary intrusive rocks and has sufficient funds on
hand for this work.
ON BEHALF OF THE BOARD
D. Neil Briggs, President and Director
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