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Gold/Mining/Energy : A.J.Perron - AJP-TSE
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To: Colt who wrote (7)4/10/1999 11:23:00 AM
From: Steve  Read Replies (1) of 11
 
press release of January 26, 1999

TRANSPACIFIC RESOURCES INC. REACHES AGREEMENT WITH A J PERRON GOLD CORP.

CONN, ONTARIO--
Transpacific Resources announced today it had reached agreement
with A J Perron Gold Corp. (AJP) to carry out an independent
feasibility study at its expense to determine the capital cost of
re-opening the AJP - owned Kerr Mine near Kirkland Lake, Ontario.

The study includes a milling facility to efficiently process the
703,859 contained ounces of gold (representing a gross value of
approx. U.S. $200 million at the current gold price) calculated
by AJP geological engineers to be presently available for
extraction in the Kerr Mine.

The facility would also process additional gold which may be
produced from the Kerr Mine, the adjoining Chesterville Mine
(also owned by AJP) and Transpacific's mining leases in the
Kirkland Lake Gold Camp.

If Transpacific provides the capital indicated by the study to
re-open the Kerr Mine, it will receive a royalty on gold
production. The amount of the royalty will be negotiated on
completion of the study.

The Kerr Mine has produced over 11 million ounces of gold to
date.

The adjoining Chesterville Mine is a continuation of the Kerr
Mine with identical geological structures, and is considered by
AJP geologists to have the potential to duplicate the original
Kerr deposit.

Shares Outstanding: 239,503,105

Tel: (519) 848-3388
Fax: (519) 848-6705
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