(COMTEX) B: Gold Property is Purchased in Chilie
B: Gold Property is Purchased in Chilie
SALT LAKE CITY (April 15) BUSINESS WIRE -April 15, 1999--Cerro Dorado
Inc. is pleased to announce that it has purchased 60 contiguous mining
claim units known as "Lobo Solitario," a gold property of historical
significance that adjoins the newly discovered gold/copper deposit at
Alto de Lipangue near Santiago, Chile. Lobo Solitario has been the
location of high-grade gold mining from the days of the Incas and
Spaniards to, more recently, small operators like those of the Fortuna
mine that supported local economies from its gold production. Gold ore
grading 5 to 70 grams per tonne has consistently been produced from
these operations.
Numerous gold veins have been found on Lobo and have been the prime
interests of the local miners. The recent discovery of a gold/copper
hydrothermal porphyry system, which has mineralized the adjacent Alto
de Lipangue property, has changed the view of Lobo Solitario. Recent
fieldwork at Lobo indicates clearly that a hydrothermal system has also
been responsible for gold mineralization.
Cerro Dorado Inc. plans immediate implementation of several work
programs including: 1. Opening of the major old workings to access
the estimated 80
percent of ore reserves still in place; 2. Geological mapping and
surface exploration to identify the
association with the known hydrothermal events; 3. Induced
polarization surveys to establish diamond drilling
targets; 4. Re-opening of the south road from Curacavi to allow
better access
for mining exploration personnel and equipment; and 5. Diamond
drilling of the IP targets.
Management has mobilized a work team to begin exploration at Lobo
Solitario. On behalf of the Board of Directors Per: Richard W.
Cahoon, President For further information, contact Investor Relations
at (801) 484-2668
Note: This News Release may contain certain "forward-looking
statements" within the meaning of the United States Securities Exchange
Act of 1934, as amended. All statements, other than statements of
historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Cerro Dorado
Inc. are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future could differ
materially from those anticipate in such statements. Important factors
that could cause actual results to differ materially from the Company's
expectations are disclosed under the heading "Risk Factors" and
elsewhere in documents filed from time to time with the United States
Securities and Exchange Commission and other regulatory authorities.
-0- al/ny*
CONTACT: Cerro Dorado Inc., Salt Lake City
Investor Relations, 801/484-2668
KEYWORD: INTERNATIONAL SOUTH AMERICA UTAH
INDUSTRY KEYWORD: BIOTECHNOLOGY ENVIRONMENT ENERGY CHEMICALS/PLASTICS
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