Todays news release:
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: MILL CITY GOLD MINING CORP.
VSE SYMBOL: MIY
FEBRUARY 27, 1997
Mill City Gold Mining - Yamba Lake Drilling Update
CALGARY, ALBERTA--MILL CITY GOLD MINING CORP.-(MIY-VSE) and
TANQUERAY RESOURCES LTD. (TQY-ASE) are pleased to announce that
CYPANGO VENTURES LTD. (CAV-VSE) has completed the re-drilling
program of the Torrie kimberlite pipe.
A total of 279 metres (915 feet) of kimberlite core has been sent
to Canamera Laboratories in North Vancouver, British Columbia for
analysis. Approximately 2,000 kg of this kimberlite is now being
processed by dense media separation to determine diamond content.
The Torrie pipe was demonstrated to contain unusually high
concentrations of diamonds from exploratory drilling when it was
first discovered in 1993. A subsequent bulk sampling program
demonstrated sub-economic concentrations of diamonds, however,
Cypango and Canamera believe further evaluation is warranted due
to improved evaluation techniques. Re-evaluation of the data from
earlier drilling on the Torrie kimberlite pipe has demonstrated
over 11 million tonnes of kimberlite to a depth of 300 metres (985
feet).
Mill City and Tanqueray have also been advised by Cypango that
seven new distinct kimberlite indicator mineral dispersion trains
have been identified northeast of the Torrie, Sputnik and Sue
kimberlite pipes in the central portion of the Yamba Lake
property. The majority of these trains contain significant
populations of indicator minerals and are presently being
developed and the identification of further primary targets is
imminent. Drilling will commence on these targets immediately
upon the completion of this evaluation process.
Cypango has an option to earn a 51 percent interest in the Yamba
Lake Property from Mill City and Tanqueray by completing a
$5,000,000 work program over the next three years, together with
issuing 150,000 common shares of Cypango to each of Mill City and
Tanqueray. Upon completing such a work program, Cypango has that
further option to earn an additional 19 percent interest by
issuing to each of Mill City and Tanqueray 150,000 common shares
and delivering a positive feasibility study by December 31, 2001.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Mill City Gold Mining Corp.
Larry D. Revitt
President
(403) 278-8500
(403) 278-8580 (FAX)
www.millcitygold.com
millcity@cadvision.com
Neither the Vancouver Stock Exchange nor The Alberta Stock
Exchange has approved or disapproved the information contained
herein. |
