Brent: The sixth generation CoWs are expected to be signed at a ceremony at the end of March. There are 68 plus 2 for Bre-X.
I have heard reports that there are approx 300 seventh generation CoWs which are expected to be signed "sometime" after the sixth gen. are signed. There have been statements made that would indicate April would be the time to expect these, however, there have also been reports of "months to wait". No doubt, there is uncertainty here. The Indo Govt will want to get people working and surely they must realize that by holding up the CoWs the companys will grind to a halt over time.
By the way, there is an IPJ/DAYK post regarding Mongolian land positions. I'm sure that the very esteemed Mr. Armand Beaudoin has a LOT to do with the acquisition of these lands. You are aware that IPJ is in the process of offering to buy all shares of DAYK.
Here is the post:
Return-Path: <netnews@cdn-news.com>
Date: 28 Feb 1997 17:56:09 -0000
From: netnews@cdn-news.com
To: reverest@jetstream.net
Subject: Hot Off The Wire: INTERNATIONAL PURSUIT CORPORATION
===================================================================
Canadian Corporate News --- Hot Off The Wire
News Release for "INTERNATIONAL PURSUIT CORPORATION"
===================================================================
*** As of January 1, 1997, many Canadian public companies are
*** required to electronically file their disclosure documents.
*** Visit tefa.com for more information.
===================================================================
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: INTERNATIONAL PURSUIT CORPORATION
TSE;NASDAQ SYMBOL: IPJ;IPUCF
FEBRUARY 28, 1997
Pursuit Acquires Significant Land Position In Mongolian
Gold Belts
TORONTO, ONTARIO--
Pursuit's Exploration Properties Contain Initial Gold Resources In
Excess Of 600,000 Ounces
International Pursuit Corporation ("Pursuit"), through subsidiary
companies, announces today the acquisition of a significant
property portfolio in Mongolia. The properties are concentrated
in the south central portion of the country and include a major
position in the prospective Bayanhongor Gold Belt. This portfolio
includes direct and indirect hardrock interests in special and
strategic exploration licenses.
The geologic terrain of Mongolia provides a number of environments
conducive to the development of bulk tonnage gold deposits. These
include epithermal gold, basin and range (Carlin), intrusive
related stockwork and vein type, and skarn gold deposits. The
presence of the Maurantau (40 M oz Au), Kumtor (9.3 M oz Au) and
Balei (4 M oz Au) deposits within on-strike geologic terrain's on
either side of Mongolia indicates the countries vast potential.
Previous exploration for low grade, bulk tonnage type targets,
using state of the art exploration methods and recent advances in
regional gold deposit models is almost non-existent. The
following information has been gathered through a 12 month due
diligence study by Pursuit and examination of all available
geologic data.
BAYANHONGOR GOLD BELT
The Bayanhongor Gold Belt hosts approximately 16 significant
hardrock gold prospects. The belt is defined by a collision
suture zone dominated by Lower Cambrian carbonate-volcanogenic
schist and ophiolite complexes. The belt is intruded by multiple
small grano-diorite, diorite and syenite intusives of
Carboniferous age. Gold mineralization is associated with
intrusive related quartz stockworks, veins and skarns.
The Ulzit Gol property hosts the Huh Bulagin hundiy gold/copper
skarn zone. Gold mineralization is located at the contact of a
metamorphosed limestone and a granodiorite intrusive. Several
mineralized lenses have been identified through trenching over a 2
km strike length. One lense is reported to grade 8.8 gpt Au over
20 metres with a strike length of 160 meters. A possible resource
of 110,000oz Au with an average grade of 5.6-8.6gpt Au has been
reported for the zone based on a 4 g/t Au cut-off.
Further south on the Ulzit Gol property the relatively unexplored
Khar-At uul prospect is characterized by a quartz stockwork zone
approximately 550 m in diameter. Free gold associated with
limonite zones has been observed while a single grab sample was
reported to contain 15 g/t Au.
The Khan-uul area is situated 100km southeast of Ulzit Gol in the
Bayanhongor gold belt. Gold mineralization is reported in broad
zones of limonitized and silicified quartz-sericite-chlorite
schists intruded by granite porphyry intrusives situated along a
major east-west structure. A mineralized zone grading 0.8-6.2 g/t
Au is reported to contain a possible resource of 550,000 oz Au.
BAYANLEG-BAYANGOVI GOLD BELT
The northern portion of the Bayanleg-Bayangovi gold belt is
underlain by an active continental margin environment of Paleozoic
age. Gold occurs in veins, skarns and stockworks associated with
Devono-Carboniferous grano-diorite intrusives in the Tsakhir
Khudag area.
ERDENE DALAI
The Erdene-dalai prospect is characterized by a large gold anomaly
covering an area of abundant quartz veining over an area 2km x
1km. Six gold occurrences have been identified in the area with
grades ranging from 0.6 to 20 g/t Au. The area lies on a splay
off a major regional fault cutting Permian age sediments and
granites.
URGAMAL GOLD BELT
Dayak Gold Corporation, ("DAYK") has an interest in the Khargas
property in northwestern Mongolia which is underlain by an
east-west trending zone of basic igneous rocks and ophiolites
representing an island arc sequence. On February 4, 1997,
International Pursuit Corporation announced a takeover bid for
Dayak Gold Corporation. Intrusions of Cambrian age basic to
intermediate rocks has produced an alteration assemblage of
hematite and siderite. Intense alteration zones of chlorite,
epidote, carbonate, quartz and pyrite are distributed irregularly
along a zone 150 m wide by 900 m long. Minor trenching and grab
samples has indicated trace gold of up to 3 g/t Au with anomalous
bismuth, arsenic and copper. Two additional prospects in the
area include a intrusive related replacement zone with coarse gold
panned from local drainages and a gold/copper skarn identified as
having a 3 km strike length. Grab samples are reported to range
from 1.0 to10.0 g/t Au.
CORPORATE SUMMARY
International Pursuit has now been able to acquire direct and
indirect interests in the largest exploration position in
Mongolia. Management believes that based on the countries under
explored yet very prospective gold belts and recent improvement in
the mining investment climate, Mongolia will emerge as one of the
worlds major gold exploration regions. The presence of RTZ/CRA,
BHP and several other western mining company attests to the
countries potential.
Pursuit is an exploration mining company whose shares trade on the
Toronto Stock Exchange under the symbol 'IPJ'. Dayak trades on
the Canadian Dealing Network (Toronto) under the symbol 'Dayak'.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen R. Dattels William B. Burton
President Executive V.P., Exploration
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
International Pursuit Corporation
Investor Relations
(416) 947-9216 or 1-800-396-5188
INDUSTRY: MNG
SUBJECT: NWS
-0-
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There is a second news release affecting affilliate JVAG Gold,
Return-Path: <newsout@canada-stockwatch.com>
Date: Fri, 28 Feb 1997 12:07:03 -0800
From: newsout@canada-stockwatch.com
Subject: Stockwatch: Java Gold Corp - News Release
To: reverest@jetstream.net
Java Gold offers to acquire Mongolian Goldfields
Java Gold Corp JVAG
Shares issued 17,620,911 Feb 27 close $1.00
Fri 28 Feb 97 News Release
Also International Pursuit Corporation (IPJ)
Mr Stephen Dattels of Java Gold reports
Java Gold intends to make an offer to acquire all the issued shares of
Mongolian Goldfields Corp by offering one share of Java for every two
shares of Mongolian. Mongolian is a company with fewer than 50 shareholders
and hence the transaction will be exempt from the obligation to prepare and
deliver a takeover bid circular and from certain other requirements
contained in applicable securities legislation.
The authorized share capital of Java consists of an unlimited number of
shares, of which 17,620,911 shares are issued. The authorized share capital
of Mongolian consists of an unlimited number of shares of which 12,650,001
shares are issued. If all shares of Mongolian are acquired by Java pursuant
to the share exchange offer, Java's share capital will be increased by
approximately 6,325,000 shares (representing approximately 35.9% of the
current issued shares of Java).
To the knowledge of Java, the only holder of securities of Mongolian
beneficially owning, directly or indirectly, greater than 10% of
Mongolian's issued shares is Mr Armand Beaudoin of Jakarta, Indonesia who
owns approximately 31.6%. To the knowledge of Java, the only holders of
securities of Java beneficially owning, directly or indirectly, greater
than 10% of Java's issued shares are Mr Beaudoin, who holds approximately
16.5%, and International Pursuit Corp, which holds approximately 19%.
Mongolian is engaged in the business of exploring for and development of
gold and other precious metals in Mongolia. Mongolian focused its initial
activities on the placer gold business in Mongolia. It imported into
Mongolia a portable alluvial testing facility and entered into final
testing agreements with Mongolian private and state owned companies with
the objective of entering into contract mining contracts with them.
Mongolian, through local subsidiaries, has acquired working interests in
eluvial and alluvial exploitation licences with a total resource in excess
of 800,000 ounces of gold. Mongolian will commence initial mining of these
resources in spring 1997. In addition, Mongolian holds direct and indirect
interests in additional special and strategic hard rock exploration
licences.
Mongolian's exploration licences are in the East Mongolian Gold belt
(Salkhit and Dasbalbar) and the Gobi region (Ikh Bogd, West Gobi and Ikh
Shanki).
Salkhit
Salkhit is reported to have many similarities to the productive Balci gold
deposit (four million oz Au) 200km northeast in Russia. This low
sulphidation epithermal is characterized by veins and stockworks hosted in
early Cretaceous conglomerates in a northeast trending rift zone.
Dasbalbar
The Tsagaan Chuluut gold prospect within the Dasbalbar licence is
characterized by a large area of limonitization and silicification at the
contact with a small diorite porphyry plug. Trenching during a Russian
exploration program is reported to have uncovered wide zones of gold
mineralization over an area of 400m x 200m. A recent evaluation by Java
geologists researching this area revealed additional potential up to 600m
northeast along the contact zone.
Ikh Bogd
Extensive areas of alteration have been identified from Landsat imagery and
during aerial prospecting of the the Ikh Bogd property. The area is
underlain by Mesozoic volcanics intruded by felsic stocks. Several gold
occurrences associated with stockwork veining have been documented in this
area of historic alluvial gold mining.
West Gobi
The exploration target in West Gobi is a gold-antimony quartz stockwork
zone, in a Paleozoic volcanic are setting.
Gurvantes
The Gurvantes property is underlain by a volcanic assemblage with island
are characteristics. Extensive alteration zones, some with epithermal gold
system pathfinder element anomalies are present. Anomalous gold is reported
in association with extensive areas of jasperoidal rhyolite and porous
ruff.
Zavhkan Mandal
Java has also applied for a special and strategic exploration licence in
Mongolia covering property called Zavhkan Mandal. This property in the
Urgamal belt of northwestern Mongolia contains multiple occurrences of gold
and gold/copper. Hydrothermal gold mineralization zones hosted by
volcanogenic/sedimentary sequences and vein/stockwork gold occurrences
hosted in mafic volcanics are reported on the Zavhkan Mandat property.
Metamorphogenic gold occurrences are also reported on the property which is
of importance in relationship to other deposits of this type further west
in the Altaids, such as the Murantau deposit, which is one of the worlds
largest open pit gold mine. Four gold occurrences are documented on the
Zavhkan Mandal property.
Completion of the Java/Mongolian transaction is subject to a number of
conditions including compliance with all applicable regulatory and
corporate requirements and receipt of a fairness opinion from a dealer
confirming the fairness from a financial point of view to the shareholders
of Java.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
