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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC)

AMC 2.590

+2.0%

Oct 31 9:30 AM EST

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To: Neil Irwin who wrote (325)	5/4/1999 12:03:00 PM
From: Richard Cushnie	Read Replies (1) of 397

Abacus Minerals Corporation - Abacus says Phelps advises UTEM survey at Ferragudo is complete Abacus Minerals Corporation AMC Shares issued 21,590,405 1999-05-03 close $0.3 Tuesday May 4 1999 Mr. Steve Todoruk reports Abacus Minerals has been advised by its joint venture partner, Phelps Dodge Exploration Corporation that the UTEM geophysical survey that commenced at the Ferragudo project in February is now complete. Lamontangue Geophysics of Kingston, Ont., was contracted by Phelps Dodge to survey seven gravity geophysical anomalies with 13 loops. These gravity anomalies are considered to be moderate to high priority drill targets. The cost of the UTEM survey was approximately $100,000 (U.S.). Based on public information, UTEM test surveys were successful in identifying the copper-zinc-tin deposits at the nearby Neves Corvo mine. Based on the success of the UTEM surveys at Neves Corvo, it was decided that UTEM surveys could be beneficial in potentially identifying massive sulphide deposits at the Ferragudo project. The Ferragudo project is adjacent to the northwest corner of the Neves Corvo property and is 3.5 kilometres northwest of the mine. The regional gravity geophysical anomaly that hosts the Neves Corvo deposits trends in a near east-west direction and extends onto the Ferragudo property for approximately 2.5 kilometres. This area has apparently never been drill tested and was the focus of three UTEM loops in Phelps Dodge's survey. Phelps Dodge will thoroughly examine and interpret all of the UTEM data and will correlate it with the gravity information to help define drill targets. Phelps Dodge may earn a 70 per cent interest in the Ferragudo project from Abacus by carrying out the first $7-million (U.S.) in exploration. This year, Phelps Dodge will spend a minimum $500,000 (U.S.) which must include at least 2,000 metres of diamond drilling. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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