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Gold/Mining/Energy : Valerie Gold Resources Ltd.
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To: baystock who wrote (3)5/17/1999 6:27:00 PM
From: Steve Joy   of 5
 
*****Results Are in from Estrella, Low Grade Mineralisation Found

Valerie Gold Resources (VLG:VSE) received a project status report
regarding work on the Estrella epithermal gold property in Mexico. The
report shows that all nine holes drilled in the latest program
encountered extensive sections of epithermal quartz veining,
brecciation and stockwork, confirming the presence of a widespread
epithermal alteration zone.

Assay results are available for eight of the nine holes. All eight
showed sections with low-grade gold mineralisation and occasional
narrow, high-grade intersections. The company says that the overall
widths and grades are less than anticipated and do not meet its
objectives.

Hole From (m) To (m) Length (m) Gold (g/t) Silver (g/t)

ES99-1 45.00 61.80 16.80 0.60 128.10
incl. 52.62 54.78 2.16 2.28 513.00
ES99-2 54.80 79.00 24.20 1.33 60.61
incl. 69.80 72.00 2.20 6.73 26.59
ES99-3 29.57 42.79 13.22 1.26 33.34
incl. 31.32 33.07 1.75 4.45 57.00
ES99-4 61.99 63.44 1.45 2.54 147.00
and 69.27 70.09 0.82 2.12 27.00
and 92.51 101.81 9.30 0.45 2.76
ES99-5 101.61 105.55 3.94 0.21 19.23
ES99-6 118.03 123.60 5.57 0.18 28.00
ES99-7 Assays Pending
ES99-8 101.62 107.94 6.32 0.13 2.732
and 263.73 265.41 1.68 0.41 7.90
and 273.73 274.40 1.15 0.25 17.30
ES99-9 177.15 182.45 5.30 0.93 17.39
incl. 177.15 178.30 1.15 3.17 91.50

The best intersections were obtained from holes 99-1, 99-2 and 99-3,
which were situated at the extreme north end of the tested area. Hole
99-4 drilled about 80 m beneath hole 99-3 and gave lower gold values
across narrower widths. The company says this suggests the possibility
of a weaker peripheral portion of an epithermal system and that there
may be a mineral gradient to the north.

Valerie adds that soil geochemistry results over the northern end of
the Estrella alteration zone show a coinciding gold-silver anomaly but
that gold results are more erratic compared to the strong, well
defined silver anomaly. (May 12/99)

Steve
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