SALT LAKE CITY--(BUSINESS WIRE)--June 1, 1999--Cerro Dorado, Inc., a Salt Lake City based junior mining company,
has received the preliminary results from a survey of its gold mining properties in Chile, Richard W. Cahoon, Company President,
announced today.
Samples from the surface of the Company's Lobo Solitario gold property indicate an ''important quantity of free gold''. The analysis of one sample from the Lobo
Vein showed 184 grams (6.6 oz.) of coarse gold per tonne including 24.2 grams (0.9 oz.) per tonne of fine gold.
A new adit intercepted the vein at 123 metres from the mine entrance and 70 metres down vertically. The team calculated the presence of gold to be greater than 50
grams (1.8 oz.) of gold per tonne.
The Company is negotiating a participation on the Ipun property, south of Chile. A recent survey verified large deposits of sedimentary reserves. Tests taken of soil
samples proved the presence of gold. Two rivers that flow in opposite directions from the interior of the island are the carriers of gold to the beaches, the survey
stated. Particles of gold are visible to the naked eye.
The survey was directed by Ralph Bonham, a placer mining and machine design engineering consultant. Mr. Bonham has designed and built a self-contained testing
trailer for the evaluation of the commercial viability of placer gold properties. He is the Chairman of a group of mining experts who work on solving the problems of
so-called ''mystery gold''.
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.
Trading OTC/BB
Symbol CDCH
Cusip# 156834
Contact:
Cerro Dorado
Richard W. Cahoon, President
Investor Relations at (801) 484-2668
Fax:(801) 486-3633 |
