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Gold/Mining/Energy : southern africa minerals -- Ignore unavailable to you. Want to Upgrade?

To: Taco who wrote (296)	6/16/1999 1:30:00 PM
From: chomsky	Read Replies (1) \| Respond to of 314

Southern Africa Minerals Corporation - Caber Update TORONTO, ONTARIO--The company is pleased to report that Noranda Inc. has made the June 15, 1999, $400,000 optional payment. The payment is in respect to the option agreement on the Caber zinc/copper property located 35 km west of the Matagami mining camp in Quebec. Management has agreed to issue Noranda 290,909 shares at $1.38/share in regard to the payment. The next optional payment of $750,000 is due on January 15, 2000. Noranda Inc. can earn up to a 70 percent interest in the property by bringing the property to production; by incurring $6.0 million in work expenditures and making $2.85 million in private placements in the company over a four-year period. So far Noranda has subscribed to $1.2 million worth of shares of SAF and expended approximately $3.0 million in exploration expenditures on the property including 30,000 meters of diamond drilling. Noranda Inc. is finalizing a feasibility study on the high-grade core of the Caber deposit. The study is based on a resource estimate of 470,500 tonnes at a grade of 11 percent zinc, 0.8 percent copper, 13.0 g/t silver and 0.2 g/t gold. Preliminary analysis indicates that the project may be feasible at a zinc price of US $ 0.60/lb. Due to current depressed base metal prices an underground development program has been deferred. Exploration is continuing with two drills on several areas of the property. The Company wishes to advise that it has moved its office to the following new location: /T/ 1115 Sutton Drive Burlington, Ontario Phone: (905) 319-2356 L7L 5Z8 Fax: (905) 319-3527 /T/ THE PRESS RELEASE WAS PREPARED BY SOUTHERN AFRICA MINERALS CORPORATION WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Southern Africa Minerals Corporation Denis Francoeur President and C.E.O. (905) 319-2356 HYPERLINK http:// www.southernafrica.net