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Gold/Mining/Energy : Mongolia Gold Resources -- Ignore unavailable to you. Want to Upgrade?

To: d:oug who wrote (3735)	7/28/1999 7:08:00 PM
From: d:oug	Read Replies (1) \| Respond to of 4066

("MGR-V;MLIAF-L") - Signs For Geophysical Survey of Russell Lake - Volcanogenic Massive Sulphide Property Mongolia Gold Resources Ltd (the "Company") announces that it has contracted Geoterrex-Dighem to conduct a helicopter-borne, high sensitivity magnetic and multifrequency electromagnetic geophysical survey over the Russell Lake volcanogenic massive sulphide ("VMS") copper, zinc and gold deposit and its extensions. The survey is expected to commence later this week, with field maps to be delivered immediately upon completion. This will be the first geophysical survey over this zone since a government-sponsored aeromagnetic survey was completed in 1961, and the first electromagnetic survey ever conducted over this mineralization. The 1961 aeromagnetic survey identified a very strong magnetic anomaly over the mineralized zone. The Russell Lake Volcanogenic Massive Sulphide Property (the "Property") encompasses a recently discovered Archean VMS copper, zinc and gold deposit. Mineralization consists of disseminated and massive sulphides occurring within a 200 meter (650 foot) thick by 1,600 meter (5,250 foot) long felsic volcanic unit. The Company may earn up to a 60% interest in the Property from Fortune Minerals Limited (see News Release 113, July 19, 1999). The Property is located 90 km (54 miles) west-northwest of Yellowknife, Northwest Territories, Canada, 60 km (36 miles) north of Highway #1, 5 km (3 miles) north of the high voltage power line between the Snare hydroelectric complex and Yellowknife. It is 24 km (14 miles) northeast of Russell Lake which connects through Frank Channel to Great Slave Lake, providing barge access to the rail head at Hay River, or down the Mackenzie River to tidewater. The Company plans to commence ground follow-up the anomalies identified from the survey to inspect targets identified from the geophysical survey and previous work, and to locate diamond drill setup locations for an anticipated fall program. TEL: (604) 681-2877 Investor Relations WEBSITE: www3.stockgroup.com