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Gold/Mining/Energy : Black Sea Energy (BSX) -- Ignore unavailable to you. Want to Upgrade?

To: Garry O'krafka who wrote (168)	8/16/1999 9:25:00 AM
From: Winzer	Read Replies (1) \| Respond to of 180

Taliking about diversification Ivanhoe is egetting into Precious/Base Metals in Vietnam. Olympus commences drilling at Phuoc Son Ivanhoe Energy Inc IE Shares issued 89,727,767 Aug 13 close $3.90 Mon 16 Aug 99 News Release See Olympus Pacific Minerals Inc (OYM) News Release Mr. John Seton reports Olympus Pacific Minerals Inc. has disclosed that drilling will commence by Aug. 30, 1999, at the 100-square-kilometre Phuoc Son joint venture project in central Vietnam. The joint venture presently comprises: Olympus -- project operator (42.5 per cent), Ivanhoe Mines Ltd. (50 per cent), and Iddison Holdings Ltd. (7.5 per cent). The program will be financed by Olympus and Iddison Holdings and, as a result, the interest of Ivanhoe Mines Ltd. will dilute in proportion to actual expenditure to approximately 39 per cent, while the interest of Olympus will rise to approximately 51 per cent. Within this property, the joint venture is exploring three separate prospects, each of which contains polymetallic (gold-silver-lead-zinc) mineralization hosted within parallel, large-scale fault/shear structures. Scout diamond drilling will commence in the 800-metre-long Bai Dat section of the 1.5-kilometre-long Dak Sa shear zone, where 14 channel samples, collected recently by Olympus geologists from working faces in artisan underground mines, have indicated high-grade mineralization in veins up to four metres thick (weighted average grade: 29.22 grams per tonne Au, 35.67 g/t Ag, 1.55 per cent Ph and 1.87 per cent Zn). Six holes totalling 900 metres are proposed to test the Bai Dat zone. Each hole will be collared west of the shear zone and will be designed to intersect possible carbonate replacement-style mineralization within the hanging wall sequence as well as the main quartz vein/breccia target zone. Subject to favourable results, similar zones at Bai Go and Bai Choi (within the Dak Sa shear zone), and at K7 in an adjacent parallel structure, will be tested in future programs. A contract has been let for 900 metres of HQ diamond drilling, which is scheduled to commence by the end of August. Favourable results will confirm a requirement for further in-fill and step-out drilling of Dak Sa and adjacent structures. Olympus also announces that it has been informed by one of its shareholders, IT Capital of New Zealand, that it has renewed a notice of intention to sell and declaration with regulatory bodies in British Columbia. The notice of intention to sell and declaration provides for IT Capital to transfer privately to an associated company, Iddison Holdings Ltd., and to other investors, a total of up to 2,151,356 common shares. Iddison Holdings intends to thereafter participate in an intended private placement in Olympus. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com