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To: SSP who wrote (8811)	9/2/1999 10:20:00 AM
From: elcasmirb	Read Replies (1) \| Respond to of 150070

Could be a FREAKY FRIDAY PICK??? Home \| Log Out \| StockTalk \| Inbox \| SubjectMarks \| PeopleMarks \| Customize \| Portfolio StockTalk \| Hot Subjects \| New Subjects \| StockTalk Search SI: StockTalk: Gold, Mining, and Natural Resources: Pure Gold Minerals (PUG)-TSE View Next 10 Messages \| Respond \| Previous \| Next To: elcasmirb who wrote (973) From: Brian Warner Thursday, Sep 2 1999 10:10AM ET Reply # of 974 Pure Gold Minerals Inc. Announces Major Oil And Gas Agreement VANCOUVER,BRITISH COLUMBIA--Pure Gold Minerals Inc. (PUG:TSE) (Pure Gold) is pleased to announce that it has entered into an agreement with CVL Resources Ltd. (CVL) to acquire a 25 percent working interest in the onshore 350 square kilometre Larne license, Northern Ireland. CVL acquired the right to earn a 50 percent interest in the license from Antrim International Inc., a Calgary based private company with extensive international oil and gas holdings. The agreement also includes an Area of Mutual Interest, which encompasses a much larger area of potential. Successful gas exploration in Ireland by Enterprise Oil has successfully delineated the southern end of a reservoir in the Triassic Sherwood sandstone, the same stratigraphic unit that is the target on the Larne License in Northern Ireland in which Pure Gold has the right to earn a 25 percent interest. Enterprise Oil is anticipating development capital expenditure, including an onshore pipeline, of up to $1.1 billion. In contrast, the Larne Licence already has excellent infrastructure in place on the license; British Gas has recently completed a natural gas pipeline connection from Scotland that traverses the Larne Licence. According to Enterprise Oil, the Irish gas market is expanding rapidly, with average annual demand at 350 MMCFD, rising to an estimated 480 MMCFD in 2005. Over $2.0 million has been spent to date on seismic and subsurface geology related to the Larne license and similar oil and gas pools in the East Irish Sea, the south coast of England and offshore Ireland. All of these oil and gas pools produce from a thick section of the Sherwood sandstone. The reservoirs are sealed by the Mercia mudstone and occur in large fault bound structures. They prove the potential to define very large reserves and high productivity at a relatively shallow depth. Examples include: the Morcambe Bay field (original reserves of seven trillion cubic feet and daily natural gas production of one to two billion cubic feet); the Wytch Farm field (original reserves of 365 million barrel oil and daily production of 100,000 barrels) and the Liverpool Bay fields (original reserves of 200 to 400 million barrels and daily production of over 70 million barrels). A well drilled by the Irish government in 1981 adjacent to the Larne license had a good gas show in a 648 meter section of the Sherwood sandstone in the same geological section as the oil and gas pools above. Extensive seismic surveys have defined numerous fault bound structures on the Larne license that appear to be similar to those related to these pools. Three and possibly four of these structures will be tested by a slim hole-drilling program. This will allow for continuous coring, gas detection, drill stem testing and logging. This is a very cost-effective method to evaluate several of the best targets within the license. The holes will be to a depth of up to 1200 meters and will penetrate the Sherwood sandstone. Drilling is expected to be completed this fall. Marketing of any gas production from the Larne license will benefit from the recent conversion of an adjacent power station from coal to gas and the conversion of the consumer coal gas system to natural gas throughout Northern Ireland. A natural gas pipeline from Scotland was recently completed by British Gas to facilitate these conversions. This new line lands in the immediate area of the Larne license. Any oil production can be shipped from a deep-water port with storage facilities on the license. Under the terms of the agreement Pure Gold must pay CVL, $50,000, issue 1.4 million shares and provide 50 percent of the costs related to the slim hole drilling program (estimated at $400,000) to earn a direct 25 percent working interest in the license. Any future costs including a test well anticipated in early 2000 will be 25 percent Pure Gold, 25 percent CVL and 50 percent Antrim. Pure Gold will also earn the right to a 25 percent interest, on a contributing basis of any new interests acquired by Antrim in the Area of Mutual Interest. The acquisition of the Larne project is the company's first oil and gas project. While diamond exploration will continue in both Alberta and the Northwest Territories, the Board of directors recognizes the potential within the Larne project to define giant gas reserves in an area of excellent infrastructure and low development costs. Pure Gold will also acquire a large working interest in this very large project for a modest investment. This will provide the potential for immediate and significant growth in both cash flow and reserves and stability for the company as it continues its quest for an economic diamond find. To enable the company to evaluate and develop oil and gas properties, including the Larne project, Donald Sheldon is pleased to announce that Gordon Keevil (Geologist) has been appointed as a consultant to the company. Mr. Keevil has over 20 years of experience with both oil and gas and mineral exploration and development companies. His experience is particularly well suited to Pure Gold as he will be able to assist the company in all aspects of its' operations and development. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Pure Gold Minerals Inc. Donald R. Sheldon President (604) 687-2038 (604) 687-3141 (FAX) Website: www.pugres.com fin-info.com. View Next 10 Messages \| Respond \| Previous \| Next Remove SubjectMark View SubjectMarks Terms of Use Enter symbols or keywords for search Symbol lookup Subject Titles Only Full-Text This Subject Only Quotes are delayed by 20 minutes. Quotes provided by S&P Comstock. Got a comment, question or suggestion? Contact Silicon Investor.