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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: Mike Gold who wrote (18748)	9/9/1999 9:29:00 AM
From: Handshake™	Respond to of 25548

Thursday September 9, 9:03 am Eastern Time Company Press Release New Inca Enters Into Joint Venture With North On El Molino Project TORONTO, ONTARIO--New Inca Gold Ltd. (NIGL:CDN) is pleased to announce that it has entered into a joint venture agreement with North Ltd., on the El Molino Copper/Gold Project in Peru, which is held jointly by New Inca and Terrace Gold N.L., an Australian mineral exploration company. The terms of the joint venture are as follows: - North can earn a 51 percent interest in El Molino by spending US$3 million in exploration expenditure over a 5-year period. - North is to pay New Inca/Terrace a total of US1.6 million cash in escalating payments over the 5-year period. - North can earn an additional 24 percent interest (total 75 percent) in El Molino by advancing the project to completion of mine feasibility. The El Molino Project adjoins North's El Galeno copper-gold porphyry deposit in Peru's Yanacocha district. In January 1999, North announced that results of a drill program indicated the definition of an inferred resource at El Galeno of 405 million tonnes grading 0.59 percent copper and 0.15 grams gold per tonne at a cut off grade of 0.4 percent. North has advised New Inca that it intends to commence an exploration program at El Molino as soon as possible. Drilling of geophysical anomalies within the copper-gold porphyry complex is anticipated.