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Gold/Mining/Energy : Sun River Mining (SUNR) -- Ignore unavailable to you. Want to Upgrade?

To: javajake who wrote (1561)	9/15/1999 1:28:00 PM
From: James E Lynch	Read Replies (2) \| Respond to of 1650

(BSNS WIRE) Sun River Mining Completes Estimate of Mineralization In Pla Sun River Mining Completes Estimate of Mineralization In Place at Clavo Rico; Defers Exercising Option; Renews Negotiations and Advances Funding Effort Business Editors DENVER--(BUSINESS WIRE)--Sept. 15, 1999--SUN RIVER MINING, INC. (OTC BB: SUNR) has completed their evaluation of the Clavo Rico, Honduras, drilling program and prepared a preliminary estimate of mineralization in place. The Company deferred exercising the purchase option and has initiated discussions with management of Compania Minera Cerros del Sur, S. de R.L. de C.V. regarding a new option, or extension of the previous option. Minera Cerros del Sur responded with a proposal to extend the option period by 90 days. Possible terms of the extension are presently being negotiated. The reverse circulation rotary drilling program, conducted by R & R Perforaciones of Tegucigalpa, Honduras, was completed on August 13, 1999, consisting of a total of 1,286 feet in twelve drill holes and two target areas. Drilling on the main shear zone, or "Williams Tunnel Area," confirmed the presence and continuity of oxide gold mineralization in the shear zone and peripheral to the present operations. Approximately 1,000 feet to the north, an initial drill test of the previously unknown "North Extension" also encountered extensive oxide gold mineralization of potential economic grade. The planned funding effort was delayed pending determination of the mineral resource at Clavo Rico, and was further impacted by the continuing decline in gold prices, thereby precluding a timely exercising of the option on September 7, 1999. This delay, however; allowed for a complete review of the presently identified mineralization and planned processing facility to assure continued viability. Discussions with an Arizona funding group are in progress regarding the best method available for securing the needed funds, and the documents necessary to advance the funding effort are in the final stages of preparation. Management remains optimistic in regard to acquiring and developing the Clavo Rico gold property, and looks forward to a positive analysis and go-ahead decision in the very near future. For additional information regarding Sun River, see the Company's web site at www.sunrivermining.com. ON BEHALF OF THE BOARD OF DIRECTORS Steven R. Davis President & CEO Sun River Mining, Inc. 350 Indiana St., Suite 800 Golden, CO 80401 Tele: 303/384-3415 --30--SH/dx* CONTACT: Sun River Mining, Inc., Golden Steven R. Davis, 303/674-3071 E-mail: geosrdavis@att.net KEYWORD: COLORADO INDUSTRY KEYWORD: MINING/METALS Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com * end of story *