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Gold/Mining/Energy : Battlefield Resources Corp (BFM) was Indomin (IRL) -- Ignore unavailable to you. Want to Upgrade?

To: SwampDogg who wrote (548)	12/21/1999 9:55:00 AM
From: Duncan McAlpine	Respond to of 584

Battlefield agreement with Placer Dome on Woodlark Battlefield Minerals Corp BFM Shares issued 29,505,121 Dec 20 close $0.07 Tue 21 Dec 99 News Release Also Placer Dome Inc (PDG) Mr. Paul Loudon reports Battlefield Minerals has declared that its 25-per-cent owned affiliate, Woodlark Mining Ltd., has entered into a heads of agreement with Misima Mines Ltd., a subsidiary of Placer Dome Inc., for the exploration and development of the Woodlark Island gold project in Papua New Guinea. The 350-square-kilometre Woodlark Island gold project is located 300 kilometres east of the PNG mainland, and 150 kilometres north of Placer's Misima Island gold mine. Previous exploration work at Woodlark, including aeromagnetics, detailed regional geochemistry, reverse circulation and diamond drilling and metallurgical testwork, has defined numerous epithermal gold targets with potential for large porphyry copper-gold systems. Drilling to date of shallow typical epithermal base metal carbonate systems in three of these target areas has defined 6.78 million tonnes of open pit mineralization measured and indicated grading 1.73 grams per tonne gold (377,427 ounces). Within this resource, Battlefield has identified several high-grade zones, including 530,000 tonnes grading 4.9 g/t Au at Murua and 810,000 tonnes grading 5.0 g/t at Kulumadau. Investigations and discussions toward reaching agreement with Placer have shown that it may be viable to ship ore from the present measured resource at Woodlark to Placer's plant on Misima Island for processing. In addition, Placer has the strategic and financial resources to further investigate the numerous targets identified in previous exploration at Woodlark. Under the agreement with Placer, Woodlark Mining Ltd. will receive a net smelter royalty of 4.5 per cent on the first 200,000 ounces of gold or gold equivalent produced from the project area, and a NSR royalty of 3.5 per cent on any gold or any other product mined thereafter. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com