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Gold/Mining/Energy : Pangea Goldfields T.PGD -- Ignore unavailable to you. Want to Upgrade?

To: salva who wrote (336)	10/22/1999 10:39:00 AM
From: Enigma	Read Replies (1) \| Respond to of 1178

The following is the text of the recent Barrick press release re the PGS J/V - which has probably been posted already - however when Barrick refers to it's own Bulyanhulu property I can't locate it on the map - it's apparently 18 miles north of the PGD one - the only one near is marked 'Ashanti': (COMTEX) B: Pangea Reports High Grade Gold Intercepts At Depth At Gol B: Pangea Reports High Grade Gold Intercepts At Depth At Golden Ridge TORONTO, CANADA--(Canadian Corp News, October 20, 1999)-- -Drilling confirms potential to expand resource- -Drill program increased to 20,000 meters- Pangea Goldfields Inc today released the results from the initial 6,200 meters of a 10,000-meter diamond drill program undertaken by joint venture partner, Barrick Gold Corporation at the Golden Ridge project in Tanzania. The project, located 18 miles southeast of Barrick's 8.8-million ounce Bulyanhulu project, currently hosts a gold resource of 1.6 million ounces in the top 100 meters from surface.Drill results to date, which include 13.46 grams/tonne gold over 10.9 meters in hole GR99-45 and 1 0.11 grams/tonne gold over 12.4 meters in hole GR99-46, confirm the potential to expand the current resource of 1.6 million ounces. The program was designed to add to this gold resource by extending mineralization below 100 meters in the Main Zone and by assessing untested targets.Barrick has increased the size of the program to approximately 20,000 meters and will continue drilling with four rigs. This portion of the program is expected to be completed by yearend. In addition, Barrick is also pl anning to drill several targets in the Siga Hills area in the year 2000. The 174 square kilometer property lies within the Kahama greenstone belt and is underlain by folded and thrusted felsic volcanics, pyroclastics and banded iron formations (BIFs). The BIFs host the mineralization, with best drill results occuring when theBIF is in contact with a quartz feldspar porphyry. The Golden Ridge project is a 50/50 joint venture between Pangea Goldfields and Barrick Gold with Barrick providing the funding and acting as the operator. Barrick has the right to increase its interest to 65% by completing a feasibility study and by arranging project financing by September 2000. Pangea drilling programs are also underway in Tanzania at the Tulawaka project and at the recently acquired Imwero project in the Geita camp. As well, drilling is scheduled to commence this month on the Kakindu project located nothheast of Tulawaka. The attached table summarizes the drilling completed to date in this program. Access previous PANGEA press releases on our Website: www.pangeagoldfields.com ------------------------------------------------------------------------ HOLE # SECTION V. DEPTH FROM TO ASSAY STRUCTURE RESULTS (m) (m) (m) Au g/t / m ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-45 5540N 80 100.80 121.40 8.30 / 20.60 Main Zone incl. 103.80 114.70 13.46 / 10.90 ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-46 5540N 130 164.30 184.00 6.74 / 19.70 m Main Zone incl. 165.30 177.70 10.11 / 12.40 m ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-47 Main Zone not intersected - fault gap ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-48 3700N 139.40 139.90 6.95 / 0.50 m Flat vein 160 186.70 190.00 2.55 / 3.30 m Main Zone 168 197.10 199.50 3.37 / 2.40 m Main Zone ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-49 5600N 130 170.00 186.50 3.56 / 16.5 m Main Zone incl. 180.00 186.50 5.14 / 6.50 m ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-50 5650N 180 203.35 221.46 0.75 / 18.11 m Main Zone ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-51 5700N 390 399.20 400.70 11.10 / 1.50m Main Zone ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-52 5350N 140 196.40 201.70 4.26 / 5.30 m Main Zone incl. 201.10 201.70 18.75 / 0.60 m ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-53 5725N 80 74.10 75.25 19.95 / 1.15 m SI+ Zone ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-54 5715N 143 189.50 193.70 5.38 / 4.20m Main Zone 148 197.95 203.75 4.07/ 5.80 m Main Zone ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-55 5775N 155 170.00 172.00 4.15 / 2.0 m Main Zone (hole abandoned at beginning of Zone) ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-56 5800N Hole lost in fault ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-57 3600N 170 191.00 192.60 4.49 / 1.60 m Main Zone 180 201.00 203.90 2.60 / 2.90 m Main Zone 190 207.40 208.45 2.34 / 1.05 m Main Zone ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-58 5400N 165 195.18 195.68 5.75 / 0.50 m 175 207.64 213.10 3.56 / 5.46 m Main Zone incl. 207.64 209.20 9.35 / 1.56 m ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-59 5280N 115.10 116.10 5.35 / 1.00 m x-cutting vein 245 269.15 274.20 2.90 / 5.05 m Main Zone ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-60 5280N 245 220.80 222.00 2.14 / 1.20 m Main Zone ------------------------------------------------------------------------ ------------------------------------------------------------------------ GR99-61 TO GR99-71 assays pending ------------------------------------------------------------------------ ------------------------------------------------------------------------ Toronto Stock Exchange SYMBOL: PGD -0- * end of story *