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Gold/Mining/Energy : first quantum minerals FM on TSE -- Ignore unavailable to you. Want to Upgrade?

To: Patrick who wrote (260)	11/2/1999 1:56:00 PM
From: Ed Pakstas	Read Replies (1) \| Respond to of 385

**NEWS RELEASE** First Quantum increases Connemara gold resource First Quantum Minerals Ltd FM Shares issued 24,656,037 Nov 1 close $1.43 Tue 2 Nov 99 News Release Mr. G. Clive Newall reports First Quantum Minerals has completed an updated gold resource for its 95-per-cent-owned Connemara open pit heap-leach gold mine located in Zimbabwe. The updated gold resource is 509,000 ounces contained within 6.5 million tonnes grading 2.43 grams per tonne gold. This includes a measured resource of 3.5 million tonnes grading 2.53 grams per tonne gold containing 282,000 ounces of gold. The gold resource was calculated by Digital Mining Services of South Africa. Resource classification and estimation has been prepared according to Australasian IMM guidelines using a cut-off grade of 0.5 grams per tonne gold. Tonnes Gold Gold g/t ounces Measured 3,458,102 2.54 282,000 Indicated 807,141 2.40 62,000 Inferred 2,237,437 2.29 165,000 ---------------------------------------- Total 6,502,680 2.43 509,000 Mineralization at Connemara occurs in silicified banded iron formation (BIF) and phyllites within greenstones that form a discontinuous line of north-trending ridges, 10 kilometres long, adjacent to a major granitic basement contact. The area between the current area of mining, the North and Connemara/South pits, contains the bulk of the gold resource. The recent drill program, carried out from December, 1998, to August, 1999, confirmed the presence of gold mineralization at depths up to 100 metres in the North pit and the northern margin of the Connemara pit. In the Zabonkwe area of the North pit a large zone of gold mineralization approximately 400 metres in length remains open at depth and appears to be increasing in width and grade with depth. In addition to the main zone of gold mineralization exceptional potential for additional oxide and sulphide gold mineralization exists on a parallel BIF, located 250 metres east of the current resource. Recent exploration drilling at the Cork pit, located within this new BIF, has produced significant drill intercepts including six metres of 3.78 grams per tonne Au, 11 metres of 1.72 g/t Au and 20 metres of 1.72 g/t Au. These drill results have been included in the updated resource calculation. The potential for an increase in the resource base within both BIF is excellent and continuing drilling will focus on expanding the current gold resource while increasing confidence levels in the inferred gold mineralization. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com