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Gold/Mining/Energy : WWS.T World Wide Minerals -- Ignore unavailable to you. Want to Upgrade?

To: Nicholas Rainford who wrote (738)	11/30/1999 6:40:00 PM
From: Ray Emery	Read Replies (1) \| Respond to of 784

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: WORLD WIDE MINERALS LTD. CANADIAN DEALING NETWORK SYMBOL: WWSS NOVEMBER 30, 1999 World Wide Minerals Expands China Gold Activities Libra Gold Unit Raises Interim Financing TORONTO, ONTARIO--World Wide Minerals Ltd. (CDN: WWSS) announced that its Libra Gold Corporation subsidiary had acquired the rights to a 51% joint venture interest in the Dafang Gold Project in Hunan Province, China, previously being developed by Princess Resources Limited. In addition, Libra Gold has secured non-recourse equity-based interim financing of US$200,000 to further its China gold projects. The Dafang Gold Project is the focal point in a 95 sq. km. gold concession which has a total drill-indicated and inferred resource estimated at up to 1.0 million oz. of gold (15 million tonnes of ore grading 1.23 g/t gold and 46 g/t silver, or 2.0 g/t gold equivalent) with significant potential for additional ounces. The resource estimate was prepared by Princess using a gold cut-off of 0.4 g/t gold and inverse distance squared methodology in accordance with the Australian resource code. Approximately US$3.5 million previously was spent on exploration of the Project and related costs in 1997-1998 by Princess, including funding from Arcon International Resources plc of Dublin. Libra Gold acquired the interest in the Dafang Gold Project by purchasing a US$2.5 million 14% convertible secured debenture of Princess held by Arcon in exchange for paying Arcon a 0.67% NSR royalty on Princess' 51% interest in the Dafang Gold Project. In a related transaction, Libra Gold has also acquired the direct interest of Princess in the Dafang Gold Project in exchange for reducing the amount outstanding on the debenture by US$1.2 million and agreeing to pay to Princess a 0.33% NSR royalty on the 51% interest in the Dafang Gold Project. In addition, Arcon has been granted the right of first refusal to earn into 50% of the net interest of Libra Gold in, and to develop a base metal mine on the Dafang Gold Project in China. If Arcon exercises the right of first refusal, it would be required to produce a bankable feasibility study and to construct a base metal mine including all requisite financing of construction of the mine and initial working capital. Libra Gold is the gold exploration subsidiary of World Wide. In addition to the Dafang Gold Project, Libra Gold also has interests in the following gold projects: * The Dexing Gold Project (60% Libra Gold), a 99 sq.km. concession in Jiangxi Province, China, which surrounds the Tongshang open pit copper-gold mine (6.7 million oz. and 10.0 billion lbs. of copper) and is adjacent to the Jinshan gold mine (2.0 million oz. gold). The project has four known target areas with the potential to host a significant underground or open pit gold mine. * The Tongshi Gold Project (55% Libra Gold), a 34 sq. km. area in southwestern Shandong Province, China. This property is adjacent to two producing gold mines with reserves of over 1.0 million oz. and with assays as high as 3,100 g/t gold. Three anomalies have been identified to date and the potential exists to host a significant open pit or underground mine. * The Laizhou Gold Project (Libra Gold can earn a 60% and a 68% interest in the two properties). The Project is adjacent to the Cangshang gold mine, a 70,000 oz./year producer. Surface sampling, trenching and diamond drilling has indicated the potential for a significant open pit or underground mine. * The Easter Gold Project (Libra Gold 100%) a 1,013 ha. permit area in Nevada with a 93,000 oz. drill-indicated gold resource. Libra Gold in 1998 optioned a 70% interest to Aur Resources (USA) Inc. for option payments of US$150,000 and a US%1.0 million work commitment over five years. Interim funding of US$200,000 has been agreed for Libra Gold by way of a convertible note which can be exchanged for a 20% common share interest in the existing Libra Gold. The remaining 80% interest in Libra Gold is held by World Wide. World Wide is an international resource company whose businesses consist of the ownership of uranium mines and the marketing of uranium concentrates from an equity-accounted unit based in Denver, Colorado, and gold exploration and development based out of Toronto and Beijing. World Wide is actively pursuing its US$300 million legal action against the Republic of Kazakhstan and Nukem, Inc. in the US Federal Court. Through a recently established subsidiary, Virtual Resources Inc., World Wide is investigating a potential number of new ventures to recover and maximize shareholder value. World Wide currently has 80.3 million common shares outstanding. -30- FOR FURTHER INFORMATION PLEASE CONTACT: World Wide Minerals Ltd. Paul A. Carroll (416) 369-7217 (416) 369-6088 (FAX) Email: wws@worldwideminerals.com INDUSTRY: MNG SUBJECT: NWS