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Gold/Mining/Energy : CDN. MOMO PUPPIES -- Ignore unavailable to you. Want to Upgrade?

To: Mr Metals who wrote (17086)	12/16/1999 12:35:00 PM
From: Lino...	Read Replies (1) \| Respond to of 36688

Opinions on this NR anyone??? . (Mkt News Pub) General Minerals Corporation: Joint Venture Agreement for To General Minerals Corporation: Joint Venture Agreement for Towerbeck Gold Prospect Approved by Chinese Government General Minerals Corporation ("GMC") is pleased to announce Chinese government approval of the GMC-Chinese Joint Venture to explore the Towerbeck gold prospect, located in northwestern China. A Certificate of Approval was issued on December 8, 1999, for the Sino-Foreign Joint Venture Agreement relating to the Towerbeck Minerals Joint Venture (a joint venture comprised of GMC and its Chinese partners) by the Bureau of Foreign Trade and Economic Corporation of Xinjiang Uygur Autonomous Region. This approval follows the signing of the joint venture agreement between GMC and its partners in July, 1999. The Towerbeck Joint Venture has been formed to explore and develop gold mineralization on the Towerbeck prospect, a 56 square kilometre exploration concession, which is situated adjacent to a producing gold deposit. In addition, the Towerbeck prospect contains several small, open pit gold operations and surface prospects which are part of the JV property. The Towerbeck prospect is located in northwestern China in the Xinjiang Autonomous Region, near the border with Kazakhstan. The property is located directly south of the Axi gold mine. The gold bearing, north-south structure hosting the Axi mine mineralization, projects into the Towerbeck property. Bordering Towerbeck to the east is another exploration concession being explored as a joint venture led by Western Mining Corporation of Australia. According to the Axi Mine Geology Department, the Axi gold deposit has reserves in the order of 3 million ounces of gold and produces approximately 40,000 ounces of gold annually, with a head grade of approximately 5.6 grams per tonne from the oxide ores. The deposit lies within the extension, into China, of the Central Asian Gold Belt which contains such giant gold deposits as Muruntau in Uzbekistan and Kalmakyr and Kumtor in Kyrgyszstan. The terms of the Towerbeck joint venture agreement allows GMC to earn a vested interest in stages, reaching 71 percent once GMC's contribution exceeds RMB 24 million (the current exchange rate is approximately 8.2 RMB to one US dollar). Through dilution of the joint venture partners interest, GMC can increase its interest to a maximum of 85 percent. GMC's first year commitment includes approximately US$165,000 of field expenditures. General Minerals has been actively exploring in China since 1995, when the Company finalized the second mineral joint venture ever completed in China at the Huang Shui Gou (HSG) copper-gold project in Sichuan Province. An extensive program of surface and underground drilling and tunneling at HSG was carried out by GMC and, although the resource fell short of the Company's expectations, the project established GMC as a minerals explorer in China. GMC has been in contact with the Chinese authorities involved in formulating mineral law and regulations and believes that the investment climate in China for minerals exploration will continue to improve, as the government moves on proposals for staged liberalization of the Chinese gold market, improved tax structures related to mining, amortization of exploration expenditures, and other incentives. With the Central Government's directive and support , selected Provinces and Regions, including Xinjiang, are formulating additional measures to attract foreign mineral exploration investment. GMC and its Chinese JV partners will complete the registration of the Joint Venture Corporation by the end of January, 2000. More detailed assay information and details on the nature of gold occurrences on the Towerbeck property are being tabulated and will be released in the near future. Richard Doran Manager, Investor Relations Tel: (303) 863-7934 Fax: (303) 863-7965 E-mail: ddoran@generalminerals.com