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Gold/Mining/Energy : Southwestern Gold -- Ignore unavailable to you. Want to Upgrade?

To: TrueScouse who wrote (220)	10/11/2000 4:44:18 PM
From: 1st.mate	Respond to of 585

Barrick Gold Corp - Southwestern Gold options Minaspata project to Barrick Barrick Gold Corp ABX Shares issued 395,623,227 Oct 10 2000 close $21.500 Oct 11 2000 5:38:05 Mr. George Plewes reports A Peruvian subsidiary of Barrick Gold has signed a binding letter of intent to option the Minaspata gold project situated in the southern Peru tertiary volcanic belt. The Minaspata gold project is a 50/50 joint venture between the company and Cambior Inc. and is located approximately 110 kilometres southwest of the city of Cuzco. The joint venture owns 100 per cent of 13,000 hectares of exploration concessions. Minaspata is underlain by several high sulphidation epithermal alteration systems associated with anomalous to economic grade gold. Four large gold mineralizing systems have been defined to date intimately associated with vuggy silica and alunite which in places is exposed over a vertical distance of 150 metres. The Cerro Utunsa zone extends for about 2,000 metres by 1,500 metres and results of rock chip sampling in this zone returned values ranging from 0.1 gram per tonne gold to 2.2 g/t gold. This zone is defined by a broad resistivity high. The Quellocirco zone is 2,000 by 1,000 metres in extent and, as is the case at Cerro Utunsa, the gold mineralization is associated with vuggy silica. Surface rock chip results in the Quellocirca zone were generally in the 0.1 g/t to 0.3 g/t gold range with a smaller zone of higher grade where rock chip results returned values of 30 metres of 3.8 g/t gold, 150 metres of 1.0 g/t gold and 20 metres of 1.2 g/t gold. Under the terms of the letter of intent Barrick is to spend $1.5-million (U.S.) over three years to earn a 51-per-cent interest of which $200,000 (U.S.) in the first year is a firm commitment. Barrick also must make a cash payment of $500,000 (U.S.) on the third anniversary of the formal option agreement. Once Barrick has earned its 51 per cent, then a joint venture will be formed in which each party will contribute to further exploration on a pro rata basis. Barrick will also have the option to increase its interest to 60 per cent by financing 100 per cent of the cost to prepare a bankable feasibility study. It is the opinion of Southwestern and Cambior that the Minaspata property represents an extensive gold target of the high sulphidation epithermal type. WARNING: The company relies on litigation protection for "forward-looking" statements. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com I think that this is a poor deal. George, why not give it all away!!! Mate