Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: timbouctou who wrote (967)	5/16/2000 1:31:00 PM
From: Ptaskmaster	Read Replies (1) \| Respond to of 1178

Pangea Finds Significant Gold Mineralization On Bulyanhulu South Project. "Pangea Goldfields announced today that significant gold mineralization has been intersected in a recently completed drill program at its Bulyanhulu South property in Tanzania. Intercepts of 12.97 grams/tonne gold over 4 meters and 3.22 grams/tonne over 6 meters were returned and a number of gold targets warranting further work were identified. The strategically located, 108-square kilometer property lies directly south and on strike with Barrick Gold Corporation's 10.4 million-ounce Bulyanhulu deposit. "Three gold showings on the property have reinforced models of a similar structural and mineralogical setting as the Bulyanhulu deposit. These positive results highlight the Bulyanhulu South property as one of the most geologically prospective properties in the Lake Victoria Goldfields where a total of 35 million ounces of gold have been discovered to date. "In the current program, 23 reverse circulation (RC) drill holes totaling 4544 meters were completed on three targets with the best results obtained on the 14300N zone. Five other targets warrant follow-up with RC and rotary air blast (RAB) drilling." pangeagoldfields.com biz.yahoo.com

To: timbouctou who wrote (967)	5/17/2000 4:45:00 PM
From: timbouctou	Read Replies (1) \| Respond to of 1178

From the Barrick site Background The Bulyanhulu Project is located south of Lake Victoria on the Victorian Greenstone Belt in Tanzania, East Africa. In March 1999 Barrick acquired Sutton Resources Ltd. for $280 million. The two principal assets involved were Bulyanhulu (Buly) and a nickel property known as Kabanga. At the time of acquisition, gold reserves at "Buly" were 3.6 million ounces. The Company owns 100% of Bulyanhulu. Upon acquisition, the primary objectives for the property were to expand the reserve and resource base and to begin construction of the mine. By the end of 1999, Buly had 7.5 million ounces of gold reserves and 2.9 million ounces of resources, based on 68,000 metres of drilling. Drill results to date indicate that grades improve at depth. The number of known reefs has increased from five to potentially nine since acquisition. Production growth will come from those other reefs. Construction of the $280-million mine began in the third quarter of 1999. The mine is scheduled to enter production in the second quarter of 2001, with an average annual production rate of 400,000 ounces of gold at an average total cash cost of $130 per ounce over its 19 years of mine life. Bulyanhulu is the hub of the Company?s district development program in Tanzania. In addition to continuing the exploration program at Buly itself, Barrick has entered into several joint ventures on properties within trucking distance of the Buly processing facilities. Any discoveries made on these other properties would benefit from the infrastructure at Buly. For example, the Golden Ridge Property, which has 1.6 million ounces of resources, is located 30 kilometres from Bulyanhulu. Barrick can increase its interest in this property from 50% to 65% by producing a bankable feasibility study by September 2001. The reserve is now 2.2 million oz, with new estimates due soon. The target date for bankable feasibility study is Sept 14, 2000 and not 2001 (as per PGD annual report).