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Gold/Mining/Energy : United Tex-Sol Mines (ASE:UTX.A) -- Ignore unavailable to you. Want to Upgrade?

To: Stan Treacher who wrote (441)	10/26/2000 1:35:57 PM
From: Buckey	Read Replies (1) \| Respond to of 527

United Tex-Sol provides Clavos drilling results United Tex-Sol Mines Inc UTX.A Shares issued 21,163,889 Oct 24 close $0.15 Thu 26 Oct 2000 News Release Also Kinross Gold Corp (K) Mr. John Rucci reports United Tex-Sol Mines and Kinross Gold have provided the assay results from the first two drill holes from a planned 7,000-metre program to be completed prior to Dec. 31, 2000. The significant assay results, as compiled by Kinross Gold and the corporation, are as follows: Interval From To Width Assay Zone (m) (m) (m) g/t ---- ---- --- ----- ----- Hole KC-00-158 HW 341.90 344.23 2.33 14.42 FW 355.93 359.37 3.44 6.65 Hole KC-00-159 HW2 286.10 289.10 3.00 6.19 VG HW1 298.50 306.50 8.00 24.26 VG Incl 1.10 74.65 VG FW 317.6 321.8 4.20 9.28 VG Incl 1.20 26.02 VG Note: The assays reported were performed by Swastika Labs. All intersections containing visible gold (VG) were assayed by pulp metallic methods. The purpose of these two drill holes was to test up dip and up plunge of hole KC-99-131, which intersected 94.6 grams per tonne (uncut) over a core length of 9.6 metres, in September, 1999. Visible gold was noted in both fine disseminations and coarse splashes throughout the mineralized sections of hole KC-00-159. These holes (KC-00-158 and 159) add confidence to grade continuity, substantiating results located in hole KC-99-131. At this time there are two drills active on the property. The focus of this drilling program is to substantiate the results of earlier drilling in the definition of higher-grade zones within the deposit and to satisfy the option agreement between the corporation and Kinross Gold. Kinross holds an option to purchase 100 per cent of the Clavos property based on a gold resource calculation (using a seven g/t cutoff) and the average price of gold for 30 days prior to the exercise of the option. The purchase price is $15 (Canadian) per resource ounce if gold is under $350 per ounce and $25 (Canadian) per resource ounce if gold is trading above $350 per ounce. Kinross earns this option on the completion of a three-year exploration program by which Kinross must expend $3.5-million (year one -- $500,000 expended; year two -- $1-million; year three -- $2-million) and in addition to these expenditures, a payment to the corporation of $200,000, of which $150,000 has been received to date. However, if Kinross does not exercise its option at the completion of the exploration program, it does not earn any interest in the property. (c) Copyright 2000 Canjex Publishing Ltd. stockwatch.com