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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (3544)	5/5/2002 4:03:17 AM
From: ms.smartest.person	Respond to of 39344

Conquest Sells Golden Kopje Mine / Write Down Of Zimbabwe Assets Of $620,000 / Resignation Of Director Friday May 3, 4:00 pm Eastern Time Press Release SOURCE: Conquest Resources Limited via BCE Emergis e-News Services Toronto, Ontario Conquest Resources Limited (TSX-V: "YQR") ("Conquest") announces that in a restructuring of its Zimbabwe assets it has agreed to sell its interest in the Golden Kopje mine in Zimbabwe to Canzim Resources Inc. ("Canzim") of Thornhill, Ontario and has dropped its option on two exploration properties also in Zimbabwe. In addition Conquest has taken a provision of $620,000 in its accounts for the year ended December 31, 2001 against the full carrying value of the Golden Kopje mine and against the Rama and Athem exploration projects. The decision was taken primarily due to increasing operational difficulties at the mine brought on by the worsening political climate, hyper-inflationary economic pressures and artificially fixed currency exchange rates in Zimbabwe. Canzim is a private Ontario corporation which has been operating in Zimbabwe on a small scale for more than five years. Peter Palframan, a director and minority shareholder of Canzim, has resigned as a director of Conquest. The consideration for the sale to Canzim is $1.00 and the retention by Conquest of an option to reacquire up to a 50% joint venture interest in the Golden Kopje mine and/or the Golden Kopje Tailings Project by contributing capital or equipment to deepen the mine or develop the Tailings Project. The Golden Kopje mine produced approximately 6,000 ounces of gold in 2001 and requires further investment to deepen and develop the mine. Conquest has agreed with Canzim to undertake a feasibility study on the Golden Kopje Tailings and has the right to contribute the necessary capital and equipment to develop the Tailings Project as a stand-alone operation. The tailings contain approximately 1.3 million tonnes from historic production. Conquest intends to confine its efforts in Zimbabwe on securing and maintaining its remaining assets pending clarification of the future direction and prospects for that country. These assets are largely non-producing exploration or development projects. Elsewhere in Africa, Conquest owns the Suguti property, Tanzania on which Barrick Gold is carrying out exploration to earn an interest. Conquest plans to focus its ongoing efforts on gold exploration in Canada where it has recently acquired a strategically important property in the Red Lake Gold Camp and a joint venture on the Aurora property in the Detour Gold Camp, both in northern Ontario and on its recently announced major gold production opportunity at the Jerooy* gold deposit in the Kyrgyz Republic, Central Asia. There are currently 23,971,147 shares of Conquest issued and outstanding. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. For further information contact: Terence McKillen, President & CEO Tel: (416) 362-8243 Brett Whitelaw, Vice-President Tel: (604) 986-8980 John Kearney, Chairman Tel: (416) 362-6686 347 BAY STREET, SUITE 201, TORONTO, ONTARIO, CANADA, M5H 2R7 TEL: 416-362-8243 FAX: 416-368-5344 EMAIL: tnmckillen@conquestresources.net WEB SITE: www.conquestresources.net * And here's the Press Release on Jerroy - Conquest Resources and Oxus Mining (OXS.L) kitco.com