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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge -- Ignore unavailable to you. Want to Upgrade?

To: Chuca Marsh who wrote (11254)	2/4/2003 3:06:45 PM
From: Al Collard	Read Replies (1) \| Respond to of 11802

JBA-v...in the news: Cons Jaba acquires Rhyolite Ridge project Tue 4 Feb 2003 News Release Mr. Paul Matysek reports JABA RECEIVES POSITIVE GEOPHYSICAL DATA FROM REDROCK CANYON - ... IP resistivity -- Gold Ridge area shows promising results Consolidated Jaba (Jaba) has just received a report on induced polarization (IP) and resistivity data on its Redrock Canyon, Carlin-type gold project. Computer processing of the data has shown that there is an IP source in the Gold Ridge area of Redrock Canyon, where diamond drilling is planned, that compares very closely with the geologic cross-section projections of inferred disseminated gold in the porous Earp formation silty limestones occurring near the surface. The IP responsive zone is at the surface at Gold Ridge, where previous shallow drilling indicated 900,000 tons of 0.09 ounce gold per ton material (81,000 contained ounces), to a drilled depth of 100 feet. The IP responder is inclined at about eight degrees to the east approximately paralleling bedding. The responsive zone is at a depth about 150 to 300 feet on the east flank of Gold Ridge and increases to a depth of about 700 to 800 feet at the end of the IP line approximately 4,000 feet east. The thickness of this responsive zone is about 1,000 feet. Additionally, low resistivity zones are identified with a strong-surface gold anomaly to be tested by diamond drill hole No. 2, on Airfield Ridge which parallels Gold Ridge about 600 feet to the west. Jaba acquires 100-per-cent-owned Rhyolite Ridge project adjacent to Redrock Canyon Jaba has acquired the adjacent 1.5-square-mile Rhyolite Ridge project property which is contiguous with the south and west sides of the Redrock Canyon project zone. This project is owned 100 per cent by Jaba subject to minimal royalty payments to the State of Arizona. Rhyolite Ridge contains the same sedimentary sequence as Redrock Canyon but includes a large body of intrusive Laramide (63 million years old) rhyolite. There are surface gold anomalies and similar IP responsive zones that are believed to be continuous with those defined in the adjacent Redrock Canyon project. The IP response over a broad area is thought to represent the same strata-controlled gold mineralization which appears to top out at a depth of from 500 to 800 feet. Jaba keys on three large gold targets in the Redrock-Rhyolite Ridge areas Preparation of an independent technical report is continuing at Red Rock Canyon and now Rhyolite Ridge, and is in its final stages. Analysis of the data to date now suggests three large, promising Carlin-type gold targets. Gold-rich feeder veins running up to 1.6 ounces per ton submicron gold surrounded by 0.09 ounce per ton disseminated gold in limestone characterize one target, a near-surface, bulk-minable opportunity at Gold Ridge. The second target is a deeper higher-grade target in thick and extensive bodies of porous, sandy Paleozoic limestone horizons at depth below the Gold Ridge surface gold-bearing zones. They are thought to be continuous with the open-pitable target below 1,000 feet. Multiple favourable strata are known to exist to a depth of 3,400 feet. The third target, at Rhyolite Ridge, is an opportunity for an underground perhaps bulk-minable, stratabound gold mineral zone starting at a depth of 500 feet. Multiple favourable strata are known to exist extending to a depth of approximately 4,000 feet. In addition Jaba has granted directors and employees incentive stock options to purchase up to 600,000 shares in the capital of the company at a price of 10 cents, expiring Feb. 4, 2008. The options are being granted pursuant to the company's stock option plan and are subject to regulatory approval.