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Gold/Mining/Energy : Golden Eagle Int. (MYNG) -- Ignore unavailable to you. Want to Upgrade?

To: GC who wrote (30713)	3/9/2003 10:25:23 PM
From: GC	Read Replies (1) \| Respond to of 34075

PRESS RELEASE afriore.com AFRIORE HAS COMMENCED DRILLING TO TEST WITWATERSRAND-TYPE GOLD PROJECT IN SOUTH AFRICA For Immediate Release: Thursday, October 28, 1999 Toronto, Canada (October 28, 1999) - AfriOre Limited (AFO-V) is very pleased to announce that diamond drilling has commenced on the FSC project in South Africa, a project that has the potential for hosting extensive Witwatersrand-type gold mineralization. For the past two-and-one-half years, AfriOre has worked closely with industry and academic consultants, all experts in Witwatersrand gold and have refined their model for locating a possible analogous Witwatersrand sedimentary basin. The historic Witwatersrand Basin is host to the world’s largest past and present reserves of gold. It has produced over 1.5 billion ounces of gold during the past 113 years and has an estimated one billion ounces of gold in resources and reserves remaining. Like much of the Witwatersrand basin, the area under investigation is covered by younger Mesozoic sediments, estimated to average up to 1,000 metres in this case. Although located some distance from the known gold mining districts, the area has certain geophysical and structural characteristics in common with the Witwatersrand stratigraphy associated with the gold-bearing reefs. Some past exploration has been conducted in the general area, but no previous work has tested the specific target that is the focus of this program. Mineral rights are in the form of exclusive, notarized Prospecting Contracts issued by the State and various option agreements with private owners over two large contiguous land packages totaling approximately 212,000Ha that cover over in excess of 120Kms of favourable strike. These rights are currently held by two wholly-owned AfriOre subsidiaries. In addition, through another subsidiary, AfriOre holds a 3% NSR royalty over the entire land package. Further to the joint press release with IAMGOLD Corporation issued on August 3, 1999, both parties expect to execute a detailed Share Earn-in Agreement soon. IAMGOLD may earn a 50% interest in one of the two companies holding the mineral rights by expending up to US$5 million prior to September 1, 2002. The funding will be advanced for exploration and development work. The first phase program amounting to US$1 to US$1.5 million is well under way. Interpretation of recently completed detailed aeromagnetic survey data and more than 500 line-kilometers of pre-existing seismic data has allowed the siting of the first two boreholes. Diamond drilling has commenced and will attempt to confirm whether or not Witwatersrand type rocks are responsible for the distinctive magnetic and seismic signatures present within the project area. On or before April 15th, 2000, IAMGOLD will choose in which AfriOre subsidiary it wishes to earn its 50% interest. AfriOre will retain full ownership of the other company and its land package, together with the 3% royalty over the whole area. AfriOre and its consultants are excited that the drill program has commenced. "We are delighted to have worked so closely with our academic and industry consultants who developed the concept and are now very pleased to be working with IAMGOLD to test the model. Opportunities in the mining industry as potentially significant as this are very rare. IAMGOLD is a solid company with an excellent track record and strong cash-flow from the AngloGold-operated, low-cost and successful Sadiola Mine in Mali" comments Tony Ransom, President and CEO of AfriOre Limited. On behalf of the board of directors of AfriOre Limited: A.H. (Tony) Ransom, President and CEO The Vancouver or Toronto Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of the information contained herein. AfriOre is listed in Standard & Poor’s Corporation Records SEC 12g 3-2(b) exemption 82-4514. For further information, please contact: Tony Ransom or Warren Newfield Tel: (416) 361-1747 Fax: (416) 361-5047 E-mail: admin@afriore.com Web site: www.afriore.com -30-