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Gold/Mining/Energy : Goldminco Consolidated Mining Corp. GMC (was GMO) -- Ignore unavailable to you. Want to Upgrade?

To: David Carlson who wrote (579)	1/27/1999 7:41:00 PM
From: Ron Everest	Read Replies (1) \| Respond to of 588

News Release Goldminco JV with Northern Mining in Papua New Guinea Goldminco Consolidated Mining Corp GMC Shares issued 6,835,539 Jan 25 close $0.13 Wed 27 Jan 99 News Release Mr. Peter Tambanis reports After months of negotiating, the company has finalized a joint venture agreement with Northern Mining Ltd., a Papua New Guinea-based company, to explore for gold and other minerals over an area of 1,020 square kilometres. Goldminco will be granted the option to earn 70 per cent of the project by reimbursing Northern Mining K298,000 in instalments by cash or the equivalent in shares of Goldminco and incurring exploration expenditures of K1.5-million over the next two years. Upon the formation of a joint venture on Goldminco's earn-in of its 70 per cent interest, Goldminco has the potential to earn up to 95 per cent of the project, if Northern Mining cannot or elects not to finance its project contributions at the development stage. The property is in the Keveri fault system at the Owen Stanley Range. No gold mining activity has been reported since the mid-1920s and only limited reconnaissance took place by the Bureau of Mineral Resources, which reported the presence of gold, silver, copper, nickel and chromium. Rock chip samples obtained by the vendors and assayed by Goldminco from the Keveri fault system assayed 9.2 grams per tonne gold and 5.7 per cent copper. At the beginning of its exploration program, Goldminco intends to concentrate primarily in this area and other reported areas for early results. In the absence of vehicular road accessibility, Goldminco will use helicopters to transport personnel and equipment. Goldminco intends to engage the services of Geological Technologies of the University of New England to conduct high definition surveys as soon as possible. It is hoped that exploration in the reported areas will advance towards September to October this year for some diamond drilling to take place before December 1999. WARNING: The company relies on litigation protection for "forward-looking" statements. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com