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Gold/Mining/Energy : Caussa Capital (formerly Antares) T.CAU -- Ignore unavailable to you. Want to Upgrade?

To: bill718 who wrote (1929)	12/23/1997 2:04:00 PM
From: Luc Beaugrand	Read Replies (1) \| Respond to of 4718

Gold defined Coleville Resources Ltd CLL Shares issued 5,971,000 Dec 22 close $0.205 Tue 23 Dec 97 News Release Mr Tom Milley reports The company's operating majority partner Antares Mining & Exploration, on its 13.5% owned 31,644 hectare Ojalali property in Sumatra, Indonesia has effectively defined a gold equivalent resource of 504,000 oz of gold on the subject properties. This has been as a result of their initial and continuing drilling program which commenced in July 1997. Two of the more advanced prospects, Jambi and Tambang, have gold silver resources that are amenable to bulk mining methods. Jambi has at least 2.3 million tonnes with a gold equivalent grade of 1.3 grams per tonne, whereas Tambang has 1.8 million tonnes with a gold equivalent grade of 3.35 grams. At least five other zones are being explored at Ojalali. The company notes that while drilling has tested the Tambang vein over a strike length of about 100 metres, the structure has been mapped over 800 metres and has potential to be extended for 2.4km, based on yet to be confirmed correlations with other vein outcrops. Coleville and its operating partners, like other juniors active in Indonesia, have taken steps to reassure investors unsettled by the Bre-X scandal. The drilling program embarked upon at Ojalali is being managed by MRA Consultants. This is the same firm that drilled the Central zone at Basang (before Bre-X) and found nothing of consequence. Along with this daily management, all of the work on the Ojalali receives a yearly audit by Strathcona Mineral Services, the company that was responsible for the ceasing of operations at Basang earlier this year. The continuing exploration programs are aimed at building up the overall resources picture on the Ojalali lands. Some of the prospects are new discoveries generated by geophysical and geochemical surveys, geological mapping and sampling, and scout drilling. Coleville continues its early stage work on the Pemon concession of lands in Venezuela and expects to issue a significant press release regarding the aerodat results which are being rerun to provide a second tier confirmation of the original data generated. Early results are most encouraging, indicating the potential of a large volcanic caldera type pipe which holds the potential for a major mineral formation of diamonds, with some alluvial gold content.