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Gold/Mining/Energy : Peruvian Gold Ltd. PVO -- Ignore unavailable to you. Want to Upgrade?

To: Taylorm. who wrote (429)	1/27/1998 8:38:00 PM
From: Brian Warner	Respond to of 892

fin-info.com 1998-01-27 (provided courtesy of Canadian Corporate News) Peruvian Gold: Impressive Tingo IP Results VANCOUVER, BRITISH COLUMBIA--Mr. David Henstridge, President, Peruvian Gold Limited (VSE:PVO), is pleased to announce the results of a recently completed reconnaissance induced polarization (IP) survey on the Company's 100 percent-owned Tingo porphyry copper prospect. The property is located about 50 km east of the city of Ica, west-central Peru. The survey incorporated a total of 73 IP soundings taken along 5 widely-spaced cross lines and along a 3.6 km long baseline. Soundings were taken at either 100m or 200m spacing along the lines. The results show highly anomalous values within an area about 3 km NW-SE by about 1.5 km (on average) NE-SW. The boundaries of the IP anomaly closely coincide with the mapped contacts of the porphyry body, and values of 20 mV/V (millivolts/volt) chargeability, or greater, are contained within the bounds of the "pyritic halo". The central potassic core is about 1.5 km long by just under 1 km wide. Values of greater than 50 mV/V define the central area of interest, and contain values as high as 110 mV/V. This IP anomaly is approximately co-incident with the previously released highly anomalous geochemical results (see News Release January 12, 1998) where 90 percent of 144 rock chip samples from dominantly leached rocks ran greater than 200 ppm copper, ranged as high as 4027 ppm and averaged 704 ppm copper. The Company is extremely encouraged with the progress in defining a very high quality porphyry copper target. A second phase of IP, to in-fill gaps in the survey, will begin shortly along with additional rock sampling and detailed mapping. Lara: Drill pad construction on the main zone at Lara has been completed. A drill contractor will be mobilized when the current heavy rainfall in Peru has moderated. North/Hoschild Joint Venture: The joint venture partners advised the Company that they were withdrawing from the joint venture and will return the property package (50,500 hectares) to the Company. The partners have supplied the Company with a very substantial data package of work undertaken during 1996/1997 which included thirteen diamond drill holes. Company staff have commenced a review of the data to ascertain whether any further work in these areas is justified. Asset Acquisition - Peru: The Company has agreed to purchase the office and apartment complex it has under lease together with all the fittings, furnishings, office assets, field equipment and a field vehicle. The purchase, which also includes certain minor property interests is for US$400,000, of which US$350,000 relates to the real estate and contents. As part of the acquisition, the Company will acquire the right to 100 percent of the Ollachea gold prospect which is currently inactive due to title concerns. The Peruvian Government has set February 16 as the date on which these title concerns will be discussed by their advisory Board and a ruling should be given. These acquisitions are subject to regulatory approval. On behalf of the Board of Directors: David Henstridge, President -30- FOR FURTHER INFORMATION PLEASE CONTACT: Peruvian Gold Limited David Henstridge President 1-888-215-5111 or (604) 681-0110 (604) 682-2236 (FAX) E-mail: pvo@intergate.bc.ca Website: peruviangold.com The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.