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Gold/Mining/Energy : African Metals Corporation(AFR-Cdnx)(was Shiega resources) -- Ignore unavailable to you. Want to Upgrade?

To: Wats who wrote (75)	2/2/1998 6:42:00 PM
From: Wats	Read Replies (1) \| Respond to of 151

EXCELLENT NEWS: JV Partners Announces Gold Discovery in Ghanaÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Shiega Resources Corpÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ SHG Shares issued 19,211,060ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Jan 30 close $0.25 Mon 2 Feb 98ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ News Release Vancouver, B.C. (February 2ÿ 1998)ÿ -ÿ Shiegaÿ Resourcesÿ Corporationÿ (The "Company")ÿ lastÿ yearÿ acquiredÿ 85% of Nkroful Mining Ltd. ("Nkroful") of Ghana. At the date of acquisition Nkroful had a Jointÿ Ventureÿ withÿ SAMAX Goldÿ Inc.ÿ ("SAMAX") to explore Nkroful's concessions in south west Ghana. SAMAX has 65% of the Joint Venture and is the Operator. The Company was informed last week of the past season drilling results. The Companyÿ informedÿ SAMAXÿ thatÿ inÿ orderÿ toÿ complyÿ with Vancouver Stock Exchange regulations, additional information was required including details ofÿ sampling and assaying procedures. In addition, because of the nature of the results, details of a check program were also required. SAMAX today released the drilling results prior toÿ providingÿ theÿ Company withÿ theÿ requestedÿ additional information. As soon as the information is received, the Company will issue a further news release. Inÿ theÿ meantime, theÿ drillingÿ results,ÿ asÿ publishedÿ byÿ SAMAX,ÿ areÿ reproducedÿ in the following extract from the SAMAX news release. "Intersections over a 300 metre strike lengthÿ ofÿ theÿ Mainÿ veinÿ ofÿ the Bokrobo vein system include from north to south: NB 21ÿÿ 71.7 g/t Au over 5 metres - 2.310 oz Au/t over 16.4 feet NB 9ÿÿÿÿ 8.5 g/t Au over 2 metres - 0.273 oz Au/t over 6.6 feet NB 8ÿÿ 147.4 g/t Au over 6 metres - 4.740 oz Au/t over 19.7 feet NB 20ÿÿ 20.0 g/t Au over 4 metres - 0.643 oz Au/t over 13.1 feet DH 4ÿÿÿ 32.4 g/t Au over 2 metres - 1.040 oz Au/t over 6.6 feet DH 2ÿÿÿÿ 8.2 g/t Au over 3 metres - 0.264 oz Au/t over 9.9 feet DH 1ÿÿÿÿ 8.0 g/t Au over 4 metres - 0.257 oz Au/t over 13.1 feet BK 4ÿÿÿ 11.4 g/t Au over 4 metres - 0.366 oz Au/t over 13.1 feet BK 3ÿÿÿÿ 7.9 g/t Au over 2 metres - 0.254 oz Au/t over 6.6 feet The uncut average of all intersections is 43.2 g/t Au over a true widthÿ of about 2 metres (1.40 ozs Au./t over 6.6 feet); if all intersections over 30 g/t Au (0.96 oz Au/t) are cut to that figure the average becomesÿ 18.9ÿ g/t Au over 2 metres (0.61 oz Au/t over 6.6 feet). Trench intersections average approximately 9.0 g/t Au over an average width of more than 2 metres (0.289 oz Au/t over 6.6 feet). The Main Vein has been traced by 12 drill holes (4 diamondÿ andÿ 8ÿ reverse circulation)ÿ overÿ aÿ 300 metre strike length and down dip for 120 metres. All holes drilledÿ intoÿ theÿ planeÿ ofÿ theÿ veinÿ haveÿ intersectedÿ gold mineralization. The Main Vein remains open at depth and to the north where a bedrockÿ assay fromÿ aÿ pitÿ 100ÿ metres north of the last drill hole returned 36.4 g/t Au (1.17 oz Au/t). The vein is open but appears to narrow to the south. In addition to the Main Vein there are at least three adjacent and parallel splaysÿ ofÿ lesserÿ continuityÿ withinÿ theÿ Bokrobo system. Drill hole and trench intersections of these splays average approximately 7.0 g/t Auÿ over widthsÿ ofÿ 1ÿ toÿ 10 metres (0.224 oz Au/t over 3.3 to 32.8 feet). Several other untested prospects exist on the Nkroful property. The Nkroful licence, located 3 kilometres from the coastÿ atÿ theÿ southern terminationÿ of the Ashanti - Prestea goldbelt has excellent infrastructure and is adjacent to the town of Nkroful. Vein deposits in the 200ÿ kilometre longÿ Ashantiÿ -ÿ Prestea shear generally have good vertical continuity and have been mined to depths well in excess of 300 metres (approximatelyÿ 1000 feet).ÿ SAMAX will drill test the Bokrobo system to a depth of at least 300 metresÿ withÿ theÿ objectiveÿ ofÿ definingÿ adequateÿ resourcesÿÿ forÿÿ the establishment of a high-grade underground mine". ON BEHALF OF THE BOARD OF DIRECTORS OF SHIEGA RESOURCES CORPORATION Hopefully things will start ot heat up now... Regards, Wats