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Gold/Mining/Energy : Starpoint Gold -- Ignore unavailable to you. Want to Upgrade?

To: RenT Asselin who wrote (1828)	1/30/1998 8:18:00 PM
From: Doug Heuring	Read Replies (1) \| Respond to of 2378

STARPOINT GOLDFIELDS INC. 902, 626 W. Pender Street Vancouver, B.C. V6B 1V9 Tel: (604) 688-6838 Fax: (604) 688-6839 Toll Free: 1-800-852-8885 V.S.E. Trading Symbol: STS January 30, 1998 * * * N E W S R E L E A S E * * * The Company has reviewed the content of its News Release of January 28, 1998 in consultation with Professional Advisors and Regulators and retracts the News Release in its entirety in favour of the disclosure contained in this News Release, to ensure dissemination of factual and balance disclosure in compliance with Exchange Policies 7 and 19(e). In hindsight the Company acknowledges the News Release of January 28, 1998 could be viewed as misleading or overly promotional. The Company's Consulting Engineer, Gordon G. Richards, P.Eng., has completed a report identifying exploration targets on the Company's Congo mineral concessions. Richards' report is based solely on historical data collected at the Royal Museum for Central Africa in Belgium before 1950 by Forminiere, an exploitation company working in the Congo at that time. Data described in Richards' report of January 12, 1998, "Exploration Targets on the Tele, Panga and Ngayu West Concessions" has enabled identification of drill areas on five gold targets and two diamond targets. Mr. Richards comments that interpretation of data is difficult because of development of laterite (deep weathering of bedrock) in the intense tropical climate. In such an environment severe leaching of gold and supergene enrichment forming complicated patterns is probable. Detailed examination of each sample site from within a survey over each target is necessary to provide proper interpretation of results. No Starpoint representative has examined the property but President F. R. Ilott and Mr. Richards, who will head the exploration team, will leave for Kinshasa shortly. Ilott will establish an office in Kinshasa for Starpoint's subsidiary company, Starpoint Goldfields Congo. Richards will lead a team of geologists and technical personnel to the properties to further verify the data on which his report is based. The Mambati Zone on the Ngayu West Concession has 161 identified quartz vein occurrences in test pits with three grading 59.0, 67.5 and 72.5 g/t gold. Many of the quartz occurrences contain only traces of gold but the possibility of severe leaching of gold must be considered in evaluating this target. There are numerous small beds of iron formation over a 7 km length and 300 m average width within the eluvial gold reserve. The zone of eluvial mining with quartz veins and iron formation is parallel to a thick iron formation to the north and could be reflecting underlying stratabound or shear zone controlled mineralization of several million ounces of gold. The Babeyru-Marekesa Zone produced approximately 4,000 kg of alluvial gold. Hundreds of veins are recorded for these areas with widths up to 280 cm. In one 15 to 30 cm vein, grades ranged to 358 g/ton and 16 samples in the vein averaged 63 g/ton. The Kanwa-Sese Zone on the Tele Concession, defined by a zone of quartz veins, produced approximately 1,140 kg of alluvial and eluvial gold along mining pits 3 km wide by 15 km long and associated with structurally complicated iron formation and schists. Nineteen areas are identified as locations for diamond exploration in the Richards' report and previous data on diamond occurrences notes "reported diamond prospections refer to 'blue and yellow clay' bedrock, corresponding to the typical weathering pattern of kimberlites". Mr. Richards has recommended an aggressive exploration program beginning with a site visit to Ngayu West Concession to examine the targets and begin data collection. He recommends the Mambati target should be evaluated first followed by Imva, Babeyru-Marekesa, the diamond target and Natge. The Company must determine the extent of mining since the last museum data was collected, the extent and type of current artisanal mining and detailed geological/geochemical traverses across main areas of interest to determine style, size, and intensity of alteration-mineralization systems. ON BEHALF OF THE BOARD OF DIRECTORS STARPOINT GOLDFIELDS INC. F. R. Ilott President. The Vancouver Stock Exchange has neither approved nor disapproved of the contents herein.