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Gold/Mining/Energy : Barrick Gold (ABX) -- Ignore unavailable to you. Want to Upgrade?

To: Heretic who wrote (485)	2/12/1998 12:46:00 PM
From: Robert Floyd	Respond to of 3558

Argentina Gold Drilling, Geology, Metallurgy Update VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 12, 1998-- Argentina Gold Corp.(VSE:ARP. - news) Argentina Gold Corp. (the ''Company'') is pleased to provide the following update on the Veladero, Del Carmen and Rio Frio Projects: VELADERO A total of 1,700 metres have been drilled to date. Holes 56 through 59 demonstrate a mineralized strike length of 400 m along the northwest border of the Filo Federico diatreme. The mineralized border correlates closely with the geophysical and geochemical anomalies. Please see attached map. Some difficulties have been encountered due to unstable rock conditions and rig breakdown. A third drill rig should be on the property shortly with possibly a fourth to be added. New drill results are in the following table: Hole Total Interval From To Gold Silver Notes Depth (m) (m) (m) (m) g/t g/t ------------------------------------------------------------- 57 371 371 0 371 0.55 9 Drilled to the including 109 89 198 1.27 17.3 south from 37 138 175 1.82 22.7 same platform as Hole 55. ------------------------------------------------------------- 58 295 163 1 163 0.54 15.58 Drilling in including 75 88 163 1.07 32.5 progress. Remaining assays pending. Located 170 m to the northeast of Hole 55. ------------------------------------------------------------- 59 240 23 67 90 0.31 3.76 Located 220 m 54 166 220 0.52 38.82 southwest 84 156 240 0.38 39.5 from Hole 55. Collapsed at 240 m. ------------------------------------------------------------- 60 42 39 3 42 0.19 3.82 Collapsed at 42 m. ------------------------------------------------------------- Several other holes are in progress. Argentina Gold is the operator, holding a 60 percent interest. Barrick Gold Corporation [NYSE:ABX - news] holds the remaining 40 percent. Total budget for the project is U.S. $4.8 million. The large Cerro Pelado geochemical and geophysical anomalies are the focus of exploration this season. Within Cerro Pelado, there are 2 diatreme-dome complexes similar to those that host the mineralization at the Pascua, Pueblo Viejo, Lepanto, Encajon (Yanacocha) deposits (please see attached maps). One diatreme, known as Filo Federico, extends for 1,100 by 350 m along northeast trending structures and comprises several sets of explosive breccias with strong silicification (steam heated, opaline silica and massive silica). The Filo Federico target encompasses this diatreme and is where the drilling is currently being conducted. The second diatreme, known as Cerro Pelado, has a diameter of 1,000 m and is located at the centre of the Cerro Pelado anomaly. Several outcrops of steam-heated altered phreatic and matrix-rich breccias have been outlined. Detailed geochemical and geophysical testing will be conducted in this area to define its potential. Drill testing will follow. Silica-alunite zones passing into clay zones border this system for an overall extent of 3 km in diameter. The Company has conducted preliminary metallurgical testwork on 12 composite samples from the drilling to date at the Veladero project. All samples were at coarse fractions (greater than 10 mesh). Gold recovery on cyanide leaching is very high, averaging 81.5 percent. One sample had a 92.7 percent gold recovery. Generally the cyanide and calcium oxide consumption rate is low. The gold mineralization found to date is in quartz and oxides. Only favourable oxide mineralization has been encountered to the depths drilled. Sulphide mineralization is expected at greater depths. DEL CARMEN A 3,000 metre drilling program commenced on January 28, 1998 at the Del Carmen project. The drilling is being conducted at the Cerro Amarillo target which is a silicified breccia zone with silica- alunite-pyrite rims. Hole 26 has reached 378 metres and has intersected quartz-alunite and massive silica zones. Assays are pending. Hole 27 is currently at 250 metres. Barrick Gold Corp. is the operator of this project, holding a 60 percent interest. Argentina Gold holds the remaining 40 percent. Budget for the current season is U.S. $1.2 million. RIO FRIO WMC Limited has targeted 3 anomalies for drilling this season. Approximately 4,000 metres of drilling is scheduled with a budget of U.S. $2.1 million. WMC is the operator of this project and holds a 60 percent interest. Argentina Gold holds the remaining 40 percent. ON BEHALF OF THE BOARD J. Patricio Jones, President Note: Location maps available from the Company at the phone number listed below. -------------------------------------------------------------------------------- Contact: Argentina Gold Corp. Sophia Shane, 604/689-7842 --------------------------------------------------------------------------------

To: Heretic who wrote (485)	2/13/1998 1:26:00 PM
From: Robert Floyd	Respond to of 3558

Chile's El Indio-Tambo 1997 output 215,195 oz gold SANTIAGO, Feb 13 (Reuters) - Barrick Gold Corp's (NYSE:ABX - news; ABX.TO - news) Chilean El Indio and Tambo gold mines produced a combined 215,195 ounces of gold in 1997, said a company official. El Indio produced 81,898 ounces of gold while Tambo produced 133,297 ounces, Vincent Borg, vice president of corporate affairs, told Reuters. El Indio is expected to produce 55,000 ounces of gold this year, and Tambo is to produce 180,000 ounces of gold in 1998, Borg said. Barrick said in September it planned to close the two mines by the end of 1999 in a effort to slash costs in light of weak gold prices. Borg said Barrick still plans to follow through with the closures unless the price of gold rebounds or an exploration study that that is underway proves profitable. The company has invested $7 million to explore reserves around the complex. The results of the study will be known in April, Borg said. Tambo and El Indio currently produce gold at $240 and $300 per ounce, respectively. Gold was trading at about $298 per ounce in London Friday. Barrick is developing its Pascua gold mine, which it expects to open by 2001.