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Microcap & Penny Stocks : IKAR IKAR -- Ignore unavailable to you. Want to Upgrade?

To: James Bender who wrote (14)	2/24/1998 6:58:00 PM
From: James Bender	Read Replies (1) \| Respond to of 20

Kilborne Report finally here uesday February 24, 6:20 pm Eastern Time Company Press Release Ikar Buoyed by Positive Kilborn Report NORTH VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 24, 1998 --Ikar Mineral Corp. (OTC BB:IKAR - news) is a significant step closer to verifying that its Rushan Complex mineral concession in the Republic of Tajikistan contains several hundred million tonnes of precious and base metals. Ikar Chief Executive Officer Randall Andrus Tuesday said this positive development stems from a report by Kilborn Engineering Pacific Ltd. of Vancouver regarding the Ikar tungsten-gold deposit, which is just one of many mineralized zones within the Rushan Complex. The Rushan Complex comprises 100,000 acres in southeastern Tajikistan and was first explored by a Russian-Tajik ''Pamir Prospecting and Survey Expedition'' in the late 1970s, when Tajikistan was part of the former Soviet Union. The Russians compiled a 425 page report which showed that the Rushan Complex contains several hundred million tonnes of ore. In September of 1997, Ikar Mineral Corp. retained Kilborn Engineering Pacific Ltd., a member of the SNC Lavalin group, to verify the database of mineralization compiled by the Pamir Expedition. Two senior engineers from Kilborn traveled to Tajikistan in late October of 1997. With winter fast approaching, it was decided they would concentrate on the Ikar tungsten-gold deposit. The Kilborn team, assisted by Ikar Mineral Corp. personnel plus members of the former Pamir Expedition, conducted a verification program consisting of check assays and sampling. The samples were air-freighted under seal to Vancouver, where they underwent a security inspection before being sent to ITS Bondar Clegg Laboratory for sampling. The Kilborn report, submitted this past week states: ''The Ikar deposit contains a significant amount of tungsten mineralization complemented by gold, cobalt, silver and copper;'' ''To date, Kilborn has not identified any basis to suspect that the existing Russian/Tajik data is inaccurate.'' Andrus stated that with the veracity of the Russian report now proven in regard to the Ikar deposit, Ikar Mineral Corp. is confident that the remainder of the Russian report -- regarding the balance of the Rushan Complex -- also is correct. Andrus said that Ikar Mineral Corp.'s 1998 exploration programs will be devoted to further on-site verification of this belief. He said the Ikar tungsten-gold deposit will remain as the primary exploration target. This deposit is projected to be 8 km long and is bounded by the ''Ikar'' and ''Huff'' sites. The Kilborn samples program was undertaken only at these two boundary areas. Andrus noted, however that the Pamir Expedition report believes that the tungsten-gold mineralization is continuous between the two sites. It is also believed that tungsten-gold mineralization extends beyond the existing boundaries. In regard to the Ikar tungsten-gold deposit, the Kilborn Report further stated: ''Exploration work carried out between 1975 and 1977 on the Ikar property has allowed Russian-Tajik geologists to delineate at least 10 different mineralized units. Kilborn has examined some of the exploration sites such as surface drill hole collars; trenches, remaining core and underground workings. ''Kilborn staff have confirmed that the mineralization is consistent with Russian-Tajik findings. ''In Kilborn's opinion, the Ikar deposit could be a property of merit which should be further explored. ''During the site visit, Kilborn recognized the presence of extensive mineralization on surface and in underground workings. ''Assay results confirmed the existence of tungsten, gold, silver, copper and cobalt at the Ikar site. ''Kilborn's mandate to verify the Russian-Tajik database and geology can be considered successful ... '' Andrus noted that Ikar Mineral Corp. holds 100 percent of the Rushan Mining and Refining Complex, and will retain 90 percent of all net revenues. The Government of Tajikistan, which granted the joint venture concession, will receive 10 percent. Tajikistan became a republic in 1991 upon the breakup of the Soviet Union. For further information please contact Ikar Mineral Corp. Investor Relations Department at 604/986-9961 or 888/322-4527. E&EO Contact: Ikar Mineral Corp., North Vancouver Investor Relations, 888/322-4527 or 604/986-9961 More Quotes and News: Ikar Mineral Corp (OTC BB:IKAR - news) Related News Categories: mining/metals