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Gold/Mining/Energy : GGFI-GUYANA GOLDFIELDS -- Ignore unavailable to you. Want to Upgrade?

To: CLK who wrote (193)	3/17/1998 9:33:00 PM
From: hugh thorne	Respond to of 259

Guyana Goldfields Inc - Land acquisition and 800m drilling program at Herolds Hill Guyana Goldfields Inc Shares issued 7,315,462 1998-03-13 close $0.6 Monday Mar 16 1998 Mr Patrick Sheridan reports The company has acquired a 100% interest in a land package of approximately 14,000 hectares (35,000 acres) lying to the east and northeast of the company's Peters mine project, Guyana. This land package encompasses several previously mined areas along the extension of, and parallel to the Mango trend, a prominent mineralized shear zone approximately 150m in width and 6.4km in length. The majority of the ground acquired lies between approximately 10 to 15km from the northern and eastern boundaries of the Peters mine property. On the Peters mine property itself, an 800m diamond drill program (4 x 200m holes) has begun on the Herolds Hill zone. This zone encompasses two vertical shafts and an adit in a 250m x 150m area over which significant amounts of oxidized material has been mined by local interests. In February 1997, three of seven short drill holes (ie under 20m) drilled by the company in February 1997 returned the following values 6.1m of 23.63 g/t Au (HH3); 2.13m of 5.93 g/t Au (HH2); and 5.34m of 1.1 g/t Au (HH7) in this zone. Previous work by the United Nation's field crews in the mid 1960's exposed a 1.83m vertical quartz vein in the collar of one of the shafts which assayed 107.31 g/t Au. The average of 12 grab samples taken by Homestake International Minerals in 1989 in this area was 23.87 g/t Au. The Herolds Hill zone lies approximately 850m south of the main shaft zone where drilling has outlined significant reserves in both oxidized and primary ores. An independent Toronto based engineering firm has completed its field visit to the property and is expected to deliver its evaluation and recommendations to the company in early April.