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Gold/Mining/Energy : Consolidated Magna Ventures (CMV.V) -- Ignore unavailable to you. Want to Upgrade?

To: jerry janko who wrote (228)	3/18/1998 5:13:00 PM
From: jerry janko	Read Replies (1) \| Respond to of 380

From: newsout@canada-stockwatch.com Date: Wed, 18 Mar 1998 11:19:18 -0800 Subject: Stockwatch: Consolidated Magna Ventures Ltd - News Release To: ajanko@erinet.com Koala phase II program begins Consolidated Magna Ventures Ltd CMV Shares issued 20,187,176 Mar 16 close $0.30 Wed 18 Mar 98 News Release Also NovaGold Resources Inc (NRI) Mr Bradley Aelicks reports Consolidated Magna Ventures has begun the work program on the Koala property in Chihuahua, Mexico. The program includes the extension of the existing grid which has already identified a 2.6km long chargeability anomaly that is coincident with a 3.5km long and 500m wide alteration assemblage and geochemical anomaly indicating the presence of silver, lead, zinc and copper. The budget for this program will be a minimum $500,000 consisting of geophysical surveys and diamond drilling. A gradient induced polarization survey will be carried out to extend the known chargeability anomaly. Drill targets will be prioritized using gravity to identify areas within the anomaly that may correlate with higher density massive sulphides and dipole-dipole IP to identify the most conductive zones. The geophysics will first be extended to the southeast where the anomaly remained at or near peak values on the previous survey lines, followed by reconnaissance-style IP along trend to the southeast and northwest. Surveys to date have been restricted to 3.5km of the favourable zone which has a total strike length of more than 7km. Diamond drilling will follow the detailing of the existing anomaly with 2,000m planned to test the best four or five targets outlined by the geophysical program. The drill will be mobilized in late April. The Koala property is located south of Chihuahua city in a geological environment that is identical to the nearby Santa Eulalia and Naica mining districts. These mines have collectively produced over 60 million tons of ore grading up to 15% combined lead-zinc, 0.3% copper and 320 g/t silver, from replacement style chimneys and mantos within cretaceous limestones. Magna recently completed a joint venture agreement on the Koala property with NovaGold Resources. Under the agreement, Magna has granted to NovaGold the option to earn a 51% interest in the Koala II & III claims and 51% out of Magna's option to earn 95% in the Koala I claim. Magna will maintain operatorship through to vesting by NovaGold which will occur after NovaGold has financed US$3 million in exploration. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com