Doug, is this the Press Release that was your Red Alert?
Monday March 2, 10:50 am Eastern Time
Company Press Release
SOURCE: Highland Holdings International, Inc.
Highland Holdings Begins Extensive Exploration At Its Zapote
Property In Honduras
TORONTO, March 2 /PRNewswire/ -- Highland Holdings International, Inc. (OTC Bulletin Board: HHII - news)
recently launched an extensive exploration campaign at its Zapote gold property in Honduras. The program consists of
precise mapping and sampling of all mine adits and trenches to be followed by 1,000 meters of core drilling. Also
underway is geological mapping as well as geochemical and stream sediment surveying of the entire 1,600-hectare
concession block. Preliminary resource estimates by July 1998 will enable Highland to embark on a bankable feasibility
study.
Through its 75-percent ownership of Highland Resources Honduras, S.A., Highland Holdings acquired three Honduran
mineral properties from Desarollo de Recursos Naturale S. del R.L. (DERENA) in October 1997. The properties are the
Zapote project, consisting of four continuous mining concessions, the Jimingula base-metal exploration claim and the
DERENA gold-exploration claim. Combined, the properties represent 18,400 hectares.
The Zapote site is located two hours east of Tegucigalpa, the capital of Honduras. Sampling by DERENA and the
Honduran Ministry of Natural Resources and Environment, and confirmed by Highland geologists, shows medium- to
high- grade gold mineralization on surface and underground vein structures at Rey del Oro, an adit mine within the first
Zapote concession block, which was operated by German interests until 1943. Loeb Aron & Company, Ltd., Highland's
mining consultants, believes Rey del Oro has the potential to host at least one million ounces of gold.
The exploration program at Zapote is being carried out by three post- graduate mining geologists from the UK-based
Camborne School of Mines, working with two dozen full-time technicians and local laborers under the supervision of
Highland's Chief Geologist, Charles F. Stetler.
Mr. Stetler said, ''Highland has made considerable progress over the past three months and we are right on target with
out development timetable. We're very encouraged by the preliminary results at our Honduran Properties, and we are
eagerly anticipating this next stage of our strategic plan.''
A 1:5,000-scale geological map of the Zapote 1 concession area showing all outcrops, vein exposures and faults, is near
completion. All veins and existing workings are being mapped and systematically sampled, which will help Highland
determine resource estimates and drill pad locations.
Mapping on the north end of the Zapote 1 concession shows that the granite intrusions are more-extensive than originally
determined. These intrusions may be associated with quartz veins and altered-slate mineralization in this area. Highland is
now working to identify the extent of mineralization and to determine the relationship between intrusions and mineralized
structures.
Since assuming Zapote, existing workings have been rehabilitated. All adits, shafts and tunnels have been cleaned and
rubble removed. In addition, a provisional camp has been set up in the middle of the Zapote 1 concession with running
water, sewers, a septic tank and electricity from a gasoline- powered generator.
Highland Resources Honduras provides management with bi-weekly progress reports, copies of which are available upon
request.
Incorporated in Delaware, Highland Holdings International, Inc. has its headquarters in Toronto with subsidiaries in
Honduras and Brazil. The company also owns 95 percent of Minas Novas of Brazil, which brings to Highland 134,800
ounces of independently verified proven, indicated and inferred gold resources. Highland has completed and fulfilled all
the terms and conditions of the binding agreement to acquire three mineral properties located in Honduras from the
principal of DERENA. The company plans to file its 34-Act Registration Statement with the SEC to become fully
reporting in the near future.
This news release includes certain statements that may be deemed to be ''forward-looking statements'' within the meaning
of the Securities Act of l933 as amended, in Section 21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical facts, included in this news release that address activities, events or
developments that the company expects, believes or anticipates will or may occur in the future, including such matters as
future capital, development and exploration expenditures (including the amount and nature thereof), mining of minerals,
future production of minerals, repayment of debt, business strategies, expansion and growth of the company's operations
and other such matters are forward-looking statements. These statements are based on certain assumptions and analysis
made by the company in light of its experience and its perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number
of assumptions, risks and uncertainties general economic and business conditions, the business opportunities (or lack
thereof) that may be presented to and pursued by the company, changes in laws or regulations and other factors, many of
which are beyond the control of the company. Readers are cautioned that any such statements are not guarantees of
future perfomance and that actual results or developments may differ materially from those projected in the
forward-looking statements.
For Broker Relations and Due Diligence package contact: Venture Capital & Marketing, Consultants, Inc., 312 W. First
St., Ste. 203, Sanford, Florida 32771; phone, 888-302-9994 or 407-302-9994, or fax, 407-302-8792; e-mail,
VenCapNMar@aol.com.
SOURCE: Highland Holdings International, Inc.
More Quotes and News:
Highland Holdings International Inc (OTC BB:HHII - news)
Related News Categories: mining/metals |
