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Gold/Mining/Energy : Int'l Pursuit (T.IPJ) -- Ignore unavailable to you. Want to Upgrade?

To: Abner Hosmer who wrote (688)	5/21/1998 10:55:00 AM
From: Ron Everest	Read Replies (1) \| Respond to of 835

News Release - Kalimantan Update for Manto and Tebihi, both CU and Mo targets with AU credits: Release was posted at 7:03 am pst Kalimantan exploration program continues International Pursuit Corporation IPJ Shares issued 28,562,795 May 20 close $1.55 Thu 21 May 98 News Release Mr. Stephen Dattels reports Exploration programs are continuing on the company's promising Mahakam East and Mahakam West contracts of work in Central Kalamantan, Indonesia. International Pursuit has not experienced any operational difficulties in the project areas due to the current political situation in the country, particularly since Kalimantan is not experiencing the same unrest as Jakarta. The company's base camp has a six months supply of food and fuel on hand so operations can continue without disruption. As announced previously, detailed sampling and geological mapping has outlined a large mineralized porphyry style deposit, termed Manto, on the Mahakam East CoW. Potentially economic grades of copper and molybdenum have been identified in an area of mineralization 1.5km long by 400m wide. Current exploration work is continuing in the immediate area. Detailed prospecting at the Tebihi prospect, 3km southwest of Manto has located the source of previously reported stream float samples which returned up to 0.5 per cent copper and 0.3 per cent molybdenum. Pursuit's geological team has now identified Tebihi as another mineralized high-level porphyry style deposit. Preliminary sampling has identified outcrops grading up to 0.12 per cent Cu, 0.14 per cent Mo and 0.4 g/t Au. Recent reconnaissance soil sampling and geological mapping indicates a mineralized area of approximately 1.0km long by 600m wide. The mineralized intrusive has been identified on the side of an underlying 300m hill capped by older sedimentary rocks. The Manto and Tebihi prospects represent two of at least six potentially mineralized porphyry intrusives which make up the Mahakam cluster. The geological exploration work at Manto and Tebihi is being led by Paul Lauricella. Mr. Lauricella's 12 years of experience include Batu Hijau and Mesel. Manto and Tebihi have been confirmed by Mr. Lauricella as excellent drill targets of a deposit style with the potential to host a major resource. Several other copper and gold targets are now being evaluated with the expectation of identifying additional drill targets. Subject to the political situation Pursuit plans to begin drill testing the priority prospects later in 1998.