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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC) -- Ignore unavailable to you. Want to Upgrade?

To: FRANK MANUEL who wrote (109)	5/10/1998 10:14:00 PM
From: Neil Irwin	Read Replies (1) \| Respond to of 397

Frank, Barrick owns the right to the La Manchuria and 5 other prospects in Santa Cruz province of Argentina. They acquired these properties when they took-over Lac Minerals a couple of years ago. Abacus is acquiring a 100% interest in the property from Barrick by carrying out US $2,700,000 in exploration over a four year period. Abacus must spend $500,000 by December 31, 1998, and has already exceeded that total. Barrick has a right to back-into La Manchuria for a 50% interest by carrying out US $3,700,000 in exploration after Abacus' committment. Basically, if an economical ore body is found here, the ownership would be 50-50. Hope that this helps. Neil.