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Gold/Mining/Energy : GITENNES Exploration (ase:GIT) -- Ignore unavailable to you. Want to Upgrade?

To: E. Charters who wrote (955)	5/20/1998 8:36:00 PM
From: Sudeep Naidoo	Read Replies (1) \| Respond to of 1092

Virgen assay results Gitennes Exploration Inc GIT Shares issued 26,212,831 May 19 close $2.60 Wed 20 May 98 News Release Mr. Jerry Blackwell reports Recently received drill hole assay results continue to indicate an important new gold discovery at Zona Alumbre, on the company's Virgen property, in north-central Peru. Holes V98-64 and 66, collared 100 metres north of V98-61, and drilled to the west at -60 degrees and -80 degrees respectively, have returned excellent results, including: Hole From To Length Au Ag m m m g/t g/t V98-64 97.21-114.48 17.27 2.56 - 210.00-258.45 48.45 0.64 - V98-66 9.94- 21.00 11.06 1.11 - 108.00-253.55 145.55 1.05 4.5 inc 140.00-228.0 88.00 1.43 6.3 303.20-310.75 7.55 0.97 3.3 As in hole V98-61 (Stockwatch April 23) it appears that a significant portion of these multiple gold horizons are hosted by altered volcanic rocks. Host rocks and mineralization match from hole to hole. The zone is open to the east (where it is thickening) and north, and appears to correlate with earlier Alumbre holes drilled over 700 metres away, to the south. Zona Rio Suro: Underground diamond drilling has begun, with five holes completed to date, from the first of four stations. Eighteen holes, totalling 2,000 metres are planned. The objective of the underground drill program is to test both high grade and low grade oxide gold mineralization for the purposes of ore reserve calculations and engineering. Gitennes currently has two surface drill rigs and one underground rig exploring the combined Alumbre - Rio Suro targets. Recent results at the Virgen property indicate significant exploration upside. Competitors' activity in the immediate Virgen area reinforce the importance of the district, with an advanced exploration drill program on Cambior's La Arena project, continued exploration on OroPeru's Tres Cruces gold deposits, as well as numerous additional grassroots projects. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com