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Gold/Mining/Energy : Spider Resources - SPQ.ASE -- Ignore unavailable to you. Want to Upgrade?

To: Ron Waller who wrote (362)	5/12/1998 9:08:00 PM
From: Sapper	Read Replies (1) \| Respond to of 471

News Release: Interim report Spider Resources Inc SPQ Shares issued 83,967,032 May 12 close $0.10 Tue 12 May 98 Company Review Mr. Norman Brewster reviews the company In Jan. 1997, the company concluded a five year mineral exploration licence agreement with Algoma Central for 222 sq km covering a diamond discovery near the town of Wawa, Ontario. An initial geochemical and geological sampling program carried out in late spring and early summer identified six additional sites from which diamond was recovered. Further sampling carried out during the summer months yielded one sample of 164.7kg from which a total of 95 diamonds, including 15 macrodiamonds, were recovered. Additional work is planned for this project area during the coming months. In Feb. 1997, Spider entered into a joint venture with KWG Resources whereby Spider could earn a 50 per cent interest in the latter company's diamond holdings in the states of Goias and Minas Gerais in Brazil. These holdings cover an area of approximately 2,000 sq km. Spider started several regional orientation programs including linecutting, soil geochemistry, geological mapping and geophysics to outline the previously identified Contendas structure. Other target areas within the property limits were also investigated by these targets. The regional program is considered to have been quite successful in identifying many other Contendas style targets. The Contendas itself was further investigated during the last quarter of the year by a short drilling program. This program succeeded in intersecting two kimberlite/amproite dikes in one drill hole. Samples from these intersections were eventually processed for diamond content yielding one microdiamond in 5.3kg of sample material. A further program diamond drilling and surface pitting is being planned for this property during the coming year. Also in February, the company announced a $1.7-million drilling program in the James Bay Lowlands project. This program was preliminarily designed to test the Kyle No. 4 and No. 5 kimberlites for diamond content. Although diamonds were recovered from these two kimberlites, the quantity was insufficient to warrant further investigation. By year end, management decided to seek joint venture participation with other diamond explorers for further exploration of the James Bay Lowlands project. This process is going well. In March 1997, the company entered into an agreement with Emerging Africa Gold to ultimately earn a 100 per cent interest in EAG's entitlement to alluvial and source rock diamonds in a 1,089km concession in the Republic of Guinea. In addition, Spider obtained the diamond rights to a further 413 sq km concession belonging to Bassad Guinea S.A. Following the completion of initial compilation studies on both projects, Spider elected to drop all exploration rights to its Guinean properties. Outlook The company anticipates an active 1998. Plans and budgets have been prepared for its projects in Brazil and in the Wawa area of Ontario. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com