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Gold/Mining/Energy : Pure Gold Minerals (PUG)-TSE -- Ignore unavailable to you. Want to Upgrade?

To: Blue who wrote (598)	5/14/1998 1:39:00 PM
From: Famularo	Respond to of 1030

Lethbridge and South Saskatchewan exploration progress Caribgold Resources Inc CG Shares issued 10,496,000 May 13 close $0.55 Thu 14 May 98 News Release See Pure Gold Minerals Inc (PUG) News Release Mr. Nelson W. Baker reports Pure Gold's geological staff have field checked and prospected a total of 15 out of 44 selected magnetic anomalies considered to have kimberlite characteristics. Out of the 15 targets examined two magnetic anomalies proximal to the Sweetgrass Arch are definitely not caused by cultural responses and warrant a detailed follow-up program consisting of ground geophysics to be followed by drill testing. The company's field crew is presently systematically prospecting the remaining magnetic targets and is expected to be completed in two weeks. In South Saskatchewan, recent findings from till samples collected from the Miocene-age Wood Mountain formation confirm an unusually high abundance of clinopyroxene and kimberlite indicator minerals which suggests a large, proximal source. In addition to the sample results, the company has received the final interpretation of the high resolution airborne magnetic results which confirm over 100 potential targets that stand out markedly on profiles and demonstrate no cultural characteristics. A field crew is scheduled to begin a program of field checking the magnetic anomalies next week. On the Lethbridge property, which is presently owned by Pure Gold (75 per cent) and Reclamation Management (25 per cent), CaribGold Resources can earn a 25 per cent interest pro rata from the above parties by spending a total of $1,000,000 over two years and making cash payments totalling $250,000. A minimum exploration expenditure of $500,000 must be spent during the first six months of the agreement. If CaribGold wishes to earn an additional 15 per cent interest in the Lethbridge property, it may do so by spending another $2,000,000 before the fourth year of the agreement. The South Saskatchewan property is a 50/50 joint venture between Pure Gold and CaribGold.