The new "experienced and deep pocketed"mining partner has issued the
following press release.
I am expecting the BHK share price to dive lower,as the market is
laughing on all this deal and the new partner is still looking for
a financing of $300.000
GLOBAL EXPLORATIONS CORPORATION ANNOUNCES MANANTIAL ESPEJO PROJECT SANTA
CRUZ PROVINCE, ARGENTINA DUE DILIGENCE REPORT INDICATES A RESOURCE OF
1,431,100 GOLD EQUIVALENT OUNCES AND SIGNIFICANT ADDITIONAL POTENTIAL
VANCOUVER, May 22 /CNW/ - Global Explorations Corporation
Trading Symbol: GXC
Global Explorations Corporation (''Globex'') reports that South American
Management S.A. (''SAMSA'') was contracted to provide an independent due
diligence review of the Manantial Espejo project in Santa Cruz Province,
Republic of Argentina. SAMSA'S principal Michael Easdon, M.Sc., Geol. visited
the property earlier this month and reviewed the geological records, the
Triton Mining Corporation resource calculations and the Kilborn pre-
feasibility study on the Manantial Espejo project.
In the conclusions to the SAMSA due diligence report Mr. Easdon states
that ''Triton has developed a mineral resource totaling 1,431,100 gold
equivalent ounces (at a cut off grade of 3 g/t AuEq.) contained in 4,550,000
tonnes of material in three deposits at a grade of 9.8 g/t AuEq. underground
scenario over three meter minimum mining width. (See Tables 1.1 - 1.4) The
gold equivalent values have been calculated using $300 gold and $5.50 silver
or a ratio of 55:1. A total of 29,986 m of drilling and 2,770 m of trenching
has been conducted on the property. The property has potential to develop an
additional + 4 million ounces gold equivalent.''
In the SAMSA report Mr. Easdon states that ''in excess of 20 epithermal
quartz veins and/or structures have been mapped within 25% of the Manantial
Espejo Project. SAMSA considers the three deposits to have additional
potential beyond what has been defined to date. Using geological information
supplied by Triton, SAMSA indicates an additional 1,860,000 gold equivalent
ounces (Au.Eq.) may exist either down dip, or along the strike of the known
resources that have been developed at the Vetas Maria, Union-Karina and
Concepcion. Triton has identified 12 additional targets within the property
on which SAMSA believes there is additional potential to develop up to
2,180,000 oz. AuEq. SAMSA considers that this potential, while speculative,
is reasonable.
Mr. Easdon's report is available for public viewing at the offices of the
company during normal business hours.
Globex further advises that the objective of a proposed US$2 million
drilling program for 1998 is to double the resource to approximately 3 million
ounces gold equivalent.
It is this potential resource that Globex wishes to delineate and prove
up with substantial drilling and further development work this year and next.
Triton Mining Corporation and Barrick Exploraciones Argentinas S.A. retain an
interest in the Manantial Espejo project as more fully described in our press
release of April 20, 1998.
The Company previously announced its intention to conduct a private
placement of 1,200,000 units (the ''Units'') of the Company at a price of
$0.25 per unit for gross proceeds of up to $300,000 to be used for working
capital.
On behalf of the board,
Global Explorations Corporation
___________________________
Anthony R. Field, President
<<
Table 1.1
Triton Global Resource Summary
(Cutoff Grade: 3.0 g/t AuEq., 3.0m Min. Mining Width - Underground
Scenario)
-------------------------------------------------------------------------
Vein Metric AuEq(x) AuEq(x) Au Au Ag Ag %
Tonnes Grade Ounces Grade Ounces Grade Ounces M+I
-------------------------------------------------------------------------
Maria+PV 3,000,700 9.9 950,900 5.36 517,200 247.2 23,851,500 84
Concepcion 356,600 8.2 94,100 3.33 38,200 268.3 3,076,500 56
Karina-Un. 1,193,900 10.1 386,100 4.30 165,000 316.8 12,160,300 42
Total 4,551,200 9.8 1,431,100 4.92 720,400 267.1 39,088,300
-------------------------------------------------------------------------
Table 1.2
Triton Maria and Parallel Veins Resource Estimate
Cutoff Grade: 3 g/t AuEq., 3m Min. Mining Width - Underground Scenario
-------------------------------------------------------------------------
Resource Metric Width AuEq Au Ag AuEq Au Ag
Class Tonnes (m) (g/t) (g/t) (g/t) Ounces Ounces Ounces
-------------------------------------------------------------------------
Measured 1,089,528 5.29 10.4 5.79 253.3 363,600 202,300 8,872,900
Indicated 1,339,244 4.93 10.0 5.41 253.0 431,000 233,000 10,893,000
Inferred 571,940 4.89 8.5 4.42 222.2 155,500 81,200 4,085,400
Totals 3,000,712 5.05 9.8 5.36 247.2 950,100 516,500 23,851,300
-------------------------------------------------------------------------
Table 1.3
Triton Veta Union-Karina Resource Estimate
Cutoff Grade: 3 g/t AuEq., 3m Min. Mining Width - Underground Scenario
-------------------------------------------------------------------------
Resource Metric Width AuEq Au Ag AuEq Au Ag
Class Tonnes (m) (g/t) (g/t) (g/t) Ozs Ozs Ozs
-------------------------------------------------------------------------
Measured 132,300 6.56 9.9 4.2 312.8 41,902 17,700 1,331,100
Indicated 369,400 6.72 10.0 4.2 318.9 119,267 50,400 3,787,700
Inferred 692,100 6.56 10.1 4.4 316.4 224,929 96,900 7,041,600
Totals 1,193,800 6.61 10.1 4.3 316.8 386,098 355,600 12,160,400
-------------------------------------------------------------------------
Table 1.4
Triton Veta Concepcion Resource Estimate
Cutoff Grade: 3 g/t AuEq., 3m Min. Mining Width - Underground Scenario
-------------------------------------------------------------------------
Resource Metric Width AuEq Au Ag AuEq Au Ag
Class Tonnes (m) (g/t) (g/t) (g/t) Ozs Ozs Ozs
-------------------------------------------------------------------------
Measured 69,700 6.56 7.9 3.4 250.0 17,785 7,600 560,200
Indicated 131,300 6.72 8.4 3.5 270.2 35,331 14,600 1,140,200
Inferred 155,600 6.56 8.2 3.2 275.0 40,920 15,900 1,376,100
Totals 356,600 6.61 8.2 3.3 268.3 94,036 38,100 3,076,500
-------------------------------------------------------------------------
>>
-30-
For further information: Mr. Andrew Phillips at Barrington
Communication Group Inc. (604) 682-1700
GLOBAL EXPLORATIONS CORPORATION has 1 releases in this database.
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