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Gold/Mining/Energy : Peruvian Gold Ltd. PVO -- Ignore unavailable to you. Want to Upgrade?

To: Taylorm. who wrote (564)	6/12/1998 9:00:00 AM
From: Brian Warner	Read Replies (1) \| Respond to of 892

fin-info.com Peruvian Gold: Drilling Commences at the Tingo Porphyry Copper Prospect VANCOUVER, BRITISH COLUMBIA--Mr David Henstridge, President is pleased to report that drilling has commenced at the Tingo porphyry copper prospect located about 300 kms south of Lima near the coast of Peru. The program will consist of a minimum 1,000m of reverse circulation drilling with a maximum target depth of 200m per drill hole. The Tingo porphyry copper discovery is a very promising copper exploration target. Surface mapping conducted by the Company at the Tingo porphyry (press release December 19, 1997) identified an altered intrusive about 2600 metres by 1700 metres elongated northwest-southeast. In the northern part of the target, a roughly circular zone of interest, 1400 metres in diameter, was identified, consisting of abundant pyrite, silica and minor copper oxides (pyrite halo). At the center of this halo is a zone about 500 metres by 600 metres of intense silica stockwork accompanied by secondary biotite, pyrite, chalcopyrite, chalcocite, covellite and malachite; the pyrite content is estimated to average about 7 percent. A leached cap consisting mostly of limonites, jarosite and manganese oxides overlies the sulphide bearing outcrops found in the creeks. In the southern part of the target leaching is more intense with minor malachite recorded. 265 rock chip samples were collected within and around the Tingo porphyry of which 144 samples lie within the main target area. Analysis for copper revealed a zone containing greater than 200 ppm copper roughly outlined within an area approximately 2.5 km NW-SE by 1 km NE-SW. Within this zone, 90 percent of the samples ran greater than 200 ppm copper, ranged as high as 4027 ppm and averaged 704 ppm. An induced polarization (IP) survey was completed over the prospect comprising a total of 107 IP soundings taken along 9 cross lines spaced 400m apart and along a 3.6 km long baseline. Soundings were taken at either 100m or 200m spacings along the lines. The results show highly anomalous values within an area about 3 km NW-SE by about 1.5 km (on average) NE-SW. The boundaries of the IP anomaly closely coincide with the mapped contacts of the porphyry body, and values of 20 mV/V (millivolts/volt) chargeability, or greater, are contained within the bounds of the "pyritic halo". The central potassic core is about 1.5 km long by just under 1 km wide. Values of greater than 50 mV/V define the central area of interest, and contain values as high as 110 mV/V. This IP anomaly is approximately co-incident with the above-mentioned anomalous geochemical results for copper. The initial drill program will focus on the core area of the porphyry where the leached cap rocks are associated with anomalous copper geochemistry, high conductivity and low resistivity. The Company continues to review new property acquisitions and remains in a strong financial position with cash reserves in excess of CND $11 million (> 80 cents/share). On behalf of the Board of Directors David Henstridge President -30- FOR FURTHER INFORMATION PLEASE CONTACT: Peruvian Gold Limited 1 (604) 681 0110 or 1 (888) 215 5111 1 (604) 682 2236 (FAX) Email: pvo@intergate.bc.ca Web site: www.peruviangold.com The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy of this release and the information contained herein.