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

To: Pete Mimmack who wrote (964)	6/17/1998 3:46:00 PM
From: Sudeep Naidoo	Read Replies (2) \| Respond to of 1092

Assay results from Zona Rio Suro Gitennes Exploration Inc GIT Shares issued 26212831 1998-06-16 close $1.14 Wednesday Jun 17 1998 Mr. Jerry Blackwell reports The company has received excellent assay results from the first six holes of the underground drill program on the Zona Rio Suro. From To Length Au Ag (m) (m) (g/t) (ppm) Hole No. VUG98-01 0 - 25.20 25.20 4.03 6.4 25.20 - 68.10 42.90 0.92 7.2 Hole No. VUG98-02 0 - 13.50 13.50 4.76 12.2 13.50 - 67.49 53.99 0.60 1.5 Hole No. VUG98-03 - - - - - Hole No. VUG98-04 0 - 30.30 30.30 6.02 7.0 Hole No. VUG98-05 0 - 12.00 12.0 9.84 18.3 12.00 - 115.65 103.65 0.750 1.9 115.65 - 169.00 53.35 0.840 10.8 Hole No. VUG98-06 0 - 36.27 36.27 8.72 6.2 36.27 - 168.86 132.59 0.95 5.5 The objective of drilling at this location, U/G station No. 1, was to begin the definition of a proven ore reserve to a vertical depth of 150 metres. All holes were drilled from the edge of the high grade oxide breccia exposed in the North Drift (44.8 metres grading 10.56 g/t gold) into lower grade mineralization. Results are better than expected. Using earlier holes drilled from surface on this section, the high grade portion has increased 30 per cent in volume, and overall gold grades have increased slightly. Silver values are also higher. Grades in the lower grade (0.5 to 1.0 g/t) western portion have also increased, and are averaging twice the grade predicted by initial holes. It is likely that the western limit of economic mineralization can be moved further west, with longer drill holes. The improvements noted are likely the result of higher core recovery in all ore types. Based upon current gold prices and projected open pit, heap leach mining costs, all intersections reported here exceed economic thresholds. The company uses a 0.5 to 0.6 g/t cut-off grade. Metallurgical work on underground samples is continuing. All bottle roll and short column cyanide tests done to date confirm initial results, projecting gold recoveries ranging from 79 per cent in sub-cut-off grade mineralization to over 95 per cent in high grade. A full scale, 60 day column leach test is now in progress. Rapid leach kinetics are evident, with recoveries exceeding 63 per cent after the first 15 days. The company projects that the oxide mineralization will provide in excess of 80 per cent recovery on run-of-mine material (as-mined ore, with no crushing or milling), and higher on crushed ore. Once metallurgical tests, underground drilling and independent ore reserve estimates are completed, Gitennes will commission a scoping report prior to a pre-feasibility study. The project remains on target to develop into a low cost, high grade gold and by-product silver producer. Underground drilling on Zona Rio Suro is continuing at a second station, 60 metres to the south. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.