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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC) -- Ignore unavailable to you. Want to Upgrade?

To: Craig Jones who wrote (193)	6/17/1998 8:36:00 PM
From: Craig Jones	Respond to of 397

Results are in! Opinions? NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR:ÿ ABACUS MINERALS CORPORATION VSE SYMBOL:ÿ AMC JUNE 17, 1998 Abacus Minerals: Drilling Encounters Further High Grade Results at La Manchuria VANCOUVER, BRITISH COLUMBIA--Abacus Minerals Corporation is pleased to announce additional high grade interceptions from the second stage drilling at La Manchuria.ÿ All holes continue to be highly anomalous throughout their length confirming the presence of a large system enriched in both gold and silver. The majority of the second stage drill holes targeted the portion of the system indicated by drill hole LM98-2 (58.5 metres grading 6.53 g/t gold, 22.3 g/t silver) as reported on April 29, 1998.ÿ Significant results from these holes are summarized below. /T/ Drillÿÿÿ Fromÿÿÿÿ Toÿÿÿ Intervalÿÿ Auÿÿÿÿÿ Agÿÿÿÿ Au Equiv. Holeÿÿÿÿÿ (m)ÿÿÿÿ (m)ÿÿÿÿÿ (m)ÿÿÿ (g/t)ÿÿ (g/t)ÿ (50:1 conv.) 98-8ÿÿÿÿ 33.05ÿÿ 36.55ÿÿÿÿ 3.5ÿÿÿÿ 0.73ÿ 137.07ÿÿÿÿÿ 3.47 98-9ÿÿÿÿ 34.0ÿÿÿ 88.6ÿÿÿÿ 54.6ÿÿÿÿ 4.46ÿÿ 12.14ÿÿÿÿÿ 4.70 incl.ÿÿ 79.9ÿÿÿ 88.6ÿÿÿÿÿ 8.7ÿÿÿ 24.88ÿÿ 11.30ÿÿÿÿ 25.08 98-10ÿÿÿÿ 3.04ÿÿ 97.5ÿÿÿÿ 94.46ÿÿÿ 0.74ÿ 104.56ÿÿÿÿÿ 2.83 incl.ÿÿÿ 3.04ÿÿ 13.54ÿÿÿ 10.5ÿÿÿÿ 1.33ÿÿÿ 2.94ÿÿÿÿÿ 1.39 incl.ÿÿ 45.04ÿÿ 57.04ÿÿÿ 12.0ÿÿÿÿ 1.45ÿ 418.54ÿÿÿÿÿ 9.82 incl.ÿÿ 87.85ÿÿ 97.5ÿÿÿÿÿ 9.65ÿÿÿ 1.82ÿ 449.84ÿÿÿÿ 10.81 98-11ÿÿ 106.0ÿÿ 120.5ÿÿÿÿ 14.5ÿÿÿÿ 5.10ÿÿ 56.67ÿÿÿÿÿ 6.23 98-12ÿÿÿÿ 4.5ÿÿÿÿ 9.0ÿÿÿÿÿ 4.5ÿÿÿÿ 0.25ÿ 354.30ÿÿÿÿÿ 7.33 incl.ÿÿÿ 24ÿÿÿÿ 67.5ÿÿÿÿ 43.5ÿÿÿÿ 1.27ÿÿ 22.75ÿÿÿÿÿ 1.72 incl.ÿÿ 39.0ÿÿÿ 57.0ÿÿÿÿ 15.0ÿÿÿÿ 2.28ÿÿ 26.14ÿÿÿÿÿ 2.77 (x) Au and Ag values are uncut /T/ Results are variable throughout these intersections (with individual assays up to 159.98 g/t gold/1.30 metres and 5281.8 g/t silver/ 0.65 metres) reflecting the apparent multi-stage mineralizing sequence and type of mineralization.ÿ Due to the early stage and limited understanding of the deposit, results have been averaged over widths indicated by geological interpretation and values.ÿ No values have been cut nor have economic cut-off grades been applied. Geologically, mineralization is hosted in a large epithermal sheeted vein and/or stockwork system contained within rhyolitic and andesitic volcanic units.ÿ High grade shoots are typical of epithermal deposits.ÿ The majority of mineralization is hosted within the upper sequence of rhyolitic volcanics.ÿ However, the latest drilling has confirmed the continuation of mineralization and veining into the underlying andesitic volcanics.ÿ Drill hole LM98-10 ended in veined and altered andesite grading 0.81 g/t gold and 374.3 g/t silver over 1.03 metres and drill hole LM98-8 yielded an interval within andesite 7.5 g/t gold and 70.5 g/t silver over 1.50 metres.ÿ Company geologists believe that mineralized feeders may underlie the mineralization encountered in drilling.ÿ Preliminary petrographic work shows the presence of native gold, native silver and pyrargyrite (Ruby Silver) contained within the veins and veinlets of the stockwork.ÿ The system contains minimal sulphides with the pyrite content estimated to range from trace to 2 percent. Drill holes LM98-1 and 2 and the results reported above represent a 250 metre strike length to a depth of 100 metres open in both directions on strike and to depth.ÿ Geochemical and geophysical anomalies indicate excellent potential to expand the zone. In the Phase II drill program, only LM98-13 tested an outside target (500 metres east of LM98-2).ÿ Results were very encouraging with 4.80 g/t gold, 1.45 g/t silver over 3.0 metres, as well as other highly anomalous values.ÿ In addition, numerous other geochemical and geophysical targets elsewhere on the property have yet to be tested. In conjunction with ongoing evaluation of the La Manchuria prospect, a magnetometer geophysical survey was recently carried out in an attempt to help delineate possible structural controls to mineralization.ÿ As well, an extensive clay alteration study is in progress which could potentially locate prospective precious metal mineralization. Abacus is extremely pleased with these results at this stage of the project's development.ÿ Numerous examples of large epithermal deposits are known worldwide.ÿ The closest of these to La Manchuria is Anglo American's Cerro Vanguardia Mine.ÿ Cerro Vanguardia is located 80 kilometres to the east of La Manchuria and hosts 3.80 million ounces of gold and 35.0 million ounces of silver.ÿ Upon completion of the above data evaluation, a decision will be made as to the timing of resumption of drilling at La Manchuria. ABACUS MINERALS CORPORATION Steve L. Todoruk, P.Geo., President

To: Craig Jones who wrote (193)	6/18/1998 9:16:00 AM
From: PSkars	Respond to of 397

Craig, Unfortunately the analysts have completely written of the gold stocks and believe that they will be dead forever...which is music to my ears...as I have been a gold bug for over 25 years now and have seen the good times as well as the bad, but one thing is for sure, the gold cycle always changes. So you buy when no one else wants it and you sell when everyone can't get enough. As always, this strategy takes time, but has always worked for me. Also, with the XAU sitting at 70 with a low 2 days ago at 65, what you are seeing is that those that have bought in and are long time holders are sitting pat...so there seems to be a firm bottom of hard core holders left in the market (Assuming no major breakdown in Gold from here). Best of luck Phil