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Gold/Mining/Energy : JABA INC.(c.jba) -- Ignore unavailable to you. Want to Upgrade?

To: lostmymoney who wrote (494)	6/25/1998 8:15:00 PM
From: Chuca Marsh	Read Replies (1) \| Respond to of 1044

More news and real clarifications: Subject: JABA Inc. News Release NEWS RELEASE June 25, 1998 DEVELOPMENTS AT JABA'S MAMMOTH WASH PROJECT, SILVER BELL MINING DISTRICT, PIMA COUNTY, ARIZONA JABA Inc. (JBA-ASE) announces that the joint venture with Cyprus Metals Exploration Corporation ("Cyprus") on its Mammoth Wash project (see News Releases of February 5, April 1, and June 12, 1998), has been terminated effective June 19, 1998. Cyprus drilled 6,142 feet of RC (Reverse Circulation) drilling in 8 holes ranging in depth from 440 feet to 1080 feet, satisfying their commitment which required 6,000 feet of RC drilling by June 9, 1998. This drilling generated significant information useful to the further evaluation of the Mammoth Wash property, at no cost to JABA, thus satisfying part of JABA's objectives. Only 3 holes clearly penetrated the post mineral gravel cover, entering propylitic (outer porphyry copper type) alteration, and were clearly off target. JABA has learned from this drilling that the gravel cover in the area drilled by Cyprus is greater than suggested by previous information. JABA believes that additional useful and positive targeting information can be derived from the drill data, and is proceeding with more detailed geologic and geochemical interpretation. It must also be noted that the Cyprus drilling campaign tested only the north one-half of the south block of the project area. No test was made of the north, west or east blocks, nor the southern one-half of the south block of the Mammoth Wash project area (see map in News Release dated February 5, 1998). Another major multinational mining corporation that has been active in the area has agreed to enter discussions regarding a possible follow-on joint venture to test a geophysical anomaly that is known on the south half of the south block of the Mammoth Wash parcel and not tested by the Cyprus drilling. A joint venture to test that anomaly may result, whereby more drilling would be undertaken. Further announcements will be made as developments occur. On behalf of the Board, James A. Briscoe, Chief Executive Officer John M. Guilbert, Chairman of the Board The Alberta Stock Exchange has neither approved nor disapproved the information contained herein -- Mardee S. Briscoe Vice President/Business Mgr. JABA (US) Inc. 2766 N. Country Club Rd. Tucson, AZ 85716 (520)327-7440 voice (520)327-7450 fax OK..someone speculate on the Geology there, infact they must try another spot. Chuc