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Gold/Mining/Energy : RIO Amarillo Mining - Ready to go ? -- Ignore unavailable to you. Want to Upgrade?

To: SirVinny who wrote (78)	7/2/1998 8:59:00 AM
From: kidl	Read Replies (1) \| Respond to of 90

Based on the NR a roll-back is certain: >>It is also envisaged that Rio will undertake a capital restructuring, change its name, gain new management and be refinanced<< Good news? ... Good question! Until we get more details and have a chance to analyze them, there is no way of telling (IMO). Might be an idea for us to team up in terms of DD??? Let me know Regards kidl

To: SirVinny who wrote (78)	10/13/1998 5:21:00 PM
From: kidl	Read Replies (1) \| Respond to of 90

New Zimbabwe JV Rio Amarillo Mining Ltd RIO Shares issued 14,488,125 Jun 30 close $0.03 Tue 13 Oct 98 News Release See Mandorin Goldfields Inc (MGD) News Release Mr. Malcolm Stevens reports The letter of agreement entered into with Picard Holdings and the Vancouver listed company Rio Amarillo Mining Ltd. (see announcement in Stockwatch July 2, 1998) has been replaced by a joint venture arrangement. Mandorin has instead granted Rio an option to acquire a 50 per cent interest in EPO 1073 and then enter a 50:50 joint venture. This will be known as the Mufurudzi joint venture. Rio will spend $750,000 over two years to earn its 50 per cent interest. EPO 1073 is on the western boundary of and on the same geological structure of and along strike from NAR Resources Limited's (a Toronto based company) highly prospective Maramba project. Mandorin understands that the NAR/FEZ (Falconbridge Exploration Zimbabwe) partnership has undertaken a significant drilling program (22 diamond drill holes) on this project. The major target there is VMS (volcanogenic massive sulphide) style base and precious metals deposits. The results from the drilling are due shortly. NAR Resources Limited has in the meantime announced that a further program comprising 13 diamond drill holes totalling 4,500 metres will be undertaken at the Maramba project. The value of Mandorin's Zimbabwean EPO's has been assessed by Watts Griffis & McOuat in a report dated April 15, 1998 to have a median value of $3.7-million with a low of $3.4-million and a high of $4.0-million. In the case of EPO 1073 it was valued between $800,000 and $1,000,000. The report notes there is a history of small gold production within the claim area primarily between the 1914-1945 period. The Mufurudzi joint venture agreement (with Rio agreeing to spend $750,000) implies a value for EPO 1073 of $1.5-million. The entering into of the Mufurudzi joint venture with Rio highlights the prospectivity of Mufurudzi/Maramba and opens the possibility of the region being the focus of a major exploration effort. The initial exploration of the Mufurudzi joint venture will examine the potential for gold, nickel and VMS mineralization. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com