Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : denison mines -- Ignore unavailable to you. Want to Upgrade?

To: Lalit Jain who wrote (173)	7/7/1998 6:54:00 PM
From: AlphaOne	Respond to of 301

Thanks for you input on this...I'll be in touch

To: Lalit Jain who wrote (173)	7/7/1998 8:07:00 PM
From: John Sladek	Read Replies (1) \| Respond to of 301

July 7, 1998: Drilling Begins On The Sagar Project Virginia Gold Mines Inc, ("Virginia") is pleased to announce that its partners "Inmet Mining Inc." ("Inmet") and "Denison Mines Limited" ("Denison") have commenced an important drilling program an the SAGAR project, located in Labrador, Quebec. "Inmet" and "Denison" anticipate between 6,000 and 7,000 metres of drilling in order to test the new targets identified by the exploration work done in 1997. This program consisted of a gravimetric survey, drilling, geological mapping as well as prospecting and sampling. This program defined the spread out of the host rock (greenish siltstone) of the Mistamisk mineralized blocs. The sampling of 31 of these mineralized blocs (done in 1997) has returned an average of 50.7 g/t Au and 0,3% U, thus confirming the high grades obtained by the previous operators. One of the most significant events of the 1997 campaign was the discovery of a gold-bearing structure, "Viking Horizon", located about 2 kilometers from the boulder field between the two uraniferous showings Kish and Eagle. This Viking showing which presents itself as a mineralized horizon has been has been followed over 250 meters and is opened on both ends. It is significant because of the stratiform nature of the mineralization and the alterations that are found. Although narrow (0.1 to 0.7 meters), this highly hematized horizon program has returned value from 0.5 to 223.4 g/t Au with 0.1 % U. The 1998 drilling program will attempt to discover the source of the mineralized blocs and to find out the link between these blocs and the mineralized showings of the area of which Viking, Kish and Eagle. According to the agreement between parties, "Inmet-Denison" may acquire a 50% interest in the SAGAR property by spending $4,000,000 in exploration expenses over the next 5 years, and by making 5 yearly payments totalling $250,000 to "Virginia", Inmet will be conducting the work in the area. Virginia Gold Mines is among the most active mining exploration companies in Quebec, Canada, with $14.5 million in cash, approximately 25 million shares issued and outstanding, and is debt free. The company concentrates its activities in the vast unexplored regions of northern Quebec. Virginia owns more than 50 properties covering 6,000 square kilometres. TEL: (800) 476-1853 Andre Gaumond, President TEL: (418) 694-9832 Marie-Claude Poitras, Investor relations E-mail: mines@virginia.qc.ca