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 : southern africa minerals -- Ignore unavailable to you. Want to Upgrade?

To: Wil Danielson who wrote (213)	7/20/1998 11:36:00 AM
From: geoff s.	Read Replies (1) \| Respond to of 314

Comments---Appreciated---2 Drill Rigs FOR: SOUTHERN AFRICA MINERALS CORPORATION S.E.C. EXEMPTION # 82-2371 SHARES ISSUED: 19.2 MILLION TSE SYMBOL: SAF JULY 20, 1998 Southern Africa Minerals Corporation - Shareholder Update TORONTO, ONTARIO--Southern Africa Minerals Corporation is pleased to advise shareholders that delineation drilling of the Caber massive sulphide deposit is confirming the presence of a high grade core of zinc mineralization with significant copper values. A 10 hole diamond drilling program is being centered around a down dip drill hole that averaged 10 percent zinc and 0.85 percent copper over 99.1 metres. Four (4) drill holes have been completed to date and they all have intersected sphalerite rich (zinc) mineralization and chalcopyrite (copper) mineralization. True widths of the zone range between 3.6 to 9.9 metres. Complete assay results are not yet available but are expected to be released some time next month. In order to expedite the program a second drill rig has been mobilized by Noranda Mining and Exploration Inc. who are co-managers of the exploration program. Drilling will also start this month on the Caber North ("C Zone"). The drilling program will be focussed around a drill hole that averaged 4.3 percent copper over 6.3 metres. The Caber North Zone is situated roughly 2 km north of the Caber deposit. Previous drilling has indicated that the copper and zinc grades improve to depth while the thickness of the zones remain constant. The Caber North deposit has considerable potential to host a large tonnage base metal deposit. Noranda Mining and Exploration Inc. can earn up to a 70 percent interest in the property by bringing the property to production including $6.0 million in work expenditures and $2.85 million in private placements in Southern Africa Minerals Corporation. The property is located 25 km west of the Matagami mining camp operated by Noranda. Work is still continuing on the Botswana diamond play. A shareholder update will be issued in August. THE PRESS RELEASE WAS PREPARED BY SOUTHERN AFRICA MINERALS CORPORATION WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. NO STOCK EXCHANGE OR ANY REGULATORY AUTHORITIES OR SIMILAR BODY, HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Southern Africa Minerals Corporation Denis Francoeur President and C.E.O. (416) 365-0250 INDUSTRY: MNG SUBJECT: NWS