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Gold/Mining/Energy : LAYFIELD RESSOURCES (LAY-VSE) -- Ignore unavailable to you. Want to Upgrade?

To: hedger who wrote (426)	8/10/1998 12:28:00 PM
From: Wizzer	Respond to of 528

Company Press Release-Layfield Resources: Airborne Magnetic Survey Underway Monday August 10, 11:11 am Eastern Time Drilling to Commence VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 10, 1998-- Layfield Resources(VSE:LAY. - news) Layfield Resources is pleased to announce that a low level, high resolution airborne magnetic survey is currently underway on the Company's 860,000 acre Molopo Project in the Republic of Botswana, Africa. Layfield has an option to earn a 75 percent interest in the project from Southern Africa Minerals Corp. The survey is being flown by World Geoscience Inc. and will entail some 5000 line kilometers of coverage. The surveying is being concentrated in the southwest portion of the property in an area partially covering and adjacent to the Middlepits diamondiferous gravels, a kimberlite bedrock source which has never been found. Work completed in the early seventies by DeBeers initially demonstrated the presence of diamonds in the gravels and showed that the gravels cover an area of more than 250 square kilometers. DeBeers sampling results indicated that at least one of the diamonds was greater than 0.55 carats in weight. There has never been any drilling in this critical area of the Molopo property and the discovery of kimberlites here would indicate the presence of a new kimberlite field, a pipe or pipes within which could be the source of the diamonds in the gravels. Layfield is also pleased to report the awarding of a contract for 2250 meters of reverse circulation drilling to test priority targets located by the present surveying and possibly some untested targets elsewhere on the property defined by previous work. This will allow for a minimum of 15 holes with drilling scheduled to commence in mid-September. On behalf of the Board of Directors Donald G. Moore, Director