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Gold/Mining/Energy : Spider Resources - SPQ.ASE -- Ignore unavailable to you. Want to Upgrade?

To: Robert S. Pattison who wrote (374)	8/4/1998 9:33:00 PM
From: Sapper	Read Replies (1) \| Respond to of 471

Exploration program at Contendas, Brazil Spider Resources Inc SPQ Shares issued 83,967,032 Jul 31 close $0.04 Tue 4 Aug 98 News Release See KWG Resources Inc (KWG) News Release Ms. Mary Peschka reports The Contendas structure in Goias State, Brazil is presently undergoing a surface exploration program focused on testing epiclastic sediment overlying lamproite identified during the 1997 drilling program. Garimpo activity carried out in the epiclastics during 1995-1996 and early 1998 was successful in recovering diamond, including 5,000 carats in the 1995-1996 season with the largest stone reportedly being 30 carats in size. In preparation for this program, a processing plant has been mobilized to the site; the plant reached the site during the past weekend, is presently being erected and should be operational by August 6. The planned program will consist of 50 pits having dimensions of 3 metre x 3 metre x 3 metre, and spaced 100 metres apart. Each pit will produce approximately 10 tonnes of material for processing. The excavated material will be processed on site to a jig concentrate, which will be further processed through an x-ray sortex to diamond present. The product from each pit will take approximately two days to process. The diamond distribution in the epiclastic blanket, determined by the pitting program, will provide the basis for further surface processing activities on the Contendas site. The present program will take approximately two months to complete. Following the systematic sampling of the overlying epiclastics which should permit a reliable positioning of the underlying primary source intrusives, a drilling program will be carried out. The Contendas property is part of the Alto Paranaiba concessions, collectively held by KWG (75 per cent) and joint venture partner, Spider Resources Inc. (25 per cent). Spider is presently increasing its interest to 50 per cent by completing the previously agreed upon aggregate expenditure of $1.8-million (U.S.). (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com