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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC) -- Ignore unavailable to you. Want to Upgrade?

To: Abbeydale who wrote (244)	10/8/1998 11:20:00 AM
From: Ron Everest	Read Replies (1) \| Respond to of 397

News Release Ferragudo Mining, Portugal project: Portugal mining contract signed Abacus Minerals Corporation AMC Shares issued 21,590,405 Oct 7 close $0.23 Thu 8 Oct 98 News Release Mr. Steve Todoruk reports On Oct. 7, 1998, the Portuguese Minister of Mines in Lisbon, Portugal, formally signed and granted Ferragudo Mining of Portugal (a joint venture company representing Abacus and Phelps Dodge Exploration) the Ferragudo concessions. Abacus initially applied for these mining concessions on June 20, 1997. Subsequently, Abacus brought in Phelps Dodge as a joint venture partner to assist in the exploration and development of this strategically situated mining property. Under the terms of the contract with the Portuguese Secretary of State for Industry and Energy, Ferragudo Mining of Portugal has 30 days to submit its first annual prospecting and exploration program for approval with the Institute of Geology and Mines. PDX must contribute the first $7,000,000 (U.S.) toward the exploration of the Ferragudo project to earn a 70 per cent interest in the project with a minimum $500,000 (U.S.) to be spent in year one. The exploration program will be designed to identify and test the best geologic targets. Ferragudo Mining of Portugal will comprehensively review all available geophysical data and will relog pertinent drill core, conduct a lithogeochemical program, and reconstruct the geological and structural setting which reflects the most advanced knowledge of the Iberian pyrite belt. Surface mapping, soil geochemistry, and ground and gravimetric geophysics are also planned. Generated targets will be ranked and the most favourable ones will be tested by a 2,000 metre diamond drill program. Totalling 190.5 square kilometres, the Ferragudo project occurs within the Iberian pyrite belt which trends across Portugal and into Spain. One of the most impressive massive sulphide discoveries in this region is the Neves Corvo mine. The Neves Corvo mine boundary ties on and is along trend from the Ferragudo property boundary. Reserves at Neves Corvo include 38,000,000 tons of 7.5 per cent copper, 4,000,000 tons of 2.5 per cent tin and 47,000,000 tons of 6.2 per cent zinc. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com