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Gold/Mining/Energy : Carmelita Resources (CFH.V) - Breaking Out? -- Ignore unavailable to you. Want to Upgrade?

To: Pete Schueler who wrote (218)	10/22/1998 2:11:00 AM
From: Luisa G.	Respond to of 220

News!! Carmelita Signs Letter of Agreement to Acquire Tamberlin Gold Mine Mr. Randy Singh, President of Carmelita Resources Ltd. (the "Company"), is pleased to announce that the Company has entered into a letter of agreement to acquire a 100% stake in the 6,212 acre Tamberlin Gold Mine located in Guyana, South America. The Tamberlin Property is located within the internationally recognized Guyana Shield Greenstone Belt in Western Guyana bordering Venezuela. The property is within the kilometer 88 gold provenance of the Mazaruni Greenstone belt which hosts Placer Dome's Las Christinas Property (> 10M oz.), Cambior's Omai Property (> 4M oz.). The Tamberlin Gold Mine has been producing gold for a number of years. The mining operation presently on the property has the ability to process 5 tons per day of material. Recovered gold grade is approximately 2 oz/t from the crushed ore. There is approximately 10,000 tons of tailing material on the property. Assays of the tailings material returned 0.5 oz/t to 1.0 oz/t, indicating the poor recovery of the crushing and sluicing technique being employed. The host rock is a fractured, altered and silicified gold rich breccia zone within a tuff sequence. The terms of the agreement will call for the issuance of up to 1,000,000 shares of restricted common stock of Carmelita on a performance basis and cash consideration for the value of equipment presently on the property. Also included is a 5% NSR royalty of which the Company has a buy-back option on 3% of the originally stated NSR. The Company will begin negotiations to raise approximately $1.5 M (US) in order to close the acquisition, upgrade the equipment to increase the gold production and to further explore the Tamberlin Property. The foregoing acquisition is subject to regulatory approval. ON BEHALF OF THE BOARD Mr. Randy Singh President