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Gold/Mining/Energy : Winspear Resources -- Ignore unavailable to you. Want to Upgrade?

To: Taz who wrote (8946)	10/29/1998 12:42:00 PM
From: Abbeydale	Read Replies (1) \| Respond to of 26850

OFF TOPIC: News out on ARP. Not following it closely. Is this good? Partial results from hole 84; private placement closed Argentina Gold Corp ARP Shares issued 33,113,389 Oct 28 close $2.40 Thu 29 Oct 98 News Release Mr. J. Patricio Jones reports Partial results have been received for hole 84 drilled on the Amable target at the Veladero project in San Juan, Argentina. Results down to 209 metres have been received for hole 84 which was drilled to a total depth of 324 metres. Hole 84 has so far returned 111m of 2.783 g/t gold and 23.12 g/t silver including a 49m interval of 3.897 g/t gold and 21.31 g/t silver. The interval reported ends in gold grades of 5 to 6 g/t. Hole 84 was drilled 100m south of hole 80 which returned 212m of 3.67 g/t gold and 47.71 g/t silver. Details are in the following table: DEPTH INTERVAL FROM-TO AU AG AU EQ (m) (m) (m) g/t g/t g/t Hole 84 324 111 98-209 2.783 23.12 3.25 Incl. 49 160-209 3.897 21.31 4.32 Previously reported holes Hole 82 318 91 99-190 1.488 35.75 2.20 Incl. 33 99-132 2.14 23.80 2.62 Hole 80 300 212 43-255 3.67 47.71 4.62 Incl. 144 43-187 5.08 59.36 6.27 Incl. 51 43- 94 3.455 31.39 4.08 23 94-117 13.94 92.78 15.80 70 117-187 3.35 68.75 4.73 68 187-255 0.696 23.05 1.16 Hole 79 312 121 68-189 1.421 56.61 2.55 and 19 241-260 0.72 35.63 1.43 and 7 289-296 0.82 13.71 1.09 Hole 76 340 193 37-230 1.49 55.09 2.59 324 111 98-209 2.783 23.12 3.25 The holes drilled to dale at the Amable target indicate a NNE strike in excess of 300m with a width along the section of holes 76 and 82 of 200m. Drilling is continuing to the south and west. Hole 83 returned gold anomalies in fractured silicified zones up to 4.39 g/t gold and 200 g/t silver at a depth from 200m to the end of the hole, but intervals were thin and discontinuous. Hole 83 was drilled 200m north and 150m west of hole 76. Approximately 6,000m of drilling is scheduled at the Amable target. The Amable target is 2.5 kilometres to the southeast of the Filo Federico and NW targets from which the company recently received an independent resource estimate of 2.4 million ounces of gold and 75 million ounces of silver. Argentina Gold is the operator of the Veladero project holding a 60 per cent interest. The company's partner, Barrick Gold Corp., holds the remaining 40 per cent. Mr. Jones also reports The private placement of 2,550,000 shares in the capital stock of the company with Newmont Mining, previously announced in Stockwatch Oct. 21, 1998, has closed for gross proceeds of $5-million (Canadian). The company has received regulatory acceptance of the placement and the shares have now been issued to Newmont. The proceeds from the private placement will provide Argentina Gold with working capital to finance the drilling program currently being carried out at the Veladero property in San Juan province, Argentina. Argentina Gold is the operator of the Veladero project holding a 60 per cent interest. Barrick Gold holds the remaining 40 per cent. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com