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

To: Neil Irwin who wrote (262)	11/27/1998 2:38:00 PM
From: zoggy	Read Replies (1) \| Respond to of 397

(Say...I'm new to this, but) is Redstar Res. a subsidiary of Abacus ? I ask because I noticed on both press releases (Abacus & Redstar) that Steve Totoruk is the CEO of both companies ? If not a subsidiary, is'nt Abacus diluting it's interest in the property by 50 %, while Mr. Totoruk keeps 100 % of his interest ? just jumpinaround....

To: Neil Irwin who wrote (262)	11/27/1998 10:33:00 PM
From: Neil Irwin	Respond to of 397

MORE NEWS: Abacus Minerals Corporation: Letter of Intent NOVEMBER 27, 1998 NewsWire: CCN VANCOUVER, BRITISH COLUMBIA--Abacus Minerals Corporation announces it has signed a Letter of Intent with Snowfield Explorations Ltd. "Snowfield" whereby Snowfield can earn a 50 percent interest in three mineral claims (the "Properties") located in Santa Cruz, Argentina. To earn a 50 percent interest in the Cerro Moro, Cerro Negro and Rio Oro properties, Snowfield will carry out US $3,750,000 in exploration expenditures. Snowfield will also make cash payments totaling CDN $570,000 and issue 600,000 common shares to Abacus over the next four years. All exploration expenditures, cash payments, and share issuances must be completed by September 15, 2002. In addition, Snowfield will issue 200,000 of its common shares to Abacus upon commercial production on each of the properties. Snowfield's first year option is to conduct US $300,000 in exploration expenditures, issue 150,000 of its common shares, and make CDN $45,000 in cash payments. The Cerro Moro, Cerro Negro, and Rio Oro properties are a part of an option agreement between Abacus Minerals Corporation and Barrick Gold Corporation whereby Abacus is earning a 100 percent interest in six exploration properties from Barrick. Abacus is in the first year of its four year agreement with Barrick and has spent over US $900,000 of the US $2,750,000 it must spend in exploration. Once Abacus has vested, Barrick retains a 50 percent "back-in" right by spending US $3,750,000 in ongoing exploration. If Barrick elects not to "back-in", they will automatically convert to a 3 percent Net Smelter Royalty. Snowfield will retain a 25 percent interest in the Properties if Barrick elects to "back-in" and 50 percent interest if it does not. The properties are located in the Deseado Massif area of Santa Cruz, Argentina. This area is underlain by Mesozoic age acid volcanic rocks where high grade epithermal gold and silver discoveries have been reported by several mining companies. An example is Anglo American/ Perez Compac's Cerro Vanguardia mine which is scheduled to begin full scale production in December 1998. Reserves at Cerro Vanguardia are reported at 3.8 million ounces of gold and 35.0 million ounces of silver. The Cerro Negro property is contiguous with the Cerro Vanguardia property, located less than 10 kilometres from veining outlined at Cerro Vanguardia. The Cerro Negro property covers an area of 1783 hectares underlain by favorable volcanic stratigraphy. A limited evaluation of the property in 1997 by Abacus revealed locally strong hydrothermal alteration including silicification and argillization with jasperoidal and fine quartz veining. Rock and soil sampling revealed anomalous trace element geochemistry typical of epithermal systems. The Cerro Moro property is located approximately 145 kilometres to the northeast of Cerro Vanguardia. The Cerro Moro property is 1452 hectares and also covers favorable geology as well as a prominent resistive circular hill which can be identified on satellite images as a well defined strong clay response. A brief field examination of this area by Abacus revealed botryoidal layered siliceous rocks and felsic tuffs. Rock samples returned anomalous trace element geochemistry typical of epithermal systems. Yamana's Martinetas property is located approximately 50 kilometres to the northwest of the Cerro Moro property. Reverse Circulation drill results reported by Yamana on Martinetas include 132 meters grading 1.02 g/t gold. The Rio Oro property is located along the border with Chile in the far western part of the Deseado Massif. This property covers Mesozoic volcanic rocks as well as underlying Paleozoic metasedimentary basement rocks and granodiorite to diorite intrusive rocks. The target here is polymetallic shear hosted mineralization in the metasediments as well as epithermal mineralization. Shear hosted precious and base metal mineralization occurs approximately 5 kilometres to the east of the Rio Oro property at the Veta Linque showing. Samples collected by Abacus at this shear returned up to 0.90 g/t gold, 546.4 g/t silver, 4.0 percent copper, 0.3 percent lead and 0.1 percent zinc. Government reports refer to values up to 3 to 10 g/t gold and 300 to 500 g/t silver from this area. All three of the above properties represent prospective early stage exploration projects. All three were staked on behalf of Lac Minerals in the early 1990s, prior to the acquisition of most of the other mineral properties in the region. Several companies are also active in this area including Silver Standard's Manetial Espejo project, Yamana's Bacon and Lejano projects, Abacus' La Manchuria project, MIM/Newcrest's Cerro Negro property and Minera Andes' El Pluma/ Cerro Saavedra project. This agreement is subject to regulatory acceptance of the Vancouver Stock Exchange and Barrick Gold Corporation. ABACUS MINERALS CORPORATION Steve L. Todoruk, P.Geo., President