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Gold/Mining/Energy : Maracote International Resources (VSE: MCE) -- Ignore unavailable to you. Want to Upgrade?

To: Jean East who wrote (107)	1/7/1999 10:41:00 AM
From: Cookie Monster	Respond to of 339

They are taking a big position. Everyone at Goepel McDermid knows that this deal is for real and they have been positioning a lot of thier big clients. I haven't been this excited about a mining stock in quite a while. I hear there may be two news releases this week and early next...one small one and then one for the drill results. I wouldn't panic if the results aren't the first news release.....just be patient. Later, CM

To: Jean East who wrote (107)	1/7/1999 1:23:00 PM
From: chevalier	Respond to of 339

Here is the news release. Fantastic sampling results from another part of the property add to the blue sky. If the drill results hit then this should become a multi-million ounce deposit somewhere down the road. Maracote completes five holes in south-central Peru Maracote International Resources Inc MCE Shares issued 19,663,000 Jan 6 close $0.74 Thu 7 Jan 99 News Release Mr. Chet Idziszek reports On the Halley property exploration program in south-central Peru, Maracote completed five holes totalling 840 metres of core drilling at the Quilca Breccia gold target over a 25-day period ending mid-December 1998. Due to the lateness of drilling overlapping with the Christmas vacation season, the samples have only recently left Lima and results will be reported once analyzed. It is anticipated that drilling results will be available prior to mid-January 1999. Quilca Breccia is one of a series of extensive breccia bodies trending along a northeasterly trend. Prior to the late 1998 Maracote exploration program, four such breccias had been identified here: Breccia Oeste, Quilca Breccia, Angasmarca and Laqui. With prospecting, mapping and sampling beyond those known targets, two additional breccia zones have now been identified to the southwest at San Juan and to the northeast at Chiripata. These more recent discoveries now indicate favourably altered and mineralized breccia bodies occurring as contiguous blocks along a minimum strike extent of approximately 1,500 metres from San Juan to Chiripata. All five drill holes at Quilca Breccia encountered geology similar to that observed on surface and within underground exploration workings. Favourably altered breccia was intersected in drilling to depths of 250 metres, with each of the holes terminating in similar breccia stratigraphy. In addition to the preliminary drilling evaluation of the Quilca Breccia gold target, an expanded mapping and sampling program began at the Llamakensa gold-silver target approximately 1.5 kilometres southeast of Quilca. Previous limited sampling at Llamakensa had identified two altered and mineralized quartzite breccia zones with multiple similarities to the more extensively sampled Quilca Breccia. Since early October, 175 surface and underground (Colonial-age adits) continuous chip and representative samples of altered/mineralized quartzite breccia have been collected from an area measuring approximately 500 metres by 600 metres in extent. The majority of the underground samples collected were limited by adit walls resulting in many individual sample sites. Occasionally, however, contiguous sampling was possible including three consecutive 2.0 metre samples with a result of 11.55 g/t gold over 6.0 metres. Results from this recent sampling indicate that Llamakensa is a continuous zone rather than two isolated mineral occurrences. Of the 150 results received to date, 88 have returned in excess of 1.0 g/t gold and of those, 47 are in excess of 3.0 g/t gold, of which 31 samples returned in excess of 5.0 g/t gold, including the following: Sample Sample Length Gold Silver No. (m) (g/t) (g/t) 740288 2.0 21.51 2.4 740292 1.1 21.09 4.6 740300 2.0 24.19 5.0 740301 1.3 13.99 1.6 740313 1.3 42.09 5.6 740321 1.4 15.55 1.6 740344 2.0 21.31 1.0 740407 1.6 12.55 1.6 740421 2.0 12.55 3.6 740422 2.0 23.92 19.0 The arithmetic average for the 150 results presently available from the Llamakensa Breccia zone is 3.0 g/t gold which is nearly identical to the average obtained from the previous sampling programs at Quilca Breccia. The Llamakensa target area is open to expansion. Preparations are now unde rway for the mid-January resumption of exploration and diamond drilling at the Halley property. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com