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

To: skelly who wrote (144)	1/13/1999 11:51:00 PM
From: trypod	Read Replies (1) \| Respond to of 339

News out-Looks good: NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: MARACOTE INTERNATIONAL RESOURCES INC. VSE SYMBOL: MCE JANUARY 13, 1999 Maracote International Resources Reports Initial Drill Results from Halley Property VANCOUVER, BRITISH COLUMBIA--Maracote International Resources Inc. ("Maracote") is pleased to announce the initial assay results from the previously undrilled Quilca Breccia gold target at its Halley property in south-central Peru. These drill results, along with previous surface and underground sampling, have successfully confirmed the continuity of Quilca Breccia mineralization over a minimum area of 80 metres (vertical extent) by 150 metres (horizontal extent) by 1.5 kilometres (lateral extent). A total of five holes were drilled from two drill pads atop of the Quilca Breccia. Holes HA98-01, HA98-02 and HA98-03 were drilled from the same pad at orientations of vertical, 180 degrees/-60 degrees, and 270 degrees/-50 degrees, respectively. Holes HA98-04 and HA98-05 were collared at a second pad located forty metres south and twenty metres lower in elevation than the initial three holes. Hole HA98-04 was lost prior to reaching its intended depth and was redrilled as HA98-05 at the identical orientation of 355 degrees/-55 degrees. The following table outlines the significant mineralized intervals of Maracote's initial drilling program: /T/ Hole# from to Interval Au Ag Au Eq. (metres) (metres) (metres) g/t g/t g/t HA98-01 9.1 76.6 67.5 2.0 3.7 2.1 inc. 42.1 58.6 16.5 5.0 7.6 5.2 144.6 149.1 4.5 2.7 0.8 2.7 173.9 178.7 4.8 1.9 0.6 1.9 Hole ends at 180.1 in a Post-Mineral Dyke (178.7-180.1) HA98-02 3.1 67.0 63.9 1.6 8.0 1.7 inc. 61.8 67.0 5.2 4.6 0.9 4.6 85.2 88.1 2.9 1.3 1.0 1.3 109.1 119.6 10.5 1.0 1.0 1.0 HA98-03 8.2 76.2 68.0 2.1 7.5 2.2 inc. 8.2 23.5 15.3 4.1 31.9 4.6 and 61.2 76.2 15.0 3.3 0.3 3.3 84.7 92.5 7.8 1.4 0.2 1.4 123.0 144.0 21.0 3.5 0.3 3.5 HA98-04 Hole lost prior to reaching intended completion depth and redrilled as HA95-05. Assays pending. HA98-05 19.2 82.8 63.6 1.5 3.9 1.6 inc. 19.2 25.3 6.1 2.7 2.0 2.7 and 37.3 48.5 11.2 6.5 6.7 6.6 99.1 100.6 1.5 9.0 5.6 9.1 139.6 143.9 4.3 2.1 - 2.1 143.9 146.9 3.0 Adit opening, no core recovery /T/ In addition to encouraging intersections from the main Quilca Breccia, other noteable results from the limited initial drilling program, which require follow-up drilling, include gold mineralization within a breccia horizon at the bottom of hole HA98-01; and gold mineralization within a feldspar porphyry dyke which returned a 21.0 metre interval grading 3.5 g/t gold in hole HA98-03. It appears that the main body of breccia mineralization is gently dipping towards the northeast beneath a glory hole open-cut, which indicates that the vertical extent of mineralization increases in a northeasterly direction. This is consistent with the general mineralized trend of contiguous breccia bodies which continue in a northeasterly direction for at least 1,500 metres. Drilling is set to resume at Quilca Breccia by this weekend. A second drill will be arriving at Halley shortly to drill beneath and beyond the Quilca open-cut and initiate drilling evaluation of the Llamakensa gold-silver target, situated approximately 1.5 kilometres southeast of Quilca. Encouraging surface and underground results for Llamakensa, averaging 3.0 g/t gold from 150 samples over an area of 500 metres by 600 metres, were released previously in Maracote's news release of January 7, 1999. Maracote has tested only a very limited portion of the known breccia targets on the Halley Property. On behalf of the Board of Directors of MARACOTE INTERNATIONAL RESOURCES INC. Chet Idziszek, President Later:Rick