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Gold/Mining/Energy : Peruvian Gold Ltd. PVO -- Ignore unavailable to you. Want to Upgrade?

To: kidl who wrote (661)	1/19/1999 12:55:00 PM
From: D.M.	Read Replies (1) \| Respond to of 892

The following is The old Jan 14 press release, but this one has some additional information regarding the private placement. Does anyone know what requirements are needed to get on the senior exchange Exploration and Corporate Updates datetime:15 Jan 1999 01:00:00 / PERUVIAN GOLD LTD PERUVIAN GOLD LTD ("PVO-V;PRVGF-L") - Exploration and Corporate Updates Mr. David Henstridge, President, is pleased to announce the following exploration and corporate updates: LARA The Company has commissioned Rescan Engineering Ltd. to perform a scoping study to estimate the potential copper production economics of its 100 percent owned Lara porphyry copper deposit located in coastal Peru. A supergene zone of chalcocite mineralization was identified in three drilling programs performed between May, 1997 and August, 1998. The drill results to date and the potential size of the mineralized area warrant this study. A preliminary column leach study was started in November, 1998 on core from the mineralized intervals of two diamond drill holes from the third drilling campaign. These holes, LDD-13 and LDD-14, are twinned core holes of earlier reverse circulation drill holes. Analyses from these holes showed a significant increase in copper values, suggesting that some of the chalcocite may have been lost using the reverse circulation drill method. The column leach study is being undertaken at C.H. Plenge Laboratories in Lima, Peru. So far, after about 90 days of digestion, the copper extraction curves have not flattened out, and the extraction rates are approaching 80 percent. This is considered to be very acceptable for chalcocite mineralization. The columns will continue to be monitored until an estimate of final copper extraction can be made. OLLACHEA The Company has received the first results from a 5 hole, 501 metre diamond drill program completed in mid-December on the Company's Ollachea gold prospect. Drill hole # 1 was located up-slope from old underground workings from which a value of 4.9 g/t Au was obtained by the Company over a 17.2 metre interval. Hole #1 was directed towards these workings but the values in the drill core were significantly lower than those found in the underground workings. The entire 120.5 metres of the hole averaged 0.32 g/t Au, which included a 71 metre interval between 49 metres and 120.5 metres that averaged 0.47 g/t Au, and two narrower intervals that ran 0.99 g/t Au over 10 metres and 5 metres that ran 2.1 g/t Au. The remaining holes, drilled along strike from hole # 1, are being split and analyzed at C.H. Plenge Laboratories in Lima, Peru, and results will be released as soon as available. CORPORATE A private placement of 1,000,000 units to raise $625,000 has been arranged. Each unit comprises a share and a two year share purchase warrant exercisable at $0.70 per share in year one and $0.75 per share in year two. The purchaser of the units is Bradstone Equity Partners, Inc. (Bradstone). Bradstone presently has a 24.7 percent ownership interest in the Company and this purchase will increase Bradstone s interest to 29.56 percent. The placement is subject to regulatory approval. The Board has, subject to regulatory approval, granted options to purchase 50,000 common shares at a price of $0.81 per shares. In December 1998, the Company's listing status on the Vancouver Stock Exchange was upgraded to the Senior Board. With the downturn in the junior exploration market, companies which are well financed and professionally managed will have greater opportunities to acquire high quality exploration properties. The Company is well positioned with sufficient cash and exploration expertise to identity and acquire such projects. The Board of Directors has affirmed management s continued objectives for the acquisition and development of exploration properties with a prime focus on Latin America. TEL: (604) 681-0110 David Henstridge, President TEL: 1-888-215-5111 Peruvian Gold Limited FAX: (604) 682-2236 (FAX) Website: www.peruviangold.com E-mail: pvo@intergate.bc.ca ______________________________ (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106