To: tango who wrote (1 ) 5/20/1999 2:09:00 PM From: BLZBub Respond to of 9
May 12, 1999 JOINT NEWS RELEASE INTERNATIONAL CAPRI AND SILVER KING ANNOUNCE ASSAY RESULTS AND PROGRESS ON ZACUALPAN PROJECT International Capri Resources Ltd. ("Capri") and Silver King Resources, Inc. ("Silver King") (formally known as Arngre, Inc.) are pleased to announce that Capri and Silver King, along with their joint venture partners International Capri Resources, S.A. de C.V. and Zacualpan Minerals, LLC., have completed 4 drill holes of a first phase 20 hole drill program on its Zacualpan project located in the Zacualpan Mining District in the Zacualpan Municipality of Mexico, 94 km directly southwest of Mexico City, near the northern Guerrero stateline. To date, two vein structures, Quinto II and Nogale, which were identified as I.P. (Induced polarization) anomalies have been tested by 2 holes each and a third hole is still in progression the Nogale structure. All holes including hole #5 on the Nogale structure have intersected sulfide mineralization. Assays have been completed for holes 1 and 2 and portions of holes 3 and 4. The most significant intervals to date are from a 24.9 meter sulfide zone in hole #2 drilled into the Quinto II structure and are as follows: Hole #2 - Quinto II structure Zone Interval (m) %Pb %Zn gm/tonne Ag gm/tonne Au Upper 31.1-34.4 (2.7) 0.49 1.35 139.2 0.06 Middle 48.49-50.60 (2.11) 0.12 0.48 56.99 0.07 Lower 54.95 (1.13) 1.06 3.63 199.7 0.11 Another thinner zone was intersected deeper in the hole Thinner zones of sulfides carrying lead zinc and silver values were encountered in holes 1.3 & 4 indicating the continuity of structures over the 100 meters between holes 1 & 2 and between holes 3 & 4. High-grade ore shoots are contained within such structures within this mining District. Such structures can widen from a few centimeters to 1-3 meters of horizontal distance. The current drill program is designed to test, in a preliminary manner, the potential of several vein structures outlined by a substantial I.P. Geophysical survey. Detailed drilling of potential reserves contained in the more prospective structures will follow. All assaying is being conducted by Acme Laboratories of Vancouver using fire assay techniques following a 30 element ICP scan. Core materials are shipped to G.M. Lacme Laboratorios de Mexico in Guadalajara for preparation, with analytical work being conducted in Vancouver. Core reference splits (1/2) are retained for reference at the project headquarters. Pulps and rejects are stored by Acme for reference. The Zacualpan district has had production for over 300 years with one current modern operation continuing production. Very little modern exploration by indirect techniques (geophysics) has been undertaken and much of the region has never been drill tested. Little exploration below the water table has ever been undertaken. The Companies are please with progress of the drilling program to date and will continue update, as assay results are available On May 10, 1999 the VSE accepted for filing, the Joint Venture and Subscription agreement dated March 19,1999 between International Capri Resources Ltd., International Capri Resources, S.A. de C.V. ("ICRM"), Silver King Resources, Inc. (formally known as Arngre, Inc.) and Zacualpan Minerals, LLC.. International Capri Resources will sell to Silver King Resources, Inc. 60% of the capital stock of ICRM (38,214 shares), and to Zacualpan minerals , LLC., 20% of the capital stock of ICRM (12,738 shares). ICRM is a wholly owned subsidiary of International Capri Resources Ltd., which owns rights on Mexican properties in the Zacualpan Mining District. In consideration for this Joint Venture, Silver King Resources Inc. has deposited with ICRM, US$393,750 and Zacualpan Minerals, LLC. has deposited with ICRM US$131,250 to fund exploration and development expenditures by ICRM. International Capri Resources Ltd. Silver King Resources, Inc. Per: "Alan Stier" Per: "Stephen Harington" __________________________ __________________________ Alan P. Stier, President Stephen Harrington, President The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the Adequacy of the contents of this news release