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

To: stevieD who wrote (279)	1/18/1999 8:58:00 AM
From: Neil Irwin	Respond to of 397

Some news from the area: BLACK HAWK MINING INC. ANNOUNCES INTERSECTS OF HIGH GRADE MINERALIZATION AT MANANTIAL ESPEJO PROJECT IN ARGENTINA Article #: 26149 Date: 1/18/99 7:08:31 AM Dateline: TORONTO, ON Stock Symbol: BHK Wire: ISDN BLACK HAWK MINING INC. (TSE-BHK) is pleased to report bonanza and very high grade assays from recent drilling at the Manantial Espejo gold-silver project located in Santa Cruz province in southern Argentina. Eighteen diamond drill holes totalling 1,024 metres were completed on the Maria Vein and in two other targets in the western half of the 225 km2 project area. All of the Maria Vein holes intersected the high grade gold-silver target over true widths ranging from 2.9 metres to 13.2 metres. The best results included hole T-116 which intersected 25.52 grams of gold equivalent per tonne over a true width of 10.6 metres; T-114 which intersected 15.52 grams of gold equivalent per tonne over a true width of 8.2 metres; T-111 which intersected 16.21 grams of gold equivalent per tonne over a true width of 5.2 metres; T-117 which intersected 15.81 grams of gold equivalent per tonne over a true width of 4.8 metres and T-110 which intersected 9.45 grams of gold equivalent per tonne over a true width of 13.2 metres. For the silver equivalent amounts please see the attached table. The recent drilling confirms the continuity of mineralization within the Maria Vein and further detailed and infill drilling is expected to lead to initiation of a full feasibility study. Black Hawk and Silver Standard Resources Inc. ("Silver Standard") believe the Maria Vein can form the basis of a high grade underground mine with limited production from surface mining of the vein system. The Maria Vein is open along strike and to depth. The diamond drilling program followed a three month program of regional mapping and prospecting by two teams which covered approximately 60% of the 225 km2 project area. During the program, geologists discovered numerous new zones of potentially economic significance that require follow up. Four short holes were drilled on two prospects, with anomalous assay results. The potential for discovery of additional high grade zones similar to the Maria Vein is considered excellent. Manantial Espejo, accessible by road in a region of recently discovered epithermal gold-silver mineralization, is located approximately 100 kilometres west-southwest of the new Cerro Vanguardia Mine which produces 200,000 ounces of gold and 1.6 million ounces of silver annually. Based on block and polygonal resource calculations by Silver Standard prior to the completion of the recent drill program, the Manantial Espejo project is estimated to host reserves and resources in all categories totalling 7.9 million tonnes grading 2.87 grams of gold and 191 grams of silver per tonne. The Manantial Espejo project contains a preliminary resource of 729,000 ounces of gold and 48.5 million ounces of silver. Using a 55:1 conversion of silver to gold this preliminary resource is equivalent to 1.6 million ounces of gold. Silver Standard has an option to acquire 50% of Black Hawk's share in the Manantial Espejo project. A subsidiary of Black Hawk owns 80% of the project. The remaining 20% portion is held by a subsidiary of Barrick Gold Corporation ("Barrick"). Upon completion of a positive feasibility study, Barrick must elect to either sell its interest to Black Hawk's subsidiary or increase its interest to 40% based on predetermined prices. Black Hawk Mining Inc. is a gold mining company with two producing mines, the Keystone Gold Mine in Manitoba and El Limon Mine in Nicaragua. These two mines are expected to produce a total of 116,000 ounces of gold in 1999. The company also holds exploration properties in Manitoba and Nicaragua as well as in northern Ontario, Maine and British Columbia. Black Hawk is listed on The Toronto Stock Exchange under the symbol BHK. For further information please contact: Mr. David M. Jenkins Mr. L. Blois Hennigar Vice President, Exploration Vice President, Finance (604) 684-6463 and Chief Financial Officer (416) 363-4813 Website: bhkmining.com E-mail: info@bhkmining.com Selected Diamond Drill Results Manantial Espejo Gold-Silver Project, Argentina -------------------------------------------------------------- Gold Silver Equivalent Equivalent Gold Silver (55:1) (55:1) True (grams (grams grams grams Drill From To Width per per per per Hole (m) (m) (m) tonne) tonne) tonne tonne -------------------------------------------------------------- MARIA VEIN -------------------------------------------------------------- T-105 88.1 92.5 4.3 1.54 178.6 4.78 263.3 T-106 29.1 33.7 4.5 3.39 224.0 7.46 410.4 T-107 32.3 35.3 2.9 1.16 150.1 3.90 213.9 T-108 58.3 61.8 3.5 0.28 89.4 1.91 104.8 T-109 96.3 101.2 4.8 8.58 285.5 13.77 757.4 T-110 25.7 39.4 13.2 0.81 475.4 9.45 519.9 Incl. 35.4 39.4 3.9 1.96 852.3 17.40 960.1 T-111 75.5 81.1 5.2 9.32 378.8 16.21 891.4 T-112 14.3 24.1 9.8 0.82 240.0 5.18 285.1 T-113 28.3 32.0 3.6 3.10 58.6 4.16 229.1 T-114 16.1 24.6 8.2 11.74 207.9 15.52 853.6 Incl. 20.8 24.6 3.7 25.35 306.2 30.91 1700.5 T-115 58.3 70.9 11.4 5.08 204.5 5.45 483.9 T-116 11.0 22.1 10.6 19.84 312.6 25.52 1403.8 Incl. 15.5 20.9 5.2 40.08 540.2 49.90 2744.8 T-117 39.0 44.0 4.8 10.99 265.3 15.81 869.8 T-118 42.1 46.4 4.2 2.54 87.3 4.13 227.0 -------------------------------------------------------------- -------------------------------------------------------------- OTHER VEIN TARGETS -------------------------------------------------------------- T-119 33.1 34.6 1.5 0.85 4.6 0.93 51.4 T-120 22.0 24.0 2.0 0.19 19.5 0.54 30.0 T-121 26.7 28.8 2.0 0.30 1.1 0.32 17.6 T-122 17.4 18.8 1.4 0.01 50.4 0.93 51.0 --------------------------------------------------------------