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Gold/Mining/Energy : Madison Enterprise, MNP/VSE -- Ignore unavailable to you. Want to Upgrade?

To: Dan P who wrote (193)	1/29/1999 7:46:00 PM
From: Spiney	Read Replies (1) \| Respond to of 285

Wednesday January 27, 4:09 am Eastern Time PNG government fast tracking Mt Kare gold study PORT MORESBY, Jan 27 (Reuters) - Papua New Guinea's government is taking steps to advance development of hard-rock mining at the Mt Kare gold prospect after exploration work pointed to a lode of more than four million ounces. PNG Mineral Resources Minister Masket Iangalio said he has endorsed the formation of a task force to take charge of all government and community relations work at the remote mine site. Iangalio told reporters he was acting to ensure that the prospect is upgraded to bankable feasibility study status as soon as possible. He also said reserves had been proven up by a further 125,000 ounces from the level previously reported, but did not elaborate. Carpenter Pacific Resources NL of Australia, which has a 25 percent stake in Mt Kare, said on January 21 exploration worked had uncovered a big increase in the gold resource at Mt Kare. It said the mineral resource estimate in one area, called the Black Zone, had risen by 23 percent, totalling 2.3 million tonnes of ore, grading 2.9 grammes of gold per tonne, 110 grammes of silver, or 4.9 grammes of gold equivalent at a 1.5 grammes a tonne gold equivalent cut off. Vancouver-listed Madison Enterprises Corp (Vancouver:MNP.V - news) holds a 75 percent interest in the prospect.