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

To: morrie who wrote (284)	2/8/1999 10:10:00 AM
From: morrie	Read Replies (1) \| Respond to of 397

"NEWS" Subject: Stockwatch: Abacus Minerals Corporation - News Release Date: Mon, 08 Feb 1999 06:33:40 -0800 From: newsout@canada-stockwatch.com Abacus private placement; Barrick agreement signed Abacus Minerals Corporation AMC Shares issued 21,590,405 Feb 5 close $0.22 Mon 8 Feb 99 News Release Also Barrick Gold Corp (ABX) Mr. Steve Todoruk reports The first tranche of 3,228,750 units of the 5,000,000 unit brokered private placement, previously announced on Oct. 13, 1998, closed today for gross proceeds of $645,750. The deadline to file final materials for the remaining units with the Vancouver Stock Exchange has been extended until Feb. 15, 1999. Each unit consists of one share and one-half of a share purchase warrant of the company. Each whole warrant is exercisable for a period of two years at 25 cents to acquire one share. Canaccord Capital Corporation has received an 8 per cent cash commission and 322,875 bonus warrants, with the bonus warrants having the same terms of those which underlie the private placement. The shares and any shares issued pursuant to the exercise of the warrants will be subject to a four month period expiring June 5, 1999. Argentina Field crews are now mobilizing to the company's La Manchuria project in Santa Cruz, Argentina to begin a 2,000 metre phase III drill program. The focus of the phase III drill program is to expand the zone of mineralization defined by previous drilling in 1998. The zone encompasses an area 250 metres in strike length and to a depth of 100 metres, and is open in both directions along stirke and down dip. Geochemical and geophysical anomalies suggest excellent potential to expand the zone. Some highlights from drilling in 1998 are as follows: Hole From To Interval Gold Silver No. (m) (m) (m) (g/t) (g/t) LM98-1 106.20 117.70 11.50 1.22 136.6 LM98-2 45.05 103.10 58.05 6.53 22.3 incl. 52.50 66.00 13.50 22.66 45.2 LM98-81 49.50 151.00 1.50 7.53 70.5 LM98-9 34.00 88.60 54.60 4.4 12.1 incl. 79.90 88.60 8.70 24.88 11.3 LM98-10 3.04 97.50 94.46 0.74 104.6 incl. 87.85 90.00 2.10 6.43 650.4 LM98-11 106.00 120.50 14.50 5.10 56.7 LM98-12 21.00 79.50 58.50 1.04 20.5 Barrick agreement Abacus has formally signed documentation with Barrick Gold Corporation pertaining to the letter agreement dated March 5, 1997, whereby the company was granted the option to acquire a 100 per cent interest in the La Manchuria property and five other gold exploration properties (collectively the "Patagonia properties") in Santa Cruz, Argentina. At closing, Abacus will issue to Barrick 150,000 shares as required by the agreement. Additional shares will be issued to Barrick as exploration continues. With the newly-issued shares, Barrick now owns 1,150,000 shares of Abacus. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com