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Gold/Mining/Energy : Anzex -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (236)	2/22/1999 11:01:00 PM
From: Sam	Read Replies (2) \| Respond to of 253

these guys giving themselves a big payday or what , sam Vancouver BC February 22, 1999: Anzex Resources Ltd. reports that surface geochemical soil sampling at the Company's Longwoods project in New Zealand has returned highly anomalous analyses ranging up to 810 ppb combined platinum and palladium. These occur south of DDH 3&4 in an area where the airborne magnetic survey indicates favorable host rocks. To ensure that optimum targets are selected diamond drilling will be deferred until all results are received from the ongoing soil sampling program. In a report recently submitted to the Board by the Company's consultant, Dr. A.J. Naldrett cautions that results to date may not represent economically significant mineralization but concludes his report with the statement, "Despite the caution expressed above, I believe that the potential for economic mineralization remains high. We know where we want to look, surface sampling suggests that the right rocks underlie this area, and soil sampling is showing up some interesting anomalies." In a news release dated June, 1998 the Company announced that it had applied for seven prospecting permits on the South Island of New Zealand. Six of the seven applications have now been granted. Management is currently evaluating available data on these projects. A six hole program was initiated in June 1998 on the Company's Mosquito Hill gold-copper exploration program in Queensland, Australia. It was terminated after two 300-metre holes failed to intersect heavy sulphide mineralization which had been predicted from geophysical interpretation. Management has recently reviewed all data on this project and has elected to allow the tenements to lapse. Funds previously allotted to Mosquito Hill will be transferred to Longwoods. The Company granted options for an aggregate of 320,000 shares to four of its directors and officers which were approved as part of its initial public offering prospectus in February, 1998. These options are exercisable at $0.75 per share, expiring on February 4, 2003. In May 1998 the Company granted an option to an employee for 100,000 shares at a price of the greater of $2.50 per share or 50% of the market price on the date of exercise, expiring on May 11, 2000. In July 1998 the Company granted an option to an employee for 25,000 shares at a price of $1.77 per share, expiring on July 22, 2000. Subject to regulatory approval the exercise price of the above options has been reset to $0.21 per share. All other terms of these stock options remain unchanged. In addition, subject to regulatory approval, the Company has granted further stock options to certain of its directors and employees for an aggregate of 424,000 shares. These options are exercisable for a period of five years commencing on February 22, 1999 and expiring on February 21, 2004 at a price of $0.21 per share, being the average trading price of the Company's stock for the ten previous days. The Longwoods Project will continue to be the main focus of the Company's exploration efforts. In addition the Board has initiated an international search for other quality platinum exploration projects utilizing Dr. Naldretts extensive experience and contacts. It is the intention of the Board to develop Anzex into a leading platinum group exploration company. On Behalf Of The Board Of Directors Anzex Resources Ltd. James S. Kermeen, M.Sc., P. Eng. For More Information Contact; President Todd McMurray VP Corporate Development Tel: 1 604 684 6671 Toll Free: 1 888 989 3232 Fax: 1 604 684 6643 E-mail: anzex@bed-rock.com