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Gold/Mining/Energy : Chesbar Resources- CBI Montreal -- Ignore unavailable to you. Want to Upgrade?

To: Enigma who wrote (901)	1/26/1999 10:58:00 AM
From: Gary Miron	Read Replies (1) \| Respond to of 980

NEWS RELEASE CHESBAR 365 Bay Street, 11th Floor, Toronto, Ontario, M5H 2V1 RESOURCES INC. Telephone (416) 363-1124 Fax (416) 360-0728 News Release No. 99-02 DRILL RESULTS AT LA SALLE EXTENSION IN VENEZUELA January 26, 1999 - Toronto, Canada: On the La Salle I Gold Property, the most southerly of the Company's 3 concessions, four reconnaissance holes were completed in December 1998 before drilling stopped for the Christmas holiday period. Three of these holes, numbered 98-34 to 98-36, were drilled on an extensive geochemical target which had been interpreted as the faulted extension of the "Main Zone" on the La Salle I Gold Property. As reported in the Company's news release no. 98-07 dated December 2, 1998, drilling to that point had outlined the "Main Zone", a zone of gold mineralization 750 metres long from line 1300 North to line 2050 North, at which point it appeared to be offset to the east by cross faulting. To check this interpretation, holes were drilled on lines 2550 North, 2650 North and 2850 North on the indicated offset portion of the zone. Examination of core from these three holes indicates that the favourable felsic to intermediate volcanic rocks which host the Main Zone to the south are also present in the interpreted faulted extension of this gold zone. Gold values in the most recent holes, while not spectacular, are present over substantial widths and are indicative of a significant gold bearing zone which will require additional drilling to evaluate its potential. Drill samples are fire assayed by Monitor Geochemical Laboratory of Venezuela. All the gold intercepts in these holes occur in saprolite (highly weathered rock) at or very near surface. The southern most of the three holes, 98-36 on line 2550 North, cut a 17 metre section averaging 0.38 grams of gold per tonne from 0 to 17 metres. One hundred metres further north on line 2650 North, hole 98-35 intersected 23 metres averaging 0.67 grams gold per tonne from 11 to 34 metres in the hole which includes a 3 metre section of 2.126 grams gold per tonne. Two hundred metres further north, hole 98-34 on line 2850 North cut 23 metres averaging 0.82 grams gold per tonne from 7 to 30 metres in the hole which included a 5 metre section averaging 1.89 grams gold per tonne and a 9 metre section of 1.00 grams gold per tonne. Drill hole 98-37 was drilled on an isolated geochemical anomaly 400 metres west of the principal geochemical trend heading north and no significant gold values were intersected. These 4 holes reported are preliminary holes drilled to confirm that the gold bearing zone continues to the north of the Main Zone. It is expected this work will be followed up by additional drilling along the 1000 metre length of the geochemical anomaly. Presently, the drilling program is underway on the Guaiquinima II Gold Property testing gold geochemical targets. Chesbar Resources Inc. is a public company whose shares are listed on the Montreal Exchange: Symbol "CBI" for additional information, contact: Chesbar Resources Inc. Tel: (416) 363-1124/Fax: (416) 360-0728 Website: www.chesbar.com E-mail: chesbar@istar.ca