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Gold/Mining/Energy : Caribgold- CG:TSE -- Ignore unavailable to you. Want to Upgrade?

To: Veritas who wrote (40)	2/1/1999 5:37:00 PM
From: keith massey	Respond to of 48

Monday Feb 1 1999 Mr. Paul Zyla reports Following a 5,600-metre diamond drilling program that was completed in late December 1999, the company has calculated an inferred geological resource of 430,000 ounces of gold, consisting of 2.3 million tonnes grading 5.83 grams per tonne gold (uncut and undiluted), on its joint venture Jacinto project near Camaguey, Cuba. A preliminary open pit outline using diluted, cut resources indicates that 210,000 ounces of gold contained in 1,653,000 tonnes grading 3.98 g/t Au can be used for preliminary economic evaluation in order to plan the next phase of explorations. A diamond drilling program of 1,500 metres to 2,000 metres to further define the resource is scheduled to begin immediately. Beatriz Vein In the recently completed program, 18 holes totalling 1,580 metres were drilled on the known mineralized portion of the Beatriz vein. Previous drilling on 100-metre sections had indicated a geological resource of 275,000 ounces of gold in this portion of the vein. In the present program fill-in drilling reduced the spacing between sections to 50 metres. Results are shown in the following table. Some of the holes (CB1, CB2 and CB3) showed a less than expected continuity of the high-grade ore shoot between previously-drilled sections, but other holes (CB44 and CB45) intersected unexpected high-grade gold mineralization where much lower grades were anticipated, based on previous drilling. True Hole From To Width Width Au m m m m g/t CB01 28.85 27.70 0.85 0.85 2.19 CB02 38.20 39.00 0.80 0.61 0.69 CB03 Not significant CB04 Not significant CB05 36.70 40.30 3.60 3.48 1.58 CB06 57.30 63.80 6.50 4.98 21.05 CB07 53.80 55.40 2.60 2.58 2.23 CB08 32.30 32.85 0.55 0.44 2.36 CB09 46.40 48.30 2.30 2.29 24.50 CB10 59.60 62.90 3.30 2.80 2.84 CB11 91.80 93.95 2.15 1.95 12.44 CB12 23.30 37.60 14.30 12.38 2.24 CB13 28.00 11.50 3.50 3.03 5.05 CB14 54.70 56.85 2.15 2.02 2.94 CB43 168.25 168.60 0.35 0.29 0.76 CB44 28.65 35.40 6.75 6.52 20.76 CB45 32.00 38.20 6.20 5.83 15.51 CB46 53.30 55.60 2.30 2.27 4.31 EL LIMON VEIN Six holes in the late 1998 program, totalling 422 metres were drilled in the El Limon vein. Previous drilling to the west of the discovery hole (CSE43) had failed to intersect economic grades although the vein was still open and up to 10 metres wide. The present program on three new sections (CB25 to CB30), intersected ore grades for a distance of 200 metres to the east of the discovery holes. On each section gold grades were better in the deeper hole. The El Limon zone remains open at depth and to the east. The drilling to date has outlined the mineralized zone to a vertical depth of only 60 metres. Based on the results, a preliminary geological resource of 115,000 ounces of gold has been calculated. The February 1999 diamond drilling program will test the El Limon zone below a 60-metre depth and evaluate its possible continuation to the east, toward its intersection with the Beatriz vein. The El Limon structure has been traced on surface for 500 metres to the west of the known mineralization and additional exploratory holes are planned to test for further ore shoots in that direction. EL LIMON VEIN 1998 DRILL PROGRAM True Hole From To Width Width Au m m m m g/t CB25 38.50 48.50 10.00 9.98 8.40 CB26 58.20 66.40 8.20 6.72 25.11 CB27 Not significant CB28 51.20 60.40 9.20 7.54 5.57 CB30 52.90 54.40 1.50 1.23 9.32 BEATRIZ, NORTH VEIN Twelve holes totalling 1,600 metres were drilled north of the known mineralization in the Beatriz vein. Although the vein continues in this direction the gold grades intersected were subeconomic. On the three most northerly profiles, the zone of quartz veining and silicified breccia widened to over 100 metre true thickness, with anomalous gold values throughout. Mineralogical studies have shown that about 30 separate episodes of quartz veining have been recognized in the Beatriz vein, of which seven contain gold. It appears that the intense silicification and quartz in this part of the structure took place mainly during non-gold-bearing phases. However, the great increase in volume of veining indicates that the Beatriz structure remains strong to the north with the potential for further episodes of gold mineralization in that direction. BEATRIZ NORTH VEIN 1998 DRILL PROGRAM True Hole From To Width Width Au m m m m g/t CB31 40.70 41.80 1.10 1.21 CB32 70.30 71.10 0.80 5.27 CB33 2.60 98.30 5.70 6.51 1.80 CB34 71.20 71.40 0.20 0.17 1.84 CB35 Not significant CB36 Not significant CB37 31.40 31.80 0.40 0.39 0.62 CB38 149.80 150.60 0.80 0.91 CB39 Not significant CB40 41.40 45.40 4.00 2.65 CB40 19.00 122.00 3.00 1.18 CB47 49.40 51.00 1.50 1.70 CB48 23.10 124.45 1.35 0.80 ESPERANZA VEIN Twelve exploration holes totalling 955 metres were drilled on the Esperanza vein about 400 metres east of Beatriz. This vein had not been drilled previously and although it did not contain high-gold grades at surface, was considered a priority target at depth. Studies of the Jacinto mineralization have shown that the expected depth of potential Bonanza ore shoots increases to the east, suggesting that the Esperanza vein could have mineralization in the 50 metre to 100 metre depth range. Although a strong and continuous zone of brecciation was present, the structure contained only weak quartz veining and no significant assays were reported. OTHER DRILLING Two exploration holes totalling 190 metres were drilled 1,500 metres east of Beatrice, to test a quartz vein that contained anomalous gold at surface. The best intersection was 0.87 of a gram per tonne gold over 2.45 metres. Three holes, totalling 839 metres were drilled beneath the silicified cap of Loma Jacinto, about two kilometres west of the Beatriz vein. It was considered that the hill might be underlain by large tonnages of low-grade gold mineralization. Only anomalous gold values were present and the type of alteration present in the rocks does not suggest the potential for such an ore body. It was noted, however, that the hydrothermal alteration present is similar to that at Beatriz and the potential for Beatriz-type quartz vein mineralization beneath or close to the hill. As previously noted, CaribGold plans to commence drilling at Jacinto in February and will test, among other things, the El Limon vein at depth and to the east, where it remains open. Further delineation of the Beatriz and El Limon veins, as well as exploration drilling for new zones of mineralization, will take place later in the year. A new calculation of the gold resource at Jacinto is under way and should be completed in March, once the results from the February drill program at El Limon have been received. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

To: Veritas who wrote (40)	2/1/1999 6:13:00 PM
From: keith massey	Read Replies (2) \| Respond to of 48

Hey Veritas Still holding the shares I bought at .28 in Dec. The currently have 10.5 million shares with $5.2 in cash (.50/share) and no debt. I figure the downside at this point is next to nothing and depending on the market reacts to the news in the next few days I plan on adding a few more to the pile. I like when companies come out with news late Monday. This means we have the rest of the week for people to digest the news and run up the stock. 430,000 ounces at 5.83 grams per tonne is starting to sound like a real deposit. Several of the veins are still open in several directions which could lead to a fairly large deposit after the next few drill programs. At least we don't have to worry about the company sitting on their butts...From the news release: A diamond drilling program of 1,500 metres to 2,000 metres to further define the resource is scheduled to begin immediately...... Further delineation of the Beatriz and El Limon veins, as well as exploration drilling for new zones of mineralization, will take place later in the year The next drill program is going to test the El Limon vein at depth and to the east. These are the results that caught my eye. The current drill program only went to the 60m level and all the mineralization occured in the lower levels. The next set of deeper drill results will prove interesting. ______From___To_____Width__Width__Au ______m______m______m______m_____g/t CB25__38.50__48.50__10.00__9.98__8.40 CB26__58.20__66.40__8.20__6.72__25.11 CB28__51.20__60.40__9.20__7.54__5.57 CB30__52.90__54.40__1.50__1.23__9.32 Best Regards KEITH