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Gold/Mining/Energy : ARP - V Argentina Gold -- Ignore unavailable to you. Want to Upgrade?

To: DeplorableIrredeemableRedneck who wrote (2596)	2/8/1999 6:21:00 PM
From: Zardoz	Read Replies (1) \| Respond to of 3282

Barrick's president resigns; offer for Argentina to expire Barrick Gold Corp ABX Shares issued 376,475,371 1999-02-05 close $30.1 Monday Feb 8 1999 Mr. Peter Munk reports The board of directors has accepted the resignation of Paul Melnuk as president and chief executive officer, effective today. Ms. Belle Mulligan reports Barrick Gold's bid for Argentina Gold Corp. expires at midnight tonight. Barrick has carefully reviewed all of the available information recently released by Argentina Gold. Barrick continues to be of the view that its offer is full and fair. Shares will not be taken up unless the number of shares deposited demonstrates sufficient support for Barrick's bid. Mr. Steve Todoruk of Abacus reports Abacus Minerals has formally signed documentation with Barrick Gold pertaining to the letter agreement dated March 5, 1997, whereby Abacus was granted the option to acquire a 100 per cent interest in the La Manchuria property and five other gold exploration 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. Mr. James Mancuso of Queenstake reports: Barrick Gold, Queenstake's joint venture partner on the Uchcumachay property, has advised the Queenstake of drill results on its initial program described in news release 98-9 (Stockwatch Nov. 26, 1999). Barrick completed nine reverse circulation holes ranging from 128 to 300 metres for a total of 2,121 metres drilled. Holes were sited to intersect gold targets defined by geochemistry, alteration, and structure along a plus two kilometre long high sulphidation epithermal system. Although strong alteration features were intersected, gold assay results were disappointing in that only a few intervals have greater than 0.1 of a gram per tonne gold (100 parts per billion), the highest being 0.232 of a gram per tonne, as noted on the table. Hole Length From To m m m UCH-03 248 No significant results UCH-04 300 Best result 161 ppb/2m UCH-06 270 116 120 Best result 232 ppb/6m UCH-07 132 186 Best result 110 ppb/4m UCH-10 171 No significant results UCH-11 234 No significant results 280 No significant results 210 Best result 100 ppb/2m 128 No significant results A full report from Barrick is expected shortly. Queenstake has not yet been advised whether Barrick intends to continue to finance the joint venture at Uchcumachay or whether more holes will be drilled. Barrick has met its first year requirement to drill 1,000 metres on the property. Mr. Lukas Lundin of Argentina reports Argentina Gold Corp. has defined over five million ounces of gold and 150 million ounces of silver to date (eight million ounces gold equivalent). Several additional successful holes have been drilled since this estimate was made and Argentina is now in the process of updating the resource estimate again. There are a growing number of international mining companies visiting the Veladero project with the recognition of Argentina's exploration success and its strategic land position. Much of the resource at the Amable target is high grade (over five grams per tonne Au) and Argentina's diamond drilling program is indicating that this grade could substantially increase. There is also a growing high-grade sector of the Filo Federico resource with every indication that it may link with the northwest target resource. The high-grade sectors Argentina is defining add enormous financial and strategic value to the company. Lukas H. Lundin stated, "Shareholders should not be concerned about the expiry of Barrick's bid this evening. We believe Barrick would have advised shareholders if they did not intend to increase or extend the bid." Six rigs are currently in operation and durther drill results are expected to be released shortly. Dr. Arpad Farkas of Altai Resources reports Altai Resources has concluded an agreement with Minera ABX Exploraciones S.A., the wholly owned Peruvian subsidiary of Barrick Gold on Altai's Rodeo property in Ancash Province, Peru. The agreement stipulates that the property will be held in a joint stock company which will be owned 85 per cent by Barrick and 15 per cent by Altai del Peru SRL, Altai's wholly owned subsidiary. To maintain its interest, Barrick must spend $1.5-million (U.S.) on or before July 1, 2003 on and for the property. Thereafter all expenditures, if any, will be made by Barrick. Altai del Peru's 15 per cent interest in the joint stock company may not be diluted. Barrick will make yearly cash payments to Altai against possible future revenues of the joint stock company. Starting July 1, 2004 and if Barrick still maintains its interest in the joint stock company, such payment will increase to $100,000 (U.S.) per year. The Rodeo property is 25 kilometres south of Barrick's Pierina property which is being developed as a high-volume, low-cost gold producer. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com