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

To: Mr Metals who wrote (580)	3/14/1999 5:58:00 PM
From: Dave Codrington	Read Replies (1) \| Respond to of 639

EAGLECREST EXPLORATION CORPORATION (EEL-VSE) NEWS RELEASE EEL-VSE 99-07 Exploration Program Underway Eaglecrest Explorations Ltd. reported today that the company has commenced its 1999 exploration program on its extensive 7,000 hectare San Simon gold project in Bolivia. The company's preliminary on-site field evaluation is currently underway and will be followed by an initial 3,000 metre diamond drill program. Current efforts are directed toward gaining further understanding of gold deposition in the region and will include additional geophysical surveys, spot satellite interpretation and power auger as well as stream silt and rock sampling. The company's new technical consultants have confirmed that the project contains three initial target areas along 12 kilometres of quartz-shear zone: Paititi, Buritin area, and Trinidad. The area of principal development to date is the Paititi east-west trending vein/stockwork system which has been opened by artisanal miners for 850 metres along strike. The intersection of north-south trending fractures and with the east-west fractures have created ground preparation for veining and mineralization. There is considerable evidence of leached sulphides both in the veins and in the hosting quartzites and sandstones at Paititi. Preliminary indications are that gold was co-deposited with pyrite and arsenopyrite and this gold has been liberated as the sulphides have been destroyed by supergene processes. Much of this liberated gold has likely been remobilized and re-deposited due to these same supergene processes. A three to five metre horizon of lateritic material caps the saprolitic vein/stockwork, altered and mineralized quartzites and sandstones at Paititi. Backhoe trenching was previously carried out both east and west of Paititi, to probe for extensions of mineralization, but as the laterite cover is fairly thick along the extensions of the Paititi trend, most of the trenching was to little avail. The Buritin area is located approximately six kilometres on trend from Paititi. The two areas are defined by a chargeability low signature as outlined by a group IP survey completed by Geoterrex. Detailed interpretation of the data has revealed a number of attractive anomalies that have not been examined or tested to date. The company now plans a new VLF survey to further define structures along the grid between these two potential open pits. The Buritin pit area consists of quartz-stockwork although less intense than at Paititi. Host rock alteration appears less intense as well. The gold, however, is indicated to be much coarser at Buritin. There is also good evidence of leached sulphides at Buritin. The Buritin appears to be more of a tensional filling than shear fillings found at Paititi. The Trinidad vein system, the site of old Jesuit workings, consists of a south dipping vein complex. There appears to multi-orientational faulting post-vein emplacement that has complicated the structural setting at Trinidad. Prior drilling on this system in 1996 returned values up to a reported 17.3 grams of gold per tonne over 7.2 meters. Gold in the entire system appears to be associated with sulphides, therefore the many IP chargeability anomalies in the favourable area are prospective targets which are untested. Radarsat and landsat analysis is being considered to assist in analysis of the geophysical/structural anomalies. Collectively, there are approximately two kilometres of anomalous zones, within a six kilometre chargeability low, which vary in width up to 50 metres on surface. The anomalies possibly indicate fresh (unoxidized) sulphides at relatively shallow depths. Exploration will focus on locating additional favourable structural situations under the soil and laterite cover at San Simon. The company's new technical consultants have noted that the Paititi pit, opened by artisan miners for 850 metres along strike, did not exist six to seven years ago. Mineralization was discovered following up a 15 ppb gold soil sample. Eaglecrest also reported today that the company's Bolivian legal advisors have confirmed that incorporation of Eaglecrest's subsidiary operating in Bolivia is nearing completion. The formal agreement regarding the re-negotiated terms of the acquisition of the property also is reported to be substantially complete. - 30 - On behalf of the Board of Directors, "Gary Cope" Gary Cope President