Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Ascot Resources (V.AOT) THE NEXT BIG DIAMOND DISCOVERY??? -- Ignore unavailable to you. Want to Upgrade?

To: Greg Ehman who wrote (2)	4/21/1999 11:42:00 PM
From: Steve Joy	Read Replies (1) \| Respond to of 17

For those who missed the press release here it is. News Releases Major General Resources Ltd. 1550 - 409 Granville Street Vancouver, B.C. V6C 1T2 Tel. (604) 685-5254 Fax: (604) 685-2814 Date: March 29, 1999 Vancouver Stock Exchange: MGJ Shares Issued: 38,065,143 News Release #99-7 EXPLORATION PROGRAM COMMENCES ON THE VICTORIA ISLAND DIAMOND PROPERTY, NWT Major General Resources Ltd. is pleased to announce that its Joint Venture partner, De Beers, has commenced a three-phase exploration program on the Victoria Island diamond property, NWT. Phase one will consist of a very detailed, high resolution, ground magnetic survey totaling 200 line kilometres. The survey area will cover the Snowy Owl, Golden Plover and Longspur kimberlites as well as associated structures in the immediate area that are likely to host kimberlite. Phase two will consist of core drilling of the kimberlites to determine their size and diamond potential. The initial program will consist of 8 to 10 core holes that will be drilled to depths of approximately 150 metres. Mobilization of the drill will begin on April 5, 1999 with drilling to commence mid-April. Phase three has begun and will continue throughout the field season. This phase will include further analysis of sample data and landsat data to identify additional targets on the property. The initial cost of the 1999 field program has been revised to an estimated $450,000 (CDN). Last season, De Beers completed an exploration program of till sampling, airborne geophysics and shallow percussion drilling. A total of 8 targets were drill tested which led to the discovery of 5 diamondiferous kimberlites. Included is the Snowy Owl Pipe that returned a very favourable result of 90 diamonds from an 88 kilogram sample. The sample material was derived from a single percussion drill hole that only penetrated 12 metres into the kimberlite pipe. The property is jointly owned by Major General and Ascot Resources Ltd. De Beers may earn a 51% interest by making cash payments totaling $200,000 and spending $2 million in exploration over three years. De Beers is in the second year of their option and have expended an estimated $350,000 to date. Glenn G. Shevchenko President Contact: Clive Massey Corporate Communications Manager Major General Resources Ltd. (604) 685-5254 1-800-667-7866 majorgeneral.com email:info@majorgeneral.com The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Maintained by Stockgroup Interactive Media Major General Resources Ltd. © 1998. All Rights Reserved. Good luck guys Steve