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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC) -- Ignore unavailable to you. Want to Upgrade?

To: Richard Cushnie who wrote (326)	5/10/1999 9:48:00 AM
From: Ron Everest	Read Replies (1) \| Respond to of 397

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ABACUS MINERALS CORPORATION VSE SYMBOL: AMC MAY 10, 1999 Abacus Minerals Corporation Announces La Manchuria Project Drill Results VANCOUVER, BRITISH COLUMBIA--Abacus Minerals Corporation is pleased with the ongoing development of its gold-silver La Manchuria project in southern Argentina. Results of the recently completed reverse circulation drilling program have now been received. Drilling to date on the property (14 diamond drill holes in 1998 (LM98-1-14) and 8 RC holes in 1999 (RCLM99-1-8) totaling 3,100 metres) has delineated a 450 metre long gold-silver mineralized system with anomalous to high-grade bonanza epithermal mineralization. The 1999 drilling extended the known mineralized system along strike in both directions as well as confirming and expanding the continuity of narrower high-grade sections. The mineralization remains open in all directions. The 1999 drilling also helped define some of the structures on the property which will aid in future drill programs. The significant results from 1999 are summarized with the 1998 results on a section by section format in the following table: /T/ Section Hole From To Width Au Ag Au equiv. (m) (m) (m) (g/t)(g/t) (g/t) -------------------------------------------------------------- L4900N RCLM99-5 26.0 94.0 68.0 0.45 27.6 1.01 incl. 36.0 38.0 2.0 2.08 114.8 4.38 L4950N LM98-12 24.0 67.5 43.5 1.27 22.8 1.72 incl. 40.5 43.5 3.0 5.89 50.2 6.89 L5000N RCLM99-3 8.0 34.0 26.0 0.79 14.2 1.07 And 90.0 104.0 14.0 2.21 93.1 4.07 incl. 90.0 92.0 2.0 7.85 63.7 9.12 incl. 102.0 104.0 2.0 6.67 526.2 17.19 LM98-6 7.54 95.2 87.66 0.29 16.3 0.62 incl. 50.0 51.0 1.0 3.44 227.5 7.99 L5050N LM98-11 106.0 120.5 14.5 5.10 56.7 6.23 L5100N LM98-2 45.02 103.07 58.05 6.53 22.3 6.99 incl. 52.52 66.02 13.50 21.66 45.3 22.60 and 89.47 96.07 6.60 11.08 30.7 11.72 LM98-8 149.5 151.0 1.50 7.53 70.5 8.94 L5150N LM98-9 34.0 88.6 54.6 4.46 12.1 4.70 incl. 79.9 88.6 8.7 24.88 11.3 25.09 L5200N LM98-10 3.04 97.5 94.46 0.74 104.6 2.83 incl. 45.04 57.04 12.0 1.45 418.5 9.82 and 87.85 97.50 9.65 1.82 449.8 10.81 LM98-1 106.2 117.7 11.5 1.22 136.6 4.06 incl. 110.2 111.7 1.50 6.71 670.0 20.66 RCLM99-1 4.0 60.0 56.0 0.33 9.45 0.52 incl. 6.0 10.0 4.0 1.38 7.10 1.52 note: last 1.0 metre of hole RCLM99-1 has 0.96 g/t Au, 3.6 g/t silver and 1.03 g/t Au equivalent L5250N RCLM99-2 128.0 130.0 2.0 4.83 33.50 5.50 RCLM99-6 40.0 72.0 32.0 0.50 39.9 1.30 incl. 40.0 42.0 2.0 2.60 374.1 10.08 and 88.0 90.0 2.0 0.79 295.2 6.69 /T/ Hole RCLM99-3 is believed to confirm the southward extension of the narrow high-grade mineralization intercepted in diamond drill holes LM98-2 (13.5 m (at) 21.66g/t gold, 45.2 g/t silver) and LM98-11 (14.5 m (at) 5.10g/t gold, 56.66g/t silver). Hole RCLM99-3 extends this zone for approximately 90 metres south. East of hole RCLM99-3, hole RCLM99-5 extends mineralization to the southeast. Hole 5 intersected a broad near-surface zone of lower grade mineralization (68.0 m (at) 1.01 g/t gold equivalent) which is believed to be the continuation of a similar near surface mineralized zone encountered in diamond drill hole LM98-12 (43.5 m (at) 1.27g/t gold, 22.8 g/t silver). Both this zone and the mineralization intersected in hole 3 are considered open along strike and to depth. Two distinct soil anomalies with different trends extend from these zones for at least a further 200 metres. Along strike to the north, RCLM99-6 extends the known mineralization 50 metres north. Hole RCLM99-7 drilled a further 50 metres to the northwest intercepted a basal fault contact between the felsic and mafic rocks earlier than expected. Although hole 7 intercepted some anomalous values it is believed that due to the movement of this fault, the potential strike continuation of mineralization is expected to be to the NE of hole 7 collar. Approximately 2.0 kilometres to the southeast of holes 1 - 7 lies a newly recognized target area, within which hole RCLM99-8 was drilled. Geochemical data outlines a very well defined continuous mercury soil anomaly which occurs over a NW trend of 1.0 kilometres and up to 400 metres wide. This anomaly is defined by mercury values of up to 2,400 ppb, and correlates well with strong hydrothermal clay alteration as seen on satellite images. Hole eight was drilled prior to receiving the soil geochemical results and now appears to be drilled outside of the most favorable target area. Within this South Grid target, the area is wide spread silicified float material as well as hydrothermal hematite breccia. Rock samples collected have returned up to 0.31 g/t gold and up to over 10,000 ppb mercury. The South Grid target area is believed to represent a mineralized epithermal system close to the paleosurface. Lower to background precious metal values and highly anomalous mercury values can be characteristics of the upper part of an epithermal system. Continuous linear features identified on air photos and satellite images may have focused on hydrothermal activity in this target area. La Manchuria exhibits many similar characteristics to other well known deposits of this type such as Meridian Gold Inc.'s El Penon deposits in northern Chile and the very high grade Hishikari deposits in Japan. At El Penon, Meridian Gold initially discovered significant gold mineralization approximately 100 metres below surface associated with one controlling structure. Ultimately, this work identified a reserve of 4,400,000 tons grading 6.6 g/t gold and 99 g/t silver, which prompted a production decision. Continuous exploration resulted in the additional discovery in early 1998 of a new sub-parallel very high grade zone reported to be 1,100,000 tons grading 27 g/t gold and 410 g/t silver. A similar exploration and discovery history resulted in the very rich 8,000,000 ounce gold Hishikari deposits where the discovery of the first of several sub-parallel structural gold zones was made in a single drill hole 200 metres below surface. For a copy of a drill hole plan map, please telephone the company for one. For more information on Abacus' projects please visit our web- site. On Behalf of the Board, ABACUS MINERALS CORPORATION Steve L. Todoruk, P.Geo., President -30- FOR FURTHER INFORMATION PLEASE CONTACT: Abacus Minerals Corporation Steve L. Todoruk, P.Geo. President (604) 682-0301 or toll-free: 1-800-811-5388 (604) 682-0307 (FAX) Email: info@abacusminerals.com Website: www.abacusminerals.com The Vancouver Stock Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.