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Gold/Mining/Energy : Platinova Resources A/S (PAS-TO) -- Ignore unavailable to you. Want to Upgrade?

To: Charles Kalb who wrote (16)	5/20/1999 6:15:00 PM
From: Charles Kalb	Read Replies (1) \| Respond to of 19

OK, I'll talk to myself for now. News out after close, JV on zinc-lead-silver Washington Land project. Looks like worthwhile holding for results of drill program this summer. NR follows: Platinova & Rio Tinto complete exploration agreement on Washington Land Zinc Property, Northwest Greenland. TORONTO, May 20 /CNW/ - Platinova A/S (T-PAS, T-PVA.S) is pleased to announce that it has reached agreement with Rio Tinto Mining and Exploration Limited, a subsidiary of London-based Rio Tinto PLC, to conduct a programme of diamond drilling and other exploration on Platinova's zinc-lead-silver prospect in Washington Land, Northwest Greenland. In 1997, zinc, lead, silver mineralization was discovered in several surface showings in the Lower Paleozoic shelf carbonate sequence in Washington Land, some 30 km from tidewater. The mineralization occurs in strongly dolomitized and brecciated carbonate rocks similar to those hosting the Polaris zinc-lead deposit in the Canadian Arctic. In 1998, a programme of gravity geophysics, geological mapping and surface sampling showed the mineralized zone to extend over about 4 km with mineralized showings scattered along this strike length over a width of some 250 metres. The stratigraphy dips gently to the North. Samples from surface outcrops and frost heaved material have returned high grades of both zinc (up to 42%) and silver (up to 258 grams per tonne) with accompanying lead. A gravity anomaly, coinciding with the western section of the mineralized zone, will be the initial focus of the drill programme. Recently, the Government has published the results of an airborne geophysical survey over a large part of Washington Land, including the Platinova licence. The survey was in part designed to identify potential base metal targets. Platinova has now expanded its licence to include additional ground on which a number of geophysical anomalies occur. These areas will be explored as part of the summer 1999 programme. Rio Tinto can earn a 60% interest in the Platinova licence by funding all work to the point of a feasibility study. Platinova can then participate in the further development of the project. Rio Tinto has undertaken to carry out a 1999 exploration programme, which will include diamond drilling, with minimum expenditures of US$500,000. Rio Tinto has made a cash payment to Platinova, on signing, of US$175,000 for expenses incurred in preparation for the 1999 field programme. To maintain its interest in the project beyond 1999, Rio Tinto must expend a minimum of US$700,000 per year. Fuel and other consumables were positioned by ship at the end of last Summer. Mobilization of the drill and ancillary equipment is underway. The exploration programme will continue throughout the Summer. %SEDAR: 00002490E -0- 05/20/1999 For further information: or for a map of the Washington Land Discovery area, please contact us at: (416) 367-4571, Robert A. Gannicott, Chairman, ext. 225; Erik O. Andersen, Managing Director, ext. 222; James Pirie, Vice President, ext. 228 ---------------------------------------------------------------------- Release sent courtesy of Canada NewsWire Portfolio Email.