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Gold/Mining/Energy : Mandorin Goldfields MGD.V -- Ignore unavailable to you. Want to Upgrade?

To: Flea who wrote (343)	6/24/1999 9:01:00 PM
From: wayne cath	Read Replies (1) \| Respond to of 633

Does this mean we gonna be rich ,fleace??? Mandorin Goldfields receives results from Zimbabwe properties Mandorin Goldfields Inc MGD Shares issued 28,273,547 Jun 23 close $0.03 Thu 24 Jun 99 News Release Mr. Malcolm Stevens reports The company has received encouraging results from exploration recently completed on its Zimbabwe exploration properties. Zimbabwe Exploration Results EPO 1073 - Joint Venture with Globemin Resources Inc. A gridded soil-sampling program was completed during the past two months covering the northern limb of the Grahamsdale Greenstone Belt within the southeastern portion of the EPO. A previous soil-sampling program covering the southern limb of the belt, and Shamvaian metasediments separating the two limbs, produced a number of arsenic, copper, zinc and gold anomalies, which are to be investigated during the next phase of exploration. The area surveyed, for its VMS potential, is a thicker sequence of the same greenstone horizons drilled by the Falconbridge Maramba joint venture approximately five kilometres to the east. Published results of their drilling indicated an active sulphide horizon, open to the east and west, which produced a number of encouraging copper, zinc and silver intersections. Lithologies are similar to the Archaean greenstones of Canada and Western Australia and consist of a sequence of banded hornblende schist, felsic volcanics, massive basaltic lavas, ironstone and mica/amphibole schist. All have suffered extensive deformation, shearing and alteration. The baseline for the survey was established on metasediments of the Shamvaian Group, which occupy the Mazowe Valley, lying between the northern and southern limbs of the greenstones. The area sampled extended from a 2.2-kilometre baseline, paralleling the regional strike of the belt, to the eastern boundary of the EPO. Samples were at 200-metre intervals on the baseline and 50-metre intervals, northwesterly over 1.5 kilometres per line, to cover the greenstone ridge to the contact with younger granites. Samples were analyzed for gold, arsenic, copper and zinc. Preliminary results for six of the 12 lines received to date indicate a number of possible gold and separate copper/zinc anomalies, which are currently being assessed. Results will be reported once all of the outstanding analyses are received. EPO 1080 and EPO 1072 The Helimag and Radiometric results over Tafuna Hills indicated strong structural lineaments, which are believed to have a positive correlation with the massive quartz vein and stockwork gold-bearing mineralization on the hill. Historically veins within Tafuna Hills have produced in the vicinity of seven tonnes of gold at an average grade of about 13 grams per tonne. Although these high-grade veins are an attractive target for small-scale operations it is primarily the bulk minable potential that is targeted by the company. In the northern portion of Tafuna Hill work has commenced over an area that has a prior history of numerous workings on rich quartz veins, widespread alteration, strong structural features and a more recent history of gold recovered by local miners from dumps of schist material rejected by the former miners. Following completion of a localized grid the area is targeted for initial soil sampling and trenching to define drilling targets. The company has received Zimbabwe government approval to extend the term of its EPOs for a further three years to June, 2002. Substantial progress has been made with regard to the company's joint venture negotiations on its Zimbabwe properties, EPO 1080 and 1072. Further details will be announced as they become available. At the company's last annual meeting on June 24, 1998, shareholders approved the continuation of the company to the Yukon. This continuation is effective as of June 11, 1999. New share certificates will be issued in the normal course further to share transfers and other share transactions. In the meantime, the existing share certificates will continue to represent the common shares of the company. Shareholders may, however, obtain the new form of share certificate by surrendering their existing share certificates to Montreal Trust Co. of Canada, the company's transfer agent. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com