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Gold/Mining/Energy : Golden Eagle Int. (MYNG) -- Ignore unavailable to you. Want to Upgrade?

To: Ironyman who wrote (19320)	6/3/1999 4:13:00 PM
From: GC	Respond to of 34075

news from Orvana this AM take notice of the potenial discovery of 5-10 million oz of gold in Bolivia Thursday June 3, 8:48 am Eastern Time Orvana says BHP quits Bolivia (Full text of press release from Canadian Corporate News) JUNE 3, 1999 BHP World Exploration Withdraws from Altiplano Option With Orvana/EMUSA VANCOUVER, BRITISH COLUMBIA--Orvana Minerals Corp. (ORV-TSE) and its Bolivian partner, EMUSA, have received formal notice "that, for economic considerations, BHP-World Exploration (BHP) has decided to close its La Paz office and terminate the Exploration and Farm-in Option Agreement for Pederson and the Exploration Corridor in Bolivia". Orvana's understanding is that BHP's decision was related to a major worldwide reduction and re-organization of its exploration division as well as a de-emphasis on gold exploration. BHP, in addition to a wide spaced 15-hole drill program on the Pederson property, completed extensive geological, geophysical and geochemical programs on the other properties and regionally within the Exploration Corridor. Orvana/EMUSA have not yet received a technical report on the results of BHP's drill program or other work. The report will be provided at or about the effective date of BHP's withdrawal, which is June 23. The Pederson deposit contains 35.4 million tonnes with a grade of 1.4 grams gold per tonnes (1,600,000 ounces) in the indicated category, and 16 million tonnes of similar grade (730,000 ounces) in the inferred category. The reconnaissance type drill program carried out by BHP does not affect this resource or its potential to double in size. BHP's drilling was done on 600 metre step-outs from the outer perimeter of the resource to test the potential for the discovery of a 5-10 million ounce gold deposit. Orvana/EMUSA intend to continue to hold and explore the Pederson deposit as well as the other land and occurrences within the Exploration Corridor. Some of these deposits, currently smaller than Pederson and only partially tested, represent the potential to be developed as small heap leach gold operations, contingent upon a higher gold price. FOR FURTHER INFORMATION PLEASE CONTACT: Orvana Minerals Corp. D. Neil Hillhouse Chairman and CEO (604) 682-4929 E-mail: orvanadirect.ca Website: www.orvana.com or Orvana Minerals Corp. Nancy E. Woo Communications Manager (604) 682-4929 or Orvana Minerals Corp. Leigh W. Freeman President (303) 279-6027 More Quotes and News: Orvana Minerals Corp (Toronto:ORV.TO - news) Related News Categories: Canadian Market News, US Market News Help Copyright © 1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. See our Important Disclaimers and Legal Information. Questions or Comments?