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My broker recently introduced me to this company. He told me that this company has encouraging drill results, but in the current gold mining environment, may be taken over by a larger player before the end of this year. Does anybody have any information about United Tex-Sol Mines beyond the following recent news release: ---------------------------------------------------------------------- July 17, 1997 UNITED TEX-SOL MINES INC. ANNOUNCES DEEPER DRILL RESULTS INCLUDE 0.86 OZ/TON OVER 5 METRES CALGARY, ALBERTA-- United Tex-Sol Mines Inc. (The "Corporation") (ASE - UTX.A) is pleased to announce further encouraging drill results of the on going drill program being carried out at its Clavos Gold Project, located in German and Stock Townships, Timmins, Ontario. Holes CN-88 and CN-90 were targeted at intersecting the DL Zone below the 300 metre level (vertical) to test for down dip mineralization and continuity of the zone. Specifically hole CN-88 demonstrated 5 metres of 0.86 oz/ton or 26.7 g/ton. The encouraging results of these holes demonstrates that the DL zone extends to the 375 metre (1,220 feet) level (vertical) and is open in all directions. Assays were performed on split core utilizing a one assay-ton portion with all results higher than 5 g/t being re-assayed using pulp-metallic methods. Significant Assay Results: The following table represents all assays greater than 1.0 g/ton. All assays are by fire assay determination. HOLE COLLAR ZONE ASSAY WIDTH VERTICAL g/t oz/t meters feet DEPTH CN-76 1+80E DL 2.50 0.08 1.5 4.9 242m 4+00S CN-78 2+40E Sed 4.49 0.144 3.0 9.8 115m 4+00S DL 3.14 0.100 1.5 4.9 172m DL 2.33 0.075 3.0 9.8 175m DL 2.19 0.070 3.0 9.8 205m CN-79 4+50W DL 1.52 0.049 1.5 4.9 247m 3+25S CN-82 12+30W DL 3.39 0.109 3.0 9.8 90 m 2+00S CN-85 4+80W, DL 3.44 0.110 4.0 13.12 202m 3+60S CN-86 4+20W Trace 3+50S values CN-87 3+90W DL 3.29 0.105 2.0 6.56 227m 3+50S V.G. CC-88 3+90N DL 5.02 0.161 26 85.3 372m 3+50S includes 26.70 0.86 5.0 16.4 V.G. CN-89 4+50W contact 2.78 0.089 1.5 4.9 156m 3+35S DL 2.12 0.068 2.0 6.56 190m CN-90 4+50W DL 5.4 0.174 4.0 13.12 290m 3+35S DL 2.24 0.072 3.0 9.8 297m These holes currently are not part of the previously announced Inferred Resource Calculation of 6,131,41 0 tonnes grading 5.20 g/t at a cut-off of 2.7 g/t. In light of these results, The Board of Directors of United Tex-Sol Mines Inc., has approved an additional 4 drill holes, at 50 metre step-outs, targeting the DL Zone below the 300 metre level (vertical) to demonstrate continuity of gold mineralization. Upon the completion of drilling United Tex-Sol will evaluate the results and formulate the 97/98 exploration program. United Tex-Sol Mines Inc. is a junior exploration and mining company with mineral exploration properties in Ontario, Canada and Nevada, USA. The Corporation will continue on a very aggressive exploration and evaluation program on its Clavos property located near Timmins, Ontario and its Battle Mountain property in Nevada, in the coming months. THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN FOR FURTHER INFORMATION CONTACT: John M. Rucci Eduard H.Ludwig Chairman & Director President & CEO United Tex-Sol Mines Inc. United Tex-Sol Mines Inc. Suite 1540, 734-7th Avenue S.W. 1340 Delnite Road Calgary, Alberta T2P 3P8 Timmins, Ontario P4N 7C2 Telephone: (403) 263-3922 Telephone: (705) 268-7682 Facsimile: (403) 269-1700 Facsimile: (705) 268-7682 ---------------------------------------------------------------------- | ||||||||||||||
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