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GFX UPDATE June 6 1997 GOLDEN FORTUNE INVESTMENTS LIMITED GFX - Alberta Stock Exchange Mr. James Tong President is pleased to announce Golden Fortune has completed a financing through McDermidt St. Lawrence Securities Ltd for $600,000. Golden Fortune is also doing a $350,000 private placement to close in the next two weeks bringing the total to raised to $950,000. In part this money will be used to drill four 'high priority' targets on Golden Fortune's copper - cobalt - bismuth - gold claims located in the Mazenod Lake area in the Northwest Territories (Canada). This 20,500 acre property is strategically located approx 19 kms from the Fortune Mineral 'NICO' discovery which has recently fueled a staking rush in this area by several junior mining and exploration companies. Golden Fortune will spend a minimum of $300,000 on this drilling program to try to identify an ore body similar to the NICO discovery. This project is scheduled to begin in July of this year. The above mentioned financing will also go towards drilling several 'key' targets which have recently been identified on Golden Fortune's 7500 acre 'Ashwood' gold prospect in the historically productive 'Skeena Mining District' near Stewart B.C. (Canada) This block of claims are being developed on a 50% joint venture with Aquaterre Mineral Development Limited. In the last year Aquaterre has spent approx. $500,000 to complete initial exploration which resulted in locating several zones of massive sulphide mineralization. These mineral claims are located about 14 miles and in the same geological environment as the advanced stage 'Red Mountain' project of Lac Minerals Limited which has proven reserves of 2 million ounces of gold. The Skeena Mining District has been B.C.'s most productive gold bearing region to date producing several high grade gold - copper deposits including the Eskay Creek strike and the Silback Premier mine. Golden Fortune will spend a minimum of $250,000 this season on a drilling program to start in August. To have a complete investor information package mailed or faxed please contact: Warren Smith (Investor Relations) at: Phone toll free: 1 800 719 9960 Fax: 604 988 7447 e-mail: Goldmine1@aol.com or James Tong (President) at: 604 688 2623 Current price: .70 - .72 - Canadian .54 - .56 - U.S. For the name of a U.S. discount broker that follows this stock please contact Warren Smith at the above number. GOLDEN FORTUNE INVESTMENTS LIMITED Symbol: GFX Alberta Stock Exchange | ||||||||||||||
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