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JERSEY GOLDFIELDS (JRG:VSE) 1-800-283-3882 I have not seen reference to this company on any SI forum. They are involved in Ecuador exclusively. They have 46 conceesions, are well financed and in the midst of an aggressive exploration program. 36 of the concessions are joint ventured with the likes of cominco, Gencor and several junior companies. The Ecuadorean Gov't. is stable and mining friendly. Below is the latest news release: ----------------------------------------------------------------------------------------------------------- JERSEY GOLDFIELDS CORPORATION Jersey Goldfields - Drill Program Completed at La Envidia - Drilling Scheduled for Pilzhum, Chical and El Rosario Projects VANCOUVER, BRITISH COLUMBIA--Dr. Peter J. Guest reports: Jersey Goldfields Corporation (the "Company") and its wholly owned subsidiary, Jerseymines Minera del Ecuador S.A. are pleased to announce the completion of an eleven hole diamond drill program consisting of approximately 1100 meters at the La Envidia Project in Cotopaxi Province of Ecuador. The drilling equipment has now been moved to the Pilzhum Project located in Canar Province, where it is anticipated that drilling will commence within the next two weeks. Sampling of the cores from La Envidia is underway and results are anticipated during the first week of November. Of the 11 holes, 4 were drilled in an area targeted because of both favourable geologic exposure encountered in roadcuts and rock geochemistry that sampled up to 7 grams per ton of gold. All of these holes intersected breccias developed in intrusives and surrounding country rock. Pyrite was observed in all holes below the zone of oxidation and chalcopyrite was observed over discreet intervals. Three other holes targeted a structural zone outlined by geophysics. All the drill holes encountered the target breccia unit and logged both sulphides and broad zones of silicification. The remaining four holes were drilled in areas identified either by Induced Polarization (I.P.) or geochemistry. Three of these encountered both the target breccia and concentrations of pyrite. The final hole was lost in a fault zone before reaching the target horizon. Drilling is also planned to commence in the next several weeks on the Chical Project located in Carchi Province in northern Ecuador. An access road and drill site are near completion as are arrangements to secure a drill rig for use on this project. Other developments include the recent completion of an I.P. program at La Envidia. A detailed I.P. survey is being conducted over the silver-gold hosting structures of the El Rosario Project area located in Canar Province. This property is scheduled for drilling following the completion of drilling at Pilzhum. The Company currently has 46 concessions, representing 21 projects distributed throughout the mineral rich zones of Ecuador. Eight of the projects have been joint ventured out to other companies including Gencor of South Africa. The Company is actively pursuing additional mineral property acquisitions in South America and is considering further joint venture arrangements on its properties in Ecuador. ON BEHALF OF THE BOARD OF DIRECTORS, JERSEY GOLDFIELDS CORPORATION Peter J. Guest (D.Eng.) CEO, President & Director FOR FURTHER INFORMATION PLEASE CONTACT: Jersey Goldfields Corporation Jim Yates (604) 683-5651 or Jersey Goldfields Corporation Rose Moon (604) 683-5651 The Vancouver Stock Exchange has not reviewed and is not responsible for the accuracy or adequacy of this news release. ---------------------------------------------------------------------------------------------------- | ||||||||||||||
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