Adamas Resources and Pan African Resources - Adamas Signs Exploration Option Agreement for Kolissen Project, Gabon.VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 24, 1997-- Adamas Resources Corp. (VSE See DOS/VSE. VSE - Virtual Storage Extended :AMS AMS - Andrew Message System ) ("the Company") is pleased to announce that it has signed an exploration option agreement ("the Agreement") with Pan African Resources Corp. ("PARC (Palo Alto Research Center Incorporated, Palo Alto, CA, www.parc.com) Founded in 1970, PARC is a Xerox subsidiary involved in high-tech research and development. Although Xerox's headquarters are in Stamford, Connecticut, and manufacturing and marketing are in Rochester, New York, PARC is ") (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. : PARC), a subsidiary of Golden Star Resources Ltd., to earn a 50 percent interest in the Kolissen project, located 50 kilometers east of the city of Lambarene in the West African West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. country of Gabon. The Agreement calls for Adamas Resources to spend US$2,000,000 in exploration and development work over the next 30 months, of which a minimum of US$500,000 must be spent in the first twelve months following regulatory approvals. The Company will be designated as the initial project operator. No cash/shares/royalties are payable to PARC in regards to the transaction. The Kolissen property covers approximately 2,670 square kilometers in central Gabon. Following the discovery of alluvial gold in the area during the 1930s, an adit was driven on a short but rich gold-bearing quartz reef, and produced gold until 1956. Since, five separate exploration programs have been conducted within the Kolissen Exploration Permit, including a limited core drilling program in 1991. Currently, the principal target at Kolissen is a 2.5 kilometer long by 500 meter wide zone of elevated gold values as defined by soil and auger geochemistry, pitting and limited core drilling. The anomalous zone appears related to a major shear structure. In addition to follow-up work on the main target at Kolissen, Adamas Resources intends regional exploration over the whole of the Property, including geological, geochemical and geophysical surveys. Adamas Resources is a gold exploration and development company active in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Africa; the Company's shares trade on the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). (VSE) under the symbol AMS. Pan African Resources Corporation is a focused African gold exploration company approximately 58 percent owned by Golden Star Resources Ltd. PARC currently has active gold exploration projects in six countries across Africa, including Mali, Cote d'Ivoire and Gabon in West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. as well as Ethopia, Eritrea and Kenya in East Africa. PARC's common shares are quoted on the Canadian Dealing Network (under the symbol "PARC"). -0- The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release. CONTACT: Adamas Resources Corp., Vancouver Stephen B. Doppler, 604/685-2248 1-800-686-6220 or Pan African Resources Corp., Denver, Colo. Adrian Fleming, 303/830-9000 1-800-553-8436 |
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