AfriOre is Granted Prospecting Permission and Drilling Resumes on the FSC Witwatersrand-Type Gold Project.BRIDGETOWN, Barbados -- AfriOre Limited (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AFO AFO Ankle-foot orthosis ) is pleased to announce that the South African Department of Minerals and Energy ("DME (Distributed Management Environment) A network monitoring and control protocol defined by the Open Software Foundation (now The Open Group). DME was not widely used. DME - Distributed Management Environment ") has granted permission to prospect on the newly acquired area of the FSC FSC See: Foreign Sales Corporation Witwatersrand-type gold project, in which AfriOre is in a joint venture with Wits Precious Minerals Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :WITM). Accordingly, drilling operations have resumed at Drill hole BH 48, which is sited in a high priority target area, interpreted to be underlain un·der·lain v. Past participle of underlie. by Witwatersrand rocks. This target is one of the two priority targets identified after a review of data from the recently completed Drill hole BH47 and other geophysical and drilling data within the FSC project area. Application has also been made to the DME for a permit to drill the second priority target. The results of BH 47 confirmed the existence of the overlying overlying suffocation of piglets by the sow. The piglets may be weak from illness or malnutrition, the sow may be clumsy or ill, the pen may be inadequate in size or poorly designed so that piglets cannot escape. cover rock stratigraphies, similar to those in the Witwatersrand basin The Witwatersrand Basin is a geological region in South Africa that hosts the world's largest reserves of gold with production of over 1.5 billion ounces of gold. Situated in the heartland of the South African gold mining industry, the basin is a large area of gold-bearing reefs , thereby confirming the initial geological model. A compilation of this newly acquired data, along with all the existing data in the AfriOre data set, including existing drill information, seismic, magnetic and gravity data, has defined the two priority targets, which are extensions of the original target area drilled in BH 47. The recent aeromagnetic interpretation has identified regional structures, which are considered to be similar to those in the Welkom Goldfield Goldfield, small town, SW Nev., a former gold-mining center. Gold was discovered there in 1902, and after an early period of disappointment, large yields of high quality gold were extracted. , situated to the north, within the main Witwatersrand basin. The Welkom Goldfield has yielded some 300 million ounces of gold since mining commenced in the 1950s. Data from gravity and seismic surveys also indicate that the two priority target areas both have basin configurations below the cover rocks and have strike lengths of 20 kilometres and 30 kilometres respectively. Previous drilling by other companies, within the priority areas, have intersected lower Witwatersrand rocks, which in the main Witwatersrand basin underlie the gold-bearing reefs hosted by the upper Witwatersrand rocks. The two drill holes sites selected are located where the potential to intersect upper Witwatersrand rocks, at depths of between 1,400 metres and 1,700 metres below surface, is considered to be the highest. The drilling of BH 48 to a planned depth of 2,000 metres and is estimated to take some four months to complete. As a result of this recent re-interpretation, mineral rights to an additional 24,242 hectares have been optioned or applied for, bringing the total land package either under option, licence or application to some 196,700 hectares (approximately 485,679 acres). Mike van Aswegen, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AfriOre commented, "We are delighted to have received the prospecting permission to enable us to resume the drilling operations on this exciting project. We also appreciate the cooperation we have received from the DME in obtaining the permit under the new Minerals and Petroleum Resources Development Act and look forward to receiving the permit to drill the second priority target area." Mr. Michael van Aswegen, President and CEO, is the qualified person overseeing the exploration program. AfriOre is engaged in the acquisition, exploration and development of gold and platinum properties in Africa. AfriOre is listed in Standard & Poor's Corporation Records SEC 12g 3-2(b) exemption 82-4514. This document may contain or refer to forward-looking information based on current expectations. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Accordingly, readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. |
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