Agreement with TVX Gold Inc. Finalized.TORONTO--(BUSINESS WIRE)--Oct. 31, 1996--TVX Gold Inc.(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on , TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ,ME:TVX) Valerie Gold Resources (VSE See DOS/VSE. VSE - Virtual Storage Extended :VLG.) The Board of Valerie Gold Resources Ltd. and TVX Gold Inc. are pleased to announce the signing of formal agreements whereby TVX has been engaged to manage the exploration and development of Valerie's 85 percent owned Mamatla property in Mexico. TVX is assuming the management of the property, effective immediately. The first year's exploration programme on the Mamatla property will include airborne geophysics, ground geophysics, soil geochemistry, geological mapping and a minimum of 20,000 metres of drilling at an estimated cost of US$4.9 million with a reserve for additional definition drilling of a further US$2.0 million. The intent of the above-mentioned programme is to investigate, in a systematic fashion, the major structures of the property. The Mamatla Mineral Reserve Project is located in Mexico, crossing the borders of Mexico Mexico shares international borders with three nations:
Work to date has identified silver, gold, zinc, and lead mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. over a length of 4 kilometres from El Capire to Cruz Blanca. Geological mapping and sampling confirms a possible extension of this mineralization for several kilometres to the northwest. At El Capire, results to date represent a near surface mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zone some 30 metres thick along the line of the 800m long cross section of El Capire to Aurora I. One diamond drill hole at Yerba Buena at the south-east end of the extensive five kilometre San Carlos breccia zone indicates a possible second mineralized system. In addition, current exploration work has gone beyond the principal target areas, concentrating on greenfield targets, to determine the presence of anomalies outside the main zone. As part of the arrangements, TVX has been granted a right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. with respect to the Mamatla property. CONTACT: TVX Gold Inc. Ed Baer, 416/941-0119 or Valerie Gold Resources Ltd. Investor Services, 604/687-4622 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion