Akiko Focuses on West Africa Gold.VANCOUVER, British Columbia--(BUSINESS WIRE)--April 10, 1997-- Akiko Gold Resources(VSE See DOS/VSE. VSE - Virtual Storage Extended AKI. ) Akiko Gold Resources (AKI) is now focusing its exploration and acquisition efforts 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. , starting with its 90 percent held Antubia-Afere concession in southwestern Ghana. The 54 Sq. mile concession is accessibly located in an area undergoing active exploration, southwest of the 2.5 million ounce Bibiani discovery and parallel to the multi-million ounce Ashanti and Tarkwa mines. Three large scale gold anomalies have been defined at intersections of geologic structures on the concession for trenching and IP programs, commencing next week, in anticipation of drilling. The anomalies contain gold concentrations of 100 to 1,000 ppb ppb abbr. parts per billion in soils, over strike lengths up to 1650 meters with widths up to 900 meters. Rock chip samples from zones of quartz veining vein·ing n. Distribution or arrangement of veins or veinlike markings. within the anomalies assay up to 30 g/t (0.99 oz/t) gold over one meter and 5.4 g/t (0.157 oz/t) gold over 3 meters. These and other less defined anomalies on the concession coincide with shear zones cutting elongated e·lon·gate tr. & intr.v. e·lon·gat·ed, e·lon·gat·ing, e·lon·gates To make or grow longer. adj. or elongated 1. Made longer; extended. 2. Having more length than width; slender. northeast trending greenstone green·stone n. Any of various altered basic igneous rocks colored green by chlorite, hornblende, or epidote. greenstone Noun NZ a type of green jade used for Maori carvings and ornaments structures, which are the type of geological environment from which Ghana has produced 40 million ounces of gold over the past century. To help focus on the acquisition of additional African gold opportunities, AKI has entered negotiations for the sale of its 50 percent interests in the Crescent Valley gold project in the Pipeline District of Nevada and in the San Simon gold project in eastern Bolivia. Both gold projects have open-pit heap leach as well as underground potential. AKI therefore plans to retain either a production royalty or a carried interest on the properties and/or receive stock in the acquiring company in order to participate in any successful future developments on the projects. Akiko plans to do the same with its grass roots grass roots pl.n. (used with a sing. or pl. verb) 1. People or society at a local level rather than at the center of major political activity. Often used with the. 2. The groundwork or source of something. , but highly prospective, mining claims in Oaxaca, Mexico. Meanwhile, Korea Zinc Co., Ltd., Akiko's largest shareholder, has agreed to fund the next $1 million of expenses on the New Burgin Mine silver/lead/zinc/gold project, which will cause its 25 percent interest to vest in the joint venture with Akiko and Chief Consolidated Mining Company. Korea Zinc will then be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to fund US$3 million in three (3) installments in order to acquire Akiko's 25 percent interest in the Tintic mining district joint venture. However, once Korea Zinc has recouped 135 percent of its costs for acquiring and bringing AKI's interest into production, then the 25 percent interest will revert to Akiko. Feasibility work is currently being delayed in order to incorporate anticipated results from ongoing reserve expansion drilling. This approach allows the company to focus on the gold boom in West Africa, while retaining upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar in projects in the Americas. On Behalf of the Board of Directors Stephen E. Flechner, President and Chief Executive Officer CONTACT: Akiko Gold Resources Ltd. Christine Reynolds (Vancouver), 604/ 689-0988 or Akiko Gold Resources Ltd. Fran Tester (Denver), 303/ 298-1663 |
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