Altai Resources Inc. Progress Report.TORONTO--(BUSINESS WIRE)--Dec. 18, 1996--Altai Resources Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ATI (ATI Technologies Inc., Markham Ontario, http://ati.amd.com) A leading manufacturer of graphics chips and display adapters. Founded in 1985 by K. Y. Ho, Benny Lau and Lee Lau, ATI chips and boards are widely used by OEMs. .) Altai Philippines Mining Corporation, the operating arm of Altai Resources Inc. (ATI, TSE - US Sec. Rule 12g3-2(b) File # 82-2950) in the Philippines, has now completed the initial phase of its exploration program in the Submakin, Tamisan and Panguno areas of the Mabulao project, Paracale gold camp, Philippines. The partial results of the work on the Submakin zone was announced in our press release of September 30, 1996. Due to unexpectedly slow assay turnaround in the Philippine laboratories Altai will air freight 800 rock and soil samples to laboratories in Canada. The Panguno area has potential for hosting both porphyry copper-gold deposit and skarn skarn In geology, a metamorphic zone developed in the contact area around igneous rock intrusions when carbonate sedimentary rocks are invaded by and replaced with chemical elements that originate from the igneous rock mass nearby. type copper gold deposits. Some of the collars of old drill holes which intersected gold-rich porphyry copper 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. (see news release dated August 13, 1996) have been located in the field. At present, work is in progress to outline geochemical and geophysical targets for diamond drilling. A total of 62 kilometers of gridlines were surveyed and 69 trenches and pits were dug from which 195 channel samples were taken. At the Tamisan area, about 4 Km south of Panguno, 60 trench and grab samples were taken from gold bearing epithermal quartz veins and silicified si·lic·i·fy v. si·lic·i·fied, si·lic·i·fy·ing, si·lic·i·fies v.tr. To convert into or impregnate with silica. v.intr. To become converted into or impregnated with silica. zones hosted by sedimentary rocks. At Tamisan there is potential for the discovery of a large sediment hosted epithermal gold deposit, similar to that of the Porgera deposit in Papua New Guinea Papua New Guinea (păp`  ə, –y . Altai Resources Inc. is in the advanced stage of negotiations with a multi-national gold mining company on joint venturing four of nine Philippines properties including Mabulao (copper-gold), Lahuy (gold), Bulan (gold) and MIndoro (copper-zinc). Altai plans to restart exploration of its Tierra Amarilla #4 gold property in northwestern Peru in the new year. Please visit our home page web site at http://www.info-mine.com/altai . CONTACT: Altai Resources Inc. Dr. Arpad Farkas, 416/ 869-1338 416/869-1238 (FAX) INTERNET: http://www.info-mine.com/altai or Oxford Investor Relations Investor relations The process by which the corporation communicates with its investors. Mr. Forbes West, 416/ 868-6666 416/868-0943 (FAX) |
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