Aranlee Resources - Drilling Planned in Argentina - New Director Appointed.SCOTTSDALE, Ariz.--(BUSINESS WIRE)--May 15, 1997--Aranlee Resources Lt (VSE See DOS/VSE. VSE - Virtual Storage Extended ARB.) Aranlee Resources Ltd. ("Aranlee") is pleased to provide an update on their on-going exploration activities within the emerging new precious/base metal belt in northwest Argentina. Four existing properties (Centenario, El Acay, Pancho Arias and Pairique) continue to show strong potential to host large gold/copper porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. systems (see attached map). At Centenario North, initial shallow drilling (to vertical depths of less than 100 meters) completed earlier this year reported anomalous gold values with individual two meter intercepts up to 0.85 g/t and indicated potential for favorable 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. zones to the east of the drilled area, below alluvial cover. At Centenario South, located about 2 km along strike and believed to be part of the overall large porphyry system identified at Centenario North, surface rock chip panel samples report gold values up to 0.64 g/t. In addition, a recently completed geophysical survey Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. on this target has defined a strong Induced Polarization Induced polarization (IP) is a geophysical imaging technique used to identify subsurface materials, such as ore. The method is similar to electrical resistivity tomography, in that an electric current is induced into the subsurface through two electrodes, and voltage is (IP) anomaly which, combined with the presence of anomalous gold as a possible leakage effect, may indicate a major mineralized porphyry system at depth. A total of 3 to 5 deep drill holes are planned to be drilled this summer on these two areas. On the El Acay and Pancho Arias properties, extensive mapping and geochemical sampling completed to date show promising results. At El Acay, which covers more than 140 square km, large areas of intense alteration contain and surround a 2 km long, arcuate zone arcuate zone n. The inner third of the basilar membrane of the cochlear duct, from the tympanic lip of the osseous spiral lamina to the outer pillar cell of the spiral organ. Also called zona tecta. containing multiple gold and copper rock/soil geochemical anomalies reporting values of up to 0.5 g/t gold and 1,400 ppm copper. Field work continues in order to define specific targets for follow-up trenching and/or drilling later this summer. A classic copper- molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. porphyry system covering an area 1.2 km by 0.9 km has been identified on the Pancho Arias property, located northeast of El Acay. Induced Polarization (IP) and Magnetic geophysical surveys are in progress in order to better define the sub-surface geometry of this extensively altered system and to identify specific drill targets. At the Pairique property, gold panned from stream sediments occurs within large areas of intense alteration covering several square kilometers. Surface exploration, including geological mapping and geochemical sampling, will commence shortly as pending title issues on the property are expected to be resolved by the owner in the near future. As part of Aranlee's on-going regional exploration program in northern Argentina, the Company has claimed, on a 100 percent basis, two additional properties: the Escondida gold property covering 4.5 square km, located adjacent to the Chilean border in Catamarca Province and the Elizabeth massive sulfide property covering 2.4 square km, located in Salta Province (see attached map). Three previously optioned properties (Casa Colorada, Archibarca and Yungara) have recently been returned to the owner as they appear to have insufficient potential to host a major ore deposit. NEW DIRECTOR APPOINTED Aranlee is pleased to announce the appointment of Mr. Tony Williams of London, England to the Board of Directors, having served as a corporate consultant to the Company for the past year. Mr. Williams, a geologist with over 26 years experience in the mining industry, was Head of International Operations at Yorkton Securities Inc. from 1987 to 1995. He is currently Chairman of the Dragon Group of Companies, Chairman and director of KazMinCo and Arian Resources Corp. and also a director of Bolivar Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Ltd. Mr. Williams, in his role as a director of Aranlee, will continue to provide corporate and strategic planning advice to the Company. FINANCIAL AGENT AND MARKETING ADVISOR APPOINTED Dragon Capital Corporation Limited ("Dragon") has been appointed as the Company's Financial Advisor and Marketing Agent for a period of one year, ending February 25, 1998. As advisor and agent, Dragon will provide financial and marketing advice regarding corporate development and new equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . Dragon is a highly successful U.K.-based company currently providing similar services to a number of publicly traded and private exploration and mining companies. Under the terms of the agreement Dragon will receive an annual retainer fee of US $100,000, paid quarterly, for its financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal plus a negotiated fee for its marketing services with a minimum one percent of any funds raised by the Company. The agreement is subject to regulatory approval. LOAN AGREEMENT The Company has entered into an agreement with its management company, Dragon Management International Services U.S.A., Inc. ("Dragon USA"), whereby Dragon USA is providing an aggregate sum of up to US $500,000 to Aranlee to meet working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and operating costs related to its exploration programs. Funds advanced to the Company under this agreement are required to be re-paid to Dragon USA by September 30, 1997 at an annual interest rate based on the prevailing US Prime Rate plus 3 percent. This agreement is subject to regulatory approval. In addition to the properties in Argentina, the Company is also active in Canada and Kazakstan. In the Staghorn Staghorn may refer to:
ON BEHALF OF THE BOARD Stephen J. Kay, Vice President and CFO See Chief Financial Officer. NOTE: Location map available from the Company at the phone number listed below. 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). neither approves nor disapproves the information contained in this News Release. CONTACT: Aranlee Resources Ltd. Jim Kasten, 602/ 596-9911 602/ 483-4015 (FAX) Email: arl@aranlee.com http://www.aranlee.com/arl/ |
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