Ariel Resources Ltd. Retains Griffin Capital Management as Financial Advisor; Exploration Drill Hole Results.VANCOUVER, British Columbia--(BUSINESS WIRE)--March 25, 1997-- Ariel Resources Ltd.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AU./OTC BB:ARLRF.) Ariel Resources Ltd. announced at its Annual General Meeting held yesterday in Toronto that it has retained GRIFFIN CAPITAL MANAGEMENT of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of as its Financial Advisor. The Company plans to arrange for a revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility, equity working capital and project/debt financing to meet its needs as it continues its rapid growth in gold production. It is planned to invest approximately US$1 million in exploration and further drilling on targets outlined by the Company's 1995 drilling program. NEW UNDERGROUND DISCOVERY: Two drill holes, PD-35 and PD-37, which intersected the main vein, showed gold values of 6.34 g/t over 8 metres and 6.87 g/t over 4 metres respectively. These drill holes, 500 metres north of previous workings in the Tres Hermanos Mine, indicate that there is a potential for an additional 600,000 tonnes of ore with a grade of 6.22 gms./tonne estimated to contain 120,000 ounces of gold. Grades of 6.22 gms./tonne (0.22 oz./ton) are excellent in Costa Rica Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. due to Ariel's present low direct mining costs for underground ore of US$225 per oz. and, with expanding tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. mined, are expected to drop below US$200 per oz. The main Tres Hermanos vein continues to the north indicating potential for additional tonnage and will also be subject to intensive exploration. SURFACE MINING POTENTIAL: Drill hole PD-34, drilled at a 45 degree angle to a depth of 162 metres, shows no indication of having intersected a vein but does indicate a horizontal projected width of 75 metres to a depth of 75 metres of continuous 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. grading an average of 0.56 gm./tonne over the first 42 metres and an average grade of 0.75 gm./tonne over the remaining 120 meters. Drill hole PD-36, drilled at a 45 degree angle to a depth of 95 metres, indicates leach-grade mineralization averaging 0.825 gm./tonne over horizontal widths and depth of 50 and 75 metres respectively. PD-36 apparently intersected a portion of a vein showing a grade of 4.5 gm./tonne over 4 metres. These two holes indicate a previously unknown area with the possibility of a surface mineable ore and is undergoing tractor trenching to be followed by additional drilling in the near future. This additional leach-grade mineralization would be profitable considering low direct mining and milling costs for open- pit ore in Costa Rica calculated at $200 per oz. and with potential to drop to $165 at a 4,000 TPD TPD Tons Per Day TPD Therapeutic Products Directorate TPD Total and Permanent Disablement (insurance) TPD Temperature Programmed Desorption TPD Temporary Partial Disability (insurance) production rate. The Company also announced that it has received all necessary permitting for the first phase of its open pit mining expansion program. The Company also plans extensive geochemical sampling, mapping and drilling on exploration concessions that it owns in the Marsellesa Zone to the North of present activities. Prospecting has indicated some 15 kilometres in length of alteration Modification; changing a thing without obliterating it. An alteration is a variation made in the language or terms of a legal document that affects the rights and obligations of the parties to it. zones averaging 100 metres in width and all of which show anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. assays. It is estimated that, if only 2-1/2 kilometres of alteration zones show mineable values, they could add over 2,000,000 ounces of gold to existing reserves, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the company President. On behalf of the Board of Directors, William C. Bennett, president. CONTACT: Ariel Resources Ltd. Art Charpentier, 604/682-2201 or 800/665-7175 Fax: 604/682-0318 http://www.ariel-au.com ariel@mindlink.bc.ca |
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