BRE-X MINERALS ANNOUNCES SIGNIFICANT RECOVERABLE GOLD GRADES FROM FINAL SIX HOLES OF PHASE II DRILLING AT THE BUSANG GOLD PROJECT EAST KALIMANTAN, INDONESIA.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , ALBERTA--(BUSINESS WIRE)--JANUARY 19, 1995--BRE-X MINERALS (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : BXM BXM Broadband Switch Module (Cisco) ) BRESEA RESOURCES (ME: BSR BSR Business for Social Responsibility BSR Baltic Sea Region BSR British Society for Rheumatology BSR Bootstrap Router (networking) BSR Bonsoir (French) BSR Bottom-Simulating Reflector ) Bre-X Bre-X Minerals Ltd., a member of the Bre-X group of companies, was a junior Canadian mining company, based in Calgary, that was once reported to be sitting on an enormous gold deposit at Busang, Indonesia (on Borneo). Minerals Ltd. (A:BXM), an approximately 26% owned affiliate of Bresea Resources Ltd. (ME:BSR), announced today that Phase I and Phase II Drilling Programs, with drill holes at 50m (164ft) intervals both horizontally and vertically, were completed on December December: see month. 15, 1994 along the Central Zone at the Busang Gold Project. These programs intersected open-pittable, mineable widths of ore-grade gold 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 strike length of 900m (2953ft). As of December 15, 1994, 44 holes were completed with 32 of the holes drilled during Phase II. A total of 34 holes intersected gold mineralization to a vertical depth of 150m (492ft), and three deeper holes, BRH-29, BRH-39, and BRH-44, intersected mineralization to a vertical depth of 250m (820ft) over a strike length of 700m (2133ft). Results from significant intercepts from the final six holes drilled November November: see month. 15, 1994 to December 15, 1994 in the Central Zone are tabulated hereunder Adv. 1. hereunder - in a subsequent part of this document or statement or matter etc.; "the landlord demises unto the tenant the premises hereinafter called the demised premises"; "the terms specified hereunder" hereafter, hereinafter 2. . In an interview from BXM's Jakarta office today, Mr. John B. Felderhof, Senior Vice President, emphasized: "It should be noted that these results, plus those stated in the Press Release dated November 21, 1994, are recoverable gold grades, as assaying was done by a 36 hours cyanide cyanide (sī`ənīd'), chemical compound containing the cyano group, -CN. Cyanides are salts or esters of hydrogen cyanide (hydrocyanic acid, HCN) formed by replacing the hydrogen with a metal (e.g., sodium or potassium) or a radical (e.g. leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. method." A drill location map is available upon request. When asked to comment on a possible resource calculation at this time, Mr. David Walsh, President, stated: "An independent mining engineer familiar with Southeast Asian geology geology, science of the earth's history, composition, and structure, and the associated processes. It draws upon chemistry, biology, physics, astronomy, and mathematics (notably statistics) for support of its formulations. is preparing a resource calculation, to be completed prior to February 15, 1995, over the Central Zone of 900m (2953ft), which is still open to the east and the west. The results will be released at that time, along with final Phase II drill results from the Sangihe Project." Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA Drilling Program commenced January 7 with one drill-rig. A second rig will be operational on the project site by the end of January, with a third scheduled for April, with the objective of delineating 5 million ounces of gold by year-end 1995. One drill-rig will be utilized to define mineralization on 250m (820ft) spaced drill lines along the new 5km (3mi) Southeast Zone and the new 2km (1.2mi) North Zone extensions. -0-
TABULATED SIGNIFICANT GOLD ASSAY INTERCEPTS FROM BUSANG PROJECT
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Hole Depth Favourable Intercept Gold Gold
Number From/To Length g/t oz/t
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BRH-23 69.2m 2.0m - 11.0m 9.0m (30ft) 5.67 .17
(227ft) 27.5m - 53.2m 25.7m (84ft) 10.97 .38
BRH-25 98.4m 3.0m - 79.3m 76.3m (250ft) 7.01 .20
(323ft) 83.0m - 97.6m 14.6m (48ft) 6.50 .19
BRH-27 184.1m 1.0m - 18.0m 17.0m (56ft) 6.96 .20
(604ft) 22.5m - 24.1m 1.6m (5ft) 7.17 .21
43.0m - 57.5m 14.5m (48ft) 4.34 .13
70.0m - 96.0m 26.0m (85ft) 5.14 .15
102.6m -106.6m 4.0m (13ft) 6.27 .18
134.1m -138.1m 4.0m (13ft) 3.18 .09
142.1m -146.1m 4.0m (13ft) 2.28 .07
156.1m -164.1m 8.0m (26ft) 1.87 .06
168.1m -170.1m 2.0m (7ft) 2.62 .08
BRH-28 241.3m 20.8m - 21.8m 1.0m (3ft) 8.93 .26
(792ft) 31.4m - 35.2m 3.8m (12ft) 2.55 .07
63.7m - 67.7m 4.0m (13ft) 2.04 .06
86.0m - 87.3m 1.3m (4ft) 4.88 .14
94.5m - 96.5m 2.0m (7ft) 2.42 .07
109.1m -113.1m 4.0m (13ft) 2.49 .07
117.0m -125.0m 8.0m (26ft) 2.36 .07
128.7m -134.7m 6.0m (20ft) 2.78 .08
138.4m -144.4m 6.0m (20ft) 2.05 .06
152.5m -156.5m 4.0m (13ft) 3.44 .10
178.3m -188.3m 10.0m (33ft) 6.08 .18
190.3m -202.4m 12.1m (40ft) 2.70 .08
219.7m -222.4m 2.7m (9ft) 4.37 .13
BRH-29No. 305.6m 14.2m - 17.2m 3.0m (10ft) 13.50 .40
(1003ft) 22.5m - 75.2m 52.7m (173ft) 8.38 .24
100.5m -107.9m 7.4m (24ft) 12.08 .35
277.3m -305.6m 28.3m (93ft) 5.31 .15
BRH-45 168.2m 2.0m - 12.0m 10.0m (33ft) 4.18 .12
(552ft) 84.0m - 98.0m 14.0m (46ft) 2.60 .08
108.0m -110.0m 2.0m (7ft) 1.03 .03
114.0m -120.0m 6.0m (22ft) 1.73 .05
130.0m -142.0m 12.0m (39ft) 2.81 .08
-0-
Note: No. Hole prematurely terminated at 305.6m in ore grade at
depth due to unavailability of addition drill rods on site.
BRE-X, with C$3.5 million in liquid assets and no liabilities, is
a well-funded emerging mining company focused 100% on the mineral
potential of Indonesia. BRE-X trades in the United States under
S.E.C. 12g3-2(b) Exemption No.82-2750 and coverage of its activities
is carried in Standard & Poor's Corporation Records and Daily News
Publications.
-0-
The Alberta Stock Exchange has neither approved nor disapproved
the information contained herein.
CONTACT: David G. Walsh President or T. Stephen McAnulty Investor Relations Investor relations The process by which the corporation communicates with its investors. 403/247-0707 403/247-0329 (FAX) |
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