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CORNUCOPIA RESOURCES LTD. NEGOTIATES OPTION TO ACQUIRE INTEREST IN MARY-DRINKWATER GOLD DEPOSIT

 VANCOUVER, British Columbia, April 26 /PRNewswire/ -- Cornucopia Resources Ltd. (NASDAQ: CNPGF; Toronto: CNP) announced it has negotiated an option to acquire a 100 percent interest in the Mary- Drinkwater gold deposit near Silver Peak, Esmeralda County, Nev. Over the past year, the company has been evaluating this well-known property which has had historical production approximating 600,000 ounces of gold. The company considers the project to have outstanding potential to develop into a large-scale mining operation.
 A geological resource with potential for up to 2,000,000 tons grading 0.20 ounces of gold per ton is enveloped by a very much larger, low grade resource. The high grade core zone is amenable to conventional milling and the low grade envelope to heap leaching. Deposit geometry suggests that much or all of this shallow dipping, mineralized zone can be mined by open pit methods at a low stripping ratio. The currently known resource is located on 45 patented mineral claims, and it's down dip extension appears to extend onto 49 contiguous unpatented claims to the northeast which also form part of the property.
 The company has until May 30, 1993, to complete its due diligence and obtain required regulatory approval. Should the company elect to exercise its option, it will be required to pay the property vendor an aggregate of U.S. $230,000 and assume responsibility for annual advance royalties and operating costs. Sliding scale royalties range from 4 percent at a gold price up to $500 per ounce to 6 percent at a gold price greater than $800 per ounce. To maintain its interest, the company will be required to make a production decision within 5 years of the option exercise date.
 Upon exercise of the option, Cornucopia will complete a major definition drilling and ore reserve modeling program beginning in mid-1993 leading to a full-scale feasibility study of the deposit. The Mary-Drinkwater deposit has never historically received a thorough engineering study leading to an adequately capitalized operation.
 Cornucopia receives gold production from the Ivanhoe property on the Carlin Trend, Nev., where it is a co-venturer with Newmont Mining Corp. in the exploration and development of the 84,000-acre property. Cornucopia trades on the Toronto Stock Exchange (CNP) and is listed on NASDAQ (CNPGF).
 -0- 4/26/93
 /CONTACT: James M. Carter, director of Cornucopia Resources, 604-687-0619/
 (CNPGF)


CO: Cornucopia Resources Ltd.; Newmont Mining Corp. ST: British Columbia, Nevada IN: MNG SU: TNM

JL -- LA035 -- 0869 04/26/93 15:29 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
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