Correcting...William Resources Announces Updated Reserves and Exploration Results From Terra Mining - (Geological Resources Tables).TORONTO--(BUSINESS WIRE)--Feb. 20, 1997--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). WIM WIM Windows Image (Microsoft) WIM Wireless Identification Module WIM Weight-In-Motion WIM Woe Is Me WIM Wireless Instant Messaging WIM Window Invalid Mask (SPARC architecture) ., AUSTRALIA STOCK EXCHANGE WLM WLM Windows Live Messenger WLM Waltham, Massachusetts (Airport Code) WLM We Love Music WLM Workload Manager WLM Wiring List (TMINS) WLM Weyrling Master (Dragonriders of Pern) .) WILLIAM RESOURCES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . -- ("WILLIAM") is pleased to announce 1996 production and exploration results for its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Terra Mining AB "Terra" in Sweden and Finland. WIM completed the successful acquisition of Terra in December, 1996. 1996 PRODUCTION Production at the Bjorkdal mine in northern Sweden increased to 86,200 ounces of gold in fiscal 1996. A major plant upgrade was completed which will allow planned production in 1997 to further increase to in excess of 100,000 ounces. The Pahtavaara mine in northern Finland, which commenced production July 1, 1996, produced 10,792 ounces of gold. Planned production in 1997 is 36,800 ounces of which WILLIAM's share is 25,900 ounces. RESERVES AND RESOURCES Exploration has substantially increased the resources and reserves in Terra. Total proven plus probable reserves as of January 1, 1997 are 19,265,000 tonnes grading 2.21 g Au/t containing 1.4 million ounces of gold. This is an increase of 200,000 ounces net of mining from year-end 1995. Total possible plus geological resources are 3.5 million ounces for a total resource of almost 5 million ounces. It is anticipated that additional exploration drilling planned for this year will upgrade a significant portion of this resource into reserves. EXPLORATION HIGHLIGHTS In addition to the major increase in reserves and resources, 1996 was highlighted by the discovery of new high grade gold zones at Bjorkdal and Barsele in northern Sweden and at Vatsa in southern Finland. Bjorkdal 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. at Bjorkdal mine occurs in a network of steeply dipping quartz veins within a granodiorite granodiorite Medium- to coarse-grained rock that is one of the most abundant intrusive rocks. It contains quartz and is distinguished from granite by having more plagioclase feldspar than orthoclase feldspar; its other mineral constituents include hornblende, biotite, and intrusive at or near the upper contact with limestone. Extensive step out drilling northeast and southeast of the Bjorkdal pit indicates that the gold 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. zone at Bjorkdal extends for at least 2.5km along strike and is 1.7km wide. Drilling has intersected the zone to a depth of 300m and it is open along strike and at depth. Mining in Bjorkdal has indicated the presence of high grade zones which have widths of up to 20m and extend for strike lengths of several hundreds of metres. The average grade of these zones is typically 4 to 5 g Au/t but locally spectacular values are present. A recent sample from grade control drilling in the pit returned 3,200 g Au/t (103 oz. Au/ton) over 2.0m. Wide spaced drilling at Kvartsberget or Quartz Mountain Quartz Mountain is located in southwest Oklahoma. It is the namesake of Quartz Mountain Nature Park on which it is located, and is open to the public year round for Rock Climbing, Hiking, Nature Observation and Photography, and Environmental Education and Interpretation. immediately south of the west and central pits has indicated an extensive east-northeast striking quartz vein system. Assay results include 86.5 g Au/t over 3.0m and 22.2 g Au/t over 2.0m. At Nylund, 500m southeast of the pit, a set of gold mineralized conjugate conjugate /con·ju·gate/ (kon´jdbobr-gat) 1. paired, or equally coupled; working in unison. 2. a conjugate diameter of the pelvic inlet; used alone usually to denote the true conjugate diameter; see shears shears cutting instruments for the removal of wool—sheep shears, or for trimming the hooves of sheep and goats—hoof shears. hoof shears a rugged pair of shears like secateurs but with sharp-pointed blades. extends for a strike length of 400m in northeast and east-northeast directions. Significant intersections include 36.0 g Au/t over 2.0m and 26.8 g Au/t over 2.0m. Wide-spaced reverse circulation and diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral at Storheden, 1 km north of the Bjorkdal pit, has confirmed a major east-southeast trending open pittable zone with an average grade of 2.4 g Au/t that extends for at least 600m along strike and is up to 150 m wide. The style of mineralization is very similar to Bjorkdal. The deepest drill hole intersected the zone at a vertical depth of 100m and high grade intersections have been returned from several holes including 15.5 g Au/tonne over 13.0m. Bedrock Bedrock - A C++ class library for Macintosh user interface portability. sampling in conjunction with till geochemistry geochemistry, study of the chemical changes on the earth. More specifically, it is the study of the absolute and relative abundances of chemical elements in the minerals, soils, ores, rocks, water, and atmosphere of the earth and the distribution and movement of indicates that this higher grade shear shear: see strength of materials. Shear A straining action wherein applied forces produce a sliding or skewing type of deformation. zone is in an extensive lower grade mineralized zone that extends for at least 1 km along strike and is up to 300m wide. Both zones are open along strike and at depth. The intersection area between the northeast trending Bjorkdal zone and the east-southeast striking Storheden zone is a major exploration target. Pahtavaara At Pahtavaara, gold mineralization occurs within a distinct talc-chlorite alteration zone which is up to 100m wide and appears to be a typical splay structure related to a major east-west shear zone. Within this alteration zone, gold is present in quartz-barite vein zones up to 10 m wide. Recent diamond drilling indicates that the zone in the mine that extends for a strike length of 400m is open along strike to the west and east as well as at depth. Geologically, the style of mineralization is very similar to shear zone-hosted gold deposits related to major breaks in the Canadian Shield Canadian Shield or Laurentian Plateau (lôrĕn`chən), U-shaped region of ancient rock, the nucleus of North America, stretching N from the Great Lakes to the Arctic Ocean. . Drilling in 1996 has intersected the ore zone to a depth of 200m. Significant results include 13.62 g Au/t over 3.0 m, 7.43 g Au/t over 10.0m and 6.66 g Au/t over 6.0 m. Exploration potential at Pahtavaara is excellent - till geochemical sampling has outlined a number of gold anomalies over a 7km strike length to the west of the deposit. A promising till anomaly Abnormality or deviation. Pronounced "uh-nom-uh-lee," it is a favorite word among computer people when complex systems produce output that is inexplicable. See software conflict and anomaly detection. is located immediately south of the mine. All of these anomalies have a similar geochemical signature to the original anomaly that was located over what is now the open pit. Very little drilling has been completed to date outside of the planned pit area as the focus of Terra was bringing Pahtavaara into production. Considerably more exploration drilling is planned for 1997 to test these targets. Barsele At the Barsele project, located 200 km west of Bjorkdal, gold mineralization occurs within a granodiorite intrusive that ranges from 50 to 200m in width and extends for a strike length of about 8km in a general east-west direction Noun 1. east-west direction - in a direction parallel with lines of latitude direction, way - a line leading to a place or point; "he looked the other direction"; "didn't know the way home" . Within this intrusive, four major areas of higher grade gold mineralization in fine stockworks have been outlined by drilling. Several drill holes have intersected very high grade gold values associated with quartz-calcite vein zones; the best result is 17.5 g Au/t over 4.0m. Drilling results to date indicate that the intrusive has the potential to host an open pittable resource of 1 million+ ounces of gold at an average grade of about 1.8 g Au/t. Vatsa Vatsa in southern Finland was originally discovered by Terra using till geochemical exploration techniques. Wide spaced drilling has outlined a major gold mineralized shear zone along a granodiorite/gabbro contact. The zone, which ranges from 20m to 50m wide, extends for at least 800m along strike and is open in both directions and at depth. Drilling in 1996 has confirmed the presence of higher grade zones including 6.5 g Au/t over 7.0m. In addition to the mines and advanced projects, WILLIAM has 97 additional exploration concessions in Sweden and Finland that cover prospective targets for gold mineralization. 1997 PROGRAM A US$4,000,000 exploration program is planned for 1997 to further drill test the Storheden, Vatsa and Barsele deposits and to continue expanding reserves and resources at the Bjorkdal and Pahtavaara mines. Exploration will also be initiated on the extensive exploration land package. WILLIAM is William I, king of England William I or William the Conqueror, 1027?–1087, king of England (1066–87). Earnest and resourceful, William was not only one of the greatest of English monarchs but a pivotal figure in European also proceeding with a full feasibility at Barsele with the objective of putting it into production by the Year 2000. A new evaluation of Bjorkdal will also be conducted to determine possible expansion of the present pit and increased production in the near future. WILLIAM is an intermediate size natural resource precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. company listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. (symbols TSE: WIM, ASX ASX See: Australian Stock Exchange : WLM). WILLIAM has operations in Europe (Bjorkdal - Sweden and Pahtavaara - Finland), Australia (Rustler's Roost - near Darwin and Ballarat - near Melbourne), and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. (Jacobina - Brazil and Velardena - Mexico). The Bjorkdal mine in Sweden is Europe's largest gold producer. Furthermore, WILLIAM provides engineering and contracting services to the international mining industry through the BLM BLM n abbr (US) (= Bureau of Land Management) → les domaines Service Group. -0-
TERRA MINING AB
GEOLOGICAL RESOURCES
January 1, 1997
Au
Category Area Tonnes Au g/t Au Kilo Ounces
GEOLOGICAL RESERVES
Proven/ Bjorkdal
Probable Mine 13,884,000 2.20 30,558 983,000
Pahtavaara
Mine 1,824,000 3.06 5,581 179,000
Barsele
Project 3,557,000 1.81 6,435 207,000
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Total 19,265,000 2.21 42,574 1,369,000
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Possible
Bjorkdal
Mine 7,540,000 3.07 23,129 744,000
Pahtavaara
Mine 260,000 3.81 992 32,000
Barsele
Project 4,057,000 1.80 7,303 235,000
Vatsa
Project 1,050,000 1.73 1,817 58,000
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Total 12,907,000 2.58 33,240 1,069,000
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Total Bjorkdal
Mine 21,424,000 2.51 53,687 1,727,000
Pahtavaara
Mine 2,084,000 3.15 6,573 211,000
Barsele
Project 7,614,000 1.80 13,737 442,000
Vatsa
Project 1,050,000 1.73 1,817 58,000
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Total 32,172,000 2.36 75,814 2,438,000
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POTENTIAL RESOURCES
Potential
Bjorkdal
Mine 11,700,000 3.23 37,780 1,215,000
Pahtavaara
Mine 4,000,000 3.15 12,600 405,000
Barsele
Project 10,000,000 1.80 18,000 579,000
Vatsa
Project 4,000,000 1.73 6,920 222,000
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Total 29,700,000 2.54 75,300 2,421,000
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TOTAL RESOURCES
Grand Total
Bjorkdal
Mine 33,124,000 2.76 91,467 2,942,000
Pahtavaara
Mine 6,084,000 3.15 19,173 616,000
Barsele
Project 17,614,000 1.80 31,737 1,021,000
Vatsa
Project 5,050,000 1.73 8,737 280,000
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Total 61,872,000 2.44 151,114 4,859,000
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CONTACT: William Resources Inc. Bill Pearson, 416/861-9500 416/861-8165 (FAX) Shareholder Hotline Number 1-800-308-7186 Internet Address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. http://www.info-mine.com/william/ or William Resources Inc. Greg McKnight, 416/861-9500 416/861-8165 (FAX) or Terra Mining Torsten Borjemalm, 011/46-8-444-7340 011/46-8-444-7333 (FAX) |
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