Cypango Ventures - Exploratory Program Yamba Lake Project.VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 27, 1997--Cypango Ventures Ltd. (VSE See DOS/VSE. VSE - Virtual Storage Extended :CAV (1) (Component Analog Video) See YPbPr. (2) (Constant Angular Velocity) Rotating an optical disc or hard disk at a constant speed. Contrast with "constant linear velocity" (CLV), in which the platter rotates at varying speeds. ) is pleased to announce that it has commenced drilling for its 1997 winter/spring exploratory program on the Yamba Lake project, a joint venture between Cypango (51 percent) and Mill City/Tanqueray (49 percent) in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. . The Yamba Lake property adjoins the BHP/Dia Met property to the north. The Company has selected 6 first-priority targets from its integrated exploration program which consists of bulk heavy-mineral sampling and both ground and airborne geophysical surveying. These targets lie in close proximity to the cluster of 4 known diamondiferous kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. pipes, Torrie, Sputnik Sputnik: see satellite, artificial; space exploration. Sputnik Any of a series of Earth-orbiting spacecraft whose launching by the Soviet Union inaugurated the space age. , Sue, and Eddie. The Company is also pursuing a series of new kimberlite indicator mineral dispersion trains which are concentrated in the central portion of the property. Continued bulk heavy-mineral sampling and geophysical surveying is underway to identify further targets on this property. After careful detailed review of the technical data derived from previous exploratory work, the Company has resolved to re-sample the Torrie pipe due to improved methods of evaluation and very promising early indications of diamond-counts from exploratory drilling completed in September of 1993. As only minimal drilling was performed on the Sputnik and Sue pipes, more extensive evaluation of all facies facies /fa·ci·es/ (fa´she-ez) pl. fa´cies [L.] 1. the face. 2. surface; the outer aspect of a body part or organ. 3. expression (1). of these pipes will also be performed during the 1997 winter/spring drill program. Bulk heavy-mineral sampling and geophysical surveying are also continuing on the balance of the Company's 3.5 million acre property. The Company is also pleased to announce the closing of $2,510,000 of private placements in December of 1996, consisting of 1 million Flow-Through Special Warrants and 1,485,150 non-brokered Units. Each Special Warrant and Unit was priced at $1.01 and consisted of 1 Common Share and 1 non-transferable share purchase warrant exercisable at $1.01 for the first 12 months after qualification and $1.17 for the second 12 months after qualification. 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). has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. CONTACT: Cypango Ventures Ltd. William Friesen, 604/ 688-6306 604/ 688-9519 (FAX) 1-800-545-7214 |
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