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El Misti Gold - San Nicolas Drill Results -- Part 1 of 2 - Drilling Charts to Follow.

VANCOUVER, British Columbia--(BUSINESS WIRE)--June 30, 1997--El Misti Gold Limited (VSE:EMG) The Board of Directors is pleased to announce the reserve definition program has continued to produce strong economical grade gold/silver mineralization at the San Nicolas mine in the Cajamarca district, northern Peru.

The zones are associated with high sulphidation epithermal massive sulphide mineralization hosted within Cretaceous limestones associated with a high level intrusive system.

Please note surface sampling results are to in fill the 25 meter spacing. Underground sampling of the Don Eloy and Prosperity adits were to fill in the open at depth holes previously reported.

103 holes have been completed on the 25 meter spaced cross sections totaling 10,553 meters, average depth 102 meters. These results for the underground samplings are the first results the company has published below 140 meters true depth.

The company has an option to acquire 100 percent interest in the San Nicolas mine, containing an estimated geological resource of 6.2 million tonnes, with an average grade of 3.4g/t (0.1oz/ton) Au and 6oz/mt (5.4oz/ton) Ag or 1.1 million ounces of gold equivalent. The deposit has a strike length of 600 meters and widths of 10 to 80 meters to a depth of 300 meters. Roscoe Postle has been retained to do an independent reserve calculation on San Nicolas.

San Nicolas produced 100,000 ounces of gold and 1.1 million ounces of silver up to 1996.

ON BEHALF OF THE BOARD JOHN F. HUGUET, Executive Chairman ROBIN A. SLAUGHTER, President and CEO

"El Misti Gold is focused on growth in shareholder value through its land position, management team and industry expertise." -0-

Note to Editors: The Vancouver Stock Exchange has neither approved nor disapproved the information contained in this news release.

CONTACT: El Misti Gold Limited

John F. Huguet, 604/681-6186

Robin A. Slaughter, 604/681-6186

888-El-Misti (356-4784) Toll Free

http://www.info-mine.com/el_misti/

mist@info-mine.com
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Publication:Business Wire
Date:Jun 30, 1997
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