KAZMINCO - SIGNIFICANT INCREASE IN NEAR SURFACE GOLD RESOURCE AT VARVARINSKOYE NEW EXPLORATION TERRITORY ACQUIRED.WOKING, SURREY, ENGLAND--(BUSINESS WIRE)--Sept. 11, 1996-- KazMinCo is pleased to announce additional results from pre- feasibility drilling at its Varvarinskoye gold/copper deposit in northern Kazakstan (Fig.1). Varvarinskoye is located 130 km southwest of the regional capital Kustani. It has excellent infrastructure and site access in a region with a well developed mining industry. KazMinCo's programme to date has largely focused on near surface targets together with an initial evaluation of depper potential; the company has now completed 72 holes totalling 10,300m of 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 . Nine holes were specifically drilled to obtain samples for metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. test work which is on-going at Lakefield laboratories in Ontario. Results from this work will be included in the pre-feasibility study scheduled for completion in the fourth quarter of 1996. -0-
Table 1 Hole No. From To Width Gold g/t Copper %
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RIVER
PIT VR4 34.0 50.0 16.0 2.10 0.44
VR4 53.0 62.0 9.0 1.70 0.36
RMP1 63.9 75.0 11.1 4.78 0.63
RMP2 73.5 85.0 11.5 3.42 0.51
CENTRAL
PIT VC7 228.0 272.4 44.4 3.24 NR
VC9 71.7 91.0 19.3 3.42 0.98
VC11 347.0 388.4 41.4 2.23 0.20
CPM1 86.8 111.4 24.6 6.25 7.93
SOUTHERN
PIT VS3 35.9 81.4 45.5 1.50 1.39
VS5 86.0 104.0 18.0 2.58 1.79
VS8 25.0 66.1 41.1 1.70 0.24
VS9 61.3 81.3 20.0 1.40 1.65
VS10 28.0 47.3 19.3 1.50 NR
SPM1 63.8 79.7 15.9 2.64 1.41
NORTHEAST
PIT VNE7 69.7 88.9 19.2 12.30 NR
NEPM1 101.7 108.5 6.8 8.77 0.46-0-
In addition to the previously announced near surface resource of 6.5 Mt at 3 g/t gold (620,000 oz contained gold), in four "starter" open-pittable areas, KazMinCo has identified a further shallow resource of 6.7 Mt at 2.1 g/t gold (450,000 oz contained gold) located to the west of the four initial pits to a depth of 150m below surface (Figure 3). Five rigs continue to drill on the property; results from this work will be incorporated into the Project Feasibility Study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. giving potential so far, for more than one million ounces of open-pittable gold on a fast-track production schedule. Further evaluation of the historic database (now more than 750 boreholes) and a number of deep mineralised intersection has confirmed the likelihood for significantly expanding reserves through an underground mining operation. The deeper mineralisation is located at a well established geological contact and has been traced for approximately a 1.3 km strike length, downdip of the mineralisation intersected in the open-pittable areas. Exploration Licence Acquisition KazMinCo is also pleased to announce it has extended its land holdings in the mineral district by securing a 525 km square Exploration Licence (granted June 1996) around the Varvarinskoye project on the same structural trend. Exploration work performed during the Soviet era has identified several excellent targets within the Licence, the most prospective of which is only two km north of the existing deposit. This target area is centred on a major geochemical 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. carrying up to 1 g/t gold and 0.3% copper covering about nine km square. Recent geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. orientation surveys performed by KazMinCo have shown that IP and Mise a la Masse techniques are very productive in the mineral district. A previously unknown IP anomaly near the River Pit section which appears highly prospective was identified by the survey and will be drilled during the current programme. KazMinCo's thorough geological work on the extensive Soviet database has enabled the Company to establish firm geological controls for Varvarinskoye style mineralisation, greatly enhancing the effectiveness of KazMinCo's exploration along the trend. KazMinCo has management and operational control of both the Varvarinskoye Project and the surrounding exploration territory and holds 49% in the joint venture in 25 year Licences. The Company is responsible for completing feasibility studies and arranging project finance and receives 80% of all cash flow until its total project investment is repaid. Varvarinskoye is one of several projects and exploration territories which KazMinCo operates in Kazakstan. The company has 16 drilling rigs working in-country and is undertaking Feasibility evaluations and detailed exploration programs on several Licences. Further announcements will be made as results become available. KazMinCo is 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 its shares trade under the symbol KMC KMC kitten mortality complex. .U. On Behalf of the Board Tony Williams
Anthony Tillmon "Tony" Williams (December 12, 1945 – February 23, 1997) was an American jazz drummer. Bert Kennedy Bert Kennedy is a well known mining industry personality. He holds a BSc in Geology from London University and a MSc in Geochemistry from Oxford University. He is a Chartered Engineer and a fellow of the IMMM. From 1995 to 1998 Bert was President and CEO of Arian Resources Ltd. Chairman President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. No stock exchange, securities commission or other regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities has approved or disapproved the information contained herein. CONTACT: UK Tony Williams at: Dragon Capital Corporation 22 Grosvenor Square Grosvenor Square (pronounced "Grove-nuh Square") is a large garden square in the exclusive Mayfair district of London, England. It is the centrepiece of the Mayfair property of the Dukes of Westminster, and takes its name from their surname, "Grosvenor". LONDON W1X 9LF ENGLAND Tel: +44(0) 171 491 2525 or Bert Kennedy at: KazMinCo Cavendish House Cavendish House is Cheltenham's oldest and leading department store (established in 1823), located on The Promenade. Its establishment was of great significance for Cheltenham's future reputation as a leading shopping centre. 40 Goldsworth Road WOKING Surrey GU21 1JT ENGLAND Tel: +44(0) 1483 729995 Europe D. Williamson at: David Williamson Assoc. Ltd. 78 Old Broad Street LONDON EC2M 1QP ENGLAND Tel: +44(0) 171 628 3989 North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Maureen Luck at: The Barrington Comm See comms. Group Inc 1100-900 West Hastings St. VANCOUVER, BC V6C 1E6 CANADA Tel: 1 604 682 1700 or 1 800 663 0321 |
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