Luzon Minerals Ltd.: Corporate Update.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--March 15, 2004 Luzon Minerals Ltd. ("Luzon" or the "Company") is pleased to issue the following report on its properties: Liphichi Project, Bolivia The portal on Level 2 of the Liphichi Project has been rehabilitated and a laydown area established outside the portal. Underground mining equipment including jacklegs, ore cars and a compressor have arrived on site and work is progressing on slashing out the existing 1.2 m x 1.2 m drift to 1.8 m x 1.8 m in order to facilitate transport of the diamond drill to the various drilling locations. A drilling contract has been entered into with Leduc 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 of La Paz La Paz, city, Bolivia La Paz (lä päs), city (1992 pop. 713,378), W Bolivia, administrative capital (since 1898) and largest city of Bolivia. The legal capital is Sucre. and a diamond drill will be mobilized to the site shortly. Initial drilling will be above and below a chip sample in the Level 2 drift that assayed 1.8 gpt over 62.5 meters and 50 m to the east of holes PG 4, PG 6 and PG7, which had the following assays:
Hole Number From To Length Grade
(meters) (meters) (meters) (grams per
tonne)
PG-4 55.85 128.65 72.80 4.19
including: 85.90 100.80 14.90 17.27
PG-6 32.00 76.30 44.30 5.53
including: 69.05 76.30 7.25 25.19
PG-7 68.05 97.30 29.25 2.27
including: 81.05 91.20 10.15 4.00
It is planned to drill fences of holes through the structure at 50 m intervals over the next several months. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , an extensive surface mapping and sampling program has commenced to confirm previous reports that the Liphichi structure is traceable for up to 2 km along strike. Tepalcateno Property, Durango, Mexico The Company has just completed an NSAMT geophysics survey at its Tepalcateno Property in Mexico, which was undertaken by Zonge Engineering of Tucson, Arizona Tucson (pronounced /ˈtusɑn/, Spanish: Tucsón [tuk'son] . The program was designed to follow a 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. structure below the pediment pediment, in architecture, the triangular gable end on a building of classic type or a similar form used decoratively. It consists of the tympanum, or triangular wall surface, enclosed below by the horizontal cornice and above by the raking cornice, which follows the and to locate potential conductive zones at depth in order to guide future drilling efforts. The main zone at Tepalcateno is a 100 m x 350 m outcrop which has pervasive low-gold assays (average 200 ppb) across the entire outcrop, consistent with an upper level epithermal environment. Fluid inclusion work and high levels of marker elements such as mercury, antimony antimony (ăn`tĭmō'nē) [Lat. antimoneum], semimetallic chemical element; symbol Sb [Lat. stibium,=a mark]; at. no. 51; at. wt. 121.75; m.p. 630.74°C;; b.p. 1,750°C;; sp. gr. (metallic form) 6. and arsenic confirm the current erosional surface in the epithermal model. It is planned to follow up the geophysics with drilling over the coming weeks at this very prospective property, which has similar low-grade gold showings over a strike length of 15 km. Much of the structure is under the pediment, so the ability to follow the structure with geophysics is very important in determining drill targets. Amayapampa Project, Bolivia The Company continues its due-diligence program on the Amayapampa Development Project in Bolivia, optioned from Vista Gold Inc. The main focus of the Company's current efforts is the negotiation of a socio-economic agreement with the local communities surrounding the project. Negotiations are currently proceeding according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. schedule. The Company is also proceeding with updating previous feasibility studies by Vista and MRDI MRDI Medical Record Disease Indices (epidemiology) MRDI McCanse Readiness for Death Instrument (questionnaire) . A recent Technical Report for Luzon by Roscoe Postle Associates ("RPA RPA Remote Patron Authentication RPA Rural Payments Agency (UK Department of Environment, Food and Rural Affairs) RPA Replication Protein A RPA RNAse Protection Assay RPA Regional Plan Association RPA Random-Phase Approximation ") classified the previous efforts as being consistent with a "pre-feasibility" level of effort according to NI 43-101 standards. The Technical Report by RPA confirmed that Amayapampa could produce an average of 41,000 ounces of gold per year over a 9 - 10 year mine life at a cash cost of $168/ounce. Finally, the company has commenced preliminary discussions with financial institutions related to construction of the Amayapampa Project. Initial cash costs are estimated by RPA to be $US 26 million including working capital. BY ORDER OF THE BOARD James A. Currie, President The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. |
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