Philex Gold Inc. announces new property acquisition in Bicol Gold District.TORONTO--(BUSINESS WIRE)--June 10, 1997--Philex Gold Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :PGI PGI Protected Geographical Indication PGI Progiciel de Gestion Intégré (French: Enterprise Resource Planning) PGI Phosphoglucose Isomerase PGI Polish Geological Institute (Warsaw, Poland) ) reports the signing of an agreement to explore, develop and operate mining claims situated in the Bicol gold district, located approximately 300 kilometers southeast of Manila, Southern Luzon Island, Philippines. The Bicol gold district includes a number of pre-war mine sites and operating gold mines. The claim group covers 729 hectares situated in Exciban, Camarines Norte Camarines Norte is a province of the Philippines located in the Bicol Region in Luzon. Its capital is Daet and the province borders Quezon to the west and Camarines Sur to the south. , and is accessible by the national highway system. The Benguet-Paracale, United Paragon and Gumaus gold mines and the gold prospects at Nalisbitan and Tuba are all within 20 kilometers of Exciban. The acquired claims contain a dormant, pre-war underground mine which operated from 1939-1941 and produced nearly 10,000 ounces of gold. Operations stopped during the war and never resumed. Based on results of exploration work by previous owners in the 1980's, reported reserves at the Exciban property total 273,000 tonnes grading 5.5 grams per tonne contained in four veins. Recent grab sampling by Philex geologists on surface veins assayed 21.76 and 26.24 grams per tonne. The property is underlain un·der·lain v. Past participle of underlie. by andesitic tuffs and breccias with extensive observed areas of argillic alteration. Recent surface grab sampling of the alteration zone assayed from trace to 1.50 grams per tonne gold. One area of particularly altered, brecciated brec·ci·ate tr.v. brec·ci·at·ed, brec·ci·at·ing, brec·ci·ates To form (rock) into breccia. brec andesite andesite Any member of a large family of rocks that occur in most of the world's volcanic areas, mainly as surface deposits and to a lesser extent as dikes and small plugs. , located 150 meters east of the old mine shaft, was the site of a gold rush by small scale miners in the late 1980's. Under the terms of the agreement, Philex Gold will pay $75,000 upon satisfactory completion of a legal due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and a success fee depending upon the amount of blocked reserves discovered and a favourable production decision. A sliding scale royalty of 3 to 4% net smelter return is also payable, related to the gold price. The Company has committed to commence drilling within three months of the satisfactory completion of the legal due diligence. Philex has also added contiguous mining claims to their Sanfran property, situated in the Surigao gold district of eastern Mindanao Island. The new claims cover 4,495 hectares of highly prospective geology. The Company will continue to actively pursue their strategy of acquiring gold properties of exceptional merit within the Philippines and the related prolific Pacific Rim of Fire. CONTACT: David Constable, Director Investor Relations Investor relations The process by which the corporation communicates with its investors. or Paula Kember, Vice President Finance, 416/861-1221 fax: 416/861-1226 Electronic Mail: davidc@philexgold.com Visit our Website: http://www.philexgold.com |
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