Procoloro Resources Inc. announces property acquisition.MONTREAL--(BUSINESS WIRE)--Oct. 24, 1995--Procoloro Resources (ME:PCH PCH Paroxysmal cold hemoglobinuria, see there ) Procoloro Resources Inc. is pleased to announce the purchase of a 75 percent interest in an additional mining property, La Arenosa, in the Segovia-Remedios gold mining district of Antioquia Department Antioquia is one of the 32 Departments of the Republic of Colombia located in the central northwestern part of this country with a narrow section that borders the Caribbean sea however, most of its territory is mountainous with some important valleys, part of the Andes mountain in Colombia, South America. The remaining 25 percent is held by Colombian partners. In exchange for the 75 percent interest in the property, the vendors will receive 1,100,000 shares of Procoloro, of which 600,000 will be issued upon signature of the contract and 500,000 will be issued at the start of the exploration program. The Colombian Ministry of Mines has recently accorded to Procoloro the registration of its interest in the 384 hectare (ha.) mining concession. The property lies along the north-south striking regional structural trend, between the 140 ha. Santa Isabel Frontino concession and the 559 ha. Vallejo one, in which Procoloro holds 51 percent and 95 percent interests, respectively. Mining along the main known vein, on a small scale by independent miners, has exposed a 2 metre wide quartz mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. with significant pyrite pyrite (pī`rīt) or iron pyrites (pīrī`tēz, pə–, pī`rīts), pale brass-yellow mineral, the bisulfide of iron, FeS2. and galena galena (gəlē`nə) or lead glance, lustrous, blue-gray mineral crystallizing usually in cubes, sometimes in octahedrons. It is the most important ore and the principal source of lead. content. Samples taken along the vein have yielded 6 grams of gold per tonne (gpt), 22 gpt, 27 gpt and 62 gpt. Minor values of silver are also present. The fault structure hosting the vein is observed to extend for at least 2 km. Other veins are also known to be present on the property. Procoloro has retained the services of Richard Knapp, a well known consulting geologist with 35 years of experience in the region, to investigate and report on the potential of the property. Applications for an additional 2000 ha. of concessions, along the strike of the favourable structure adjoining the Arenosa property, have been filed with the Colombian Ministry of Mines. Procoloro Resources Inc. is a junior mining exploration firm listed on the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg whose mission is to acquire and develop 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. properties in South America, principally in Colombia. CONTACT: Ghislain Morin President or Robert Bryce Vice-President (819) 735-5435 (819) 738-5362 (fax) or Edmond Legault President Procoloro Colombia, Medellin 011-574-421-7181 011-574-264-4908 (fax) or Richard Leroux Director (514) 259-2988 |
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