Pure Gold Maintains Options on Peruvian Gold Prospects.
Under the terms of its agreement with Ballad Enterprises Ltd. of Vancouver, Pure Gold has issued 100,000 common shares and paid US$50,000 to Ballad. At such time as Pure Gold has incurred aggregate exploration of US$700,000 on the Concessions, it will have earned a 37.5 percent undivided interest in the Concessions and in certain surrounding claims.
Pure Gold may increase its interest in the Concessions to a 55 percent undivided interest, by making an additional cash payment of US$1,000,000 to Ballad by February 8, 1998.
Pure Gold, as operator of the Concessions, plans to incur exploration expenditures of approximately US$200,000 in the next year, drilling identified targets consisting of a "manto" type gold occurrence within fractured and receptive andesite units in close proximity to contact areas related to multiple intrusive events and volcanic stratigraphy. These targets are expected to generate large tonnage, low-grade zones.
Pure Gold continues to hold interests in numerous diamond prospects located in the Northwest Territories, all subject to joint venture with Ashton Mining of Canada Inc, including a Slave Regional joint venture, the Texas Star Project and the Cross Property. Results of bulk sampling carried out by Ashton on the Orion Pipe located on the Cross Property are expected shortly. -0- ON BEHALF OF THE BOARD: PURE GOLD RESOURCES INC. Donald R. Sheldon Director
CONTACT: Pure Gold Resources Inc.
Donald R. Sheldon, 604/687-2038
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|Date:||May 27, 1996|
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