Pure Gold Maintains Options on Peruvian Gold Prospects.
VANCOUVER, British Columbia--(BUSINESS WIRE)--May 27, 1996--PURE GOLD RESOURCES (TSE See Tokyo Stock Exchange.
1. See Tokyo Stock Exchange (TSE).
2. See Toronto Stock Exchange (TSE). : PUG) Further to its news release of February 20, 1996, Pure Gold Resources Inc. announces that it has received regulatory approval to and secured its option to earn up to a 55 percent interest in 1600 hectares of gold prospects located in Barranca bar·ran·ca also bar·ran·co
n. pl. bar·ran·cas also bar·ran·cos Southwestern U.S.
1. A deep ravine or gorge.
2. A bluff. province, Peru, and known as the Aventura II, Aventura III and Aventura V concessions (the "Concessions").
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 undivided interest n. title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. 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 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. units in close proximity to contact areas related to multiple intrusive events and volcanic stratigraphy stratigraphy, branch of geology specifically concerned with the arrangement of layered rocks (see stratification). Stratigraphy is based on the law of superposition, which states that in a normal sequence of rock layers the youngest is on top and the oldest on the . 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 Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. , 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