Semafo announces the beginning of Phase 2 of its exploration program in Ghana.MONTREAL, QUEBEC--(BUSINESS WIRE)--OCTOBER 11, 1995--SEMAFO(ME: SMF (1) (Standard Messaging Format) An electronic mail format for Novell's MHS messaging system. The application puts the data into this format in order to send an e-mail message. ) West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. Mining Exploration Corporation Inc. -SEMAFO announces today the initiation of its second phase field program on the Teleku-Bokazo property in Ghana, West Africa. A recently completed geochemical and geological mapping program over a portion of the property (10 percent) outlined an extensive gold anomaly of 1,000 meters long by 200 meters wide of elevated values contained within the 200 ppb (0.2 gram) contour interval Difference in elevation between two adjacent contour lines. having an average soil value of 785 ppb (0.785 gram). The company will carry out limited trenching to ground confirm several of the peak anomalies, following which a drilling program will commenced. SEMAFO has contracted a local company to carry out a minimum drill contract of 3,000 meters. Concurrent with this work an intensive program of geological evaluation encompassing geological mapping`interpretation of photogeological, Landsat imagery and geochemical sampling will be carried out on the remaining untested portion (90 percent) of the property. Furthermore, SEMAFO is pleased to announce its decision, in light of the favourable recommendation from A.C.A. Howe International to complete the exercise of its option to acquire a 100 percent interest in the Teleku Bokazo property from Vauquelin Mines Ltd. by issuing 250,000 common shares to Vauquelin and undertaking to spend $500,000 in additional exploration expenditures on the property prior to June 30, 1996. SEMAFO's interest in the Teleku Bakazo property will be subject to a 30 percent net profit interest in favour of Vauquelin, which can be converted at SEMAFO's option into a 1 percent NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there by the issuance of an additional 300,000 common shares and the incurring of a further amount of $500,000 of expenses on the property. CONTACT: Mr. Benoit La Salle La Salle, city (1990 pop. 9,717), La Salle co., N Ill., on the Illinois River; settled 1830, inc. 1852. It forms a tricity unit with Peru and Oglesby. Corn, wheat, and soybeans are grown, and cattle and hogs are raised. President 514/747-2414 NO REGULATORY AUTHORITY Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities HAS APPROVED NOR DISAPPROVED THE CONTENT OF THIS RELEASE REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-236-4266 or 80 |
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