VENGOLD - EXPLORATION UPDATE.

VANCOUVER, BC--(BUSINESS WIRE)--March 29, 1995-- Ian Telfer, President of the Corporation, speaking at the Miami Gold show, announced preliminary results from the second phase of diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral on the Nueva Alaska and Bizkaitarra concessions in the Kilometre 88 region of Venezuela.

NUEVA ALASKA

The exploration program undertaken by the Corporation on the Nueva Alaska concession has discovered an extensive 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. system situated beneath a one square kilometre Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:

1,000,000 m²
100 ha (hectare)

Conversely:

1 m² = 0.

gold-in-soil anomaly. Ten diamond drill holes were targeted based on a program of soil sampling and auger drilling. Work to date has identified two parallel shear zones over strike lengths in excess of 300 metres with potential for significantly extending the strike lengths to the south where both shear zones appear to widen. Significant intersections of gold were encountered in eight of the ten diamond drill holes. The most significant intersections are 0.99 grams per tonne of gold over 60 metres, and 0.52 grams per tonne over 77 metres.

A follow-up program of auger and diamond drilling will commence immediately to investigate the southerly extension of these shear zones and their intersection with crosscutting cross·cut·ting
n.
A technique used especially in filmmaking in which shots of two or more separate, usually concurrent scenes are interwoven. Also called intercutting. faults that may localize lo·cal·ize
v. lo·cal·ized, lo·cal·iz·ing, lo·cal·iz·es

v.tr.
1. To make local: decentralize and localize political authority.

2. higher grade 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. .

In order to maintain its option to acquire 50% of the Nueva Alaska concession, the Corporation will issue the final payment of 200,000 common shares to the vendors of the concession pursuant to the terms of an agreement dated January 31, 1994.

BIZKAITARRA

Since January, 1995, the Corporation has drilled 15 diamond drill holes on the Blue Lagoon Blue Lagoon

Blue Lagoon (geothermal spa) in Iceland
Blue Lagoon (band), a German reggae-pop covers band ()
Blue Lagoon, a resort located at Bateau Bay on the Central Coast of New South Wales, Australia

and 61 North zones. Results have been received from six holes, five of which contained significant gold intersections that included an 11 metre intersection with a gold grade of 40 grams per tonne. The Corporation is earning a 50% interest, which can be increased to 65% under certain conditions, in the Bizkaitarra concession from Queenstake Resources Ltd. by funding all exploration costs and a portion of the acquisition costs.

CONTACT: Ian W. Telfer or Glenn A. Ives, 604/664-7050

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Publication:	Business Wire
Date:	Mar 29, 1995
Words:	331
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