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PACIFIC SENTINEL GOLD CORP. FOCUSED ON CASINO PROJECT SUCCESS

 VANCOUVER, British Columbia, Aug. 18 /PRNewswire/ -- Robert G. Hunter, chairman of Pacific Sentinel Gold Corp. (Vancouver: PSG), advises that the company has reached agreement in principle with a number of private investors, certain of whom are insiders of the company, to privately place approximately 1.0 million shares of the company at a price of $3.25 per share. The share subscriptions will be done on a flow-through basis whereby certain income tax benefits relating to Canadian exploration expenditures will be renounced in favor of the investors. A 6 percent finder's fee will be paid only on that portion of the placement being purchased by arm's length investors. The private placement proceeds will be used toward further exploration of the company's Casino copper-gold-molybdenum Project located in southern Yukon. Proceeds of $3,250,000 from the private placement when added to current working capital of $5,900,000 will enable the Casino Project to be continuously advanced toward a feasibility level status. The placement is subject to the usual regulatory acceptance.
 So far this year, the company has completed 88,500 feet of drilling in 66 large diameter drill holes. This drilling has indicated a copper- gold-molybdenum deposit measuring 3,600 feet north-south and 5,000 feet east-west. The deposit is open to lateral extension. Extensive high grade zones have been identified. Assays have been received for 47 of the holes drilled. Results for holes completed within the current deposit area average as follows:
 Zone Interval Copper MoS(2) Gold
 (feet) (percent) (percent) (oz/t)
 Leached 269 0.07 0.039 .013
 Supergene 174 0.47 0.047 .013
 Supergene plus
 Hypogene 1046 0.29 0.043 .010
 At site, six drills are presently operating 24 hours a day. The Casino deposit is among the largest undeveloped bulk tonnage deposits of its kind in North America with its limits yet to be defined. On-going drilling is planned to delineate the entire Casino deposit area. Mine planning, permitting and feasibility engineering will commence shortly thereafter.
 Further, in order to focus all of its resources on the rapid development of the Casino deposit, Pacific Sentinel Gold Corp. has divested itself of all its other mineral property interests. Eight other mineral property interests located in British Columbia, Manitoba and the Yukon, all of which were at an early stage of exploration, have been sold to Patriot Resources Inc., currently a private company, for 1,780,000 common shares of Patriot having a deemed value of $0.25 per share or an aggregate sale price of $445,000. These property sales are subject to regulatory approval.
 -0- 8/18/93
 /CONTACT: Robert G. Hunter, chairman of Pacific Sentinel Gold, 604-684-6365/
 (PSG.)


CO: Pacific Sentinel Gold Corp. ST: British Columbia IN: MNG SU:

BP-LM -- LA019 -- 4103 08/18/93 17:52 EDT
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Publication:PR Newswire
Date:Aug 18, 1993
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