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VENEZUELAN GOLDFIELDS -- EXPLORATION PROGRAM

 VANCOUVER, British Columbia, Sept. 15 /PRNewswire/ -- Venezuelan Goldfields Ltd. (the "company") today issued the following information update.
 Venezuela
 The company reported that the exploration program in the Kilometre 88 area, including Oro Uno, is proceeding as scheduled. To date, the aeromagnetic survey has been completed and the ground geochemistry sampling program is fully operational and ahead of schedule. Results from this program are expected by year-end and drilling is scheduled to commence during December 1993.
 Lihir
 Negotiations between Rio Tinto Zinc Plc. ("RTZ") and the Papau New Guinea government are underway to clarify the ownership structure of this gold deposit. RTZ is representing the company in these negotiations. The company will not make any further comment until these negotiations are completed.
 -0- 9/15/93
 /CONTACT: Ian W. Telfer or Glenn A. Ives, 604-664-7050/
 (VZG.)


CO: Venezuelan Goldfields Ltd. ST: British Columbia IN: MNG SU:

MF-LM -- LA006 -- 2065 09/15/93 08:03 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
Words:154
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