|April 04, 2001|
Regional Exploration Program in the Dominican Republic
|ENERGOLD MINING LTD. and IMPACT Minerals International Inc., are pleased to announce that they have, subject to the requisite regulatory and board approvals, entered into a letter agreement with a private company, EXPLORATION & DISCOVERY LATIN AMERICA (PANAMA) INC. (E&D). David J. Hall, a former AngloGold Exploration Manager for South America and Dr. Stewart D. Redwood, former Senior Evaluation Geologist with AngloGold South America recently established E&D with funding initially from MinMet Plc., a company listed on the London Stock Exchange. The terms provide for a joint regional exploration program of the Los Ranchos and Maimon Formations including certain exploration concessions and optional earn-in rights held by Energold and IMPACT via their Dominican subsidiaries in Central and Eastern Dominican Republic.|
The Los Ranchos Formation, which extends for some 100 kilometers in the central eastern part of the island of Hispaniola, is host to the Pueblo Viejo gold deposit. Pueblo Viejo is the world's second largest high sulphidation district after Yanacocha in northern Peru. The Dominican Government is currently privatizing the project. The Pueblo Viejo mine produced 5.4 Moz of gold and 24.7 Moz of silver from oxide and transition ore between 1975 and 1999. The existing sulphide resource at a 3.0 g/t Au cutoff is -- 70Mt grading 4.18 g/t Au, 25.1 g/t Ag and 0.91% Zn containing 9.4 Moz Au, 56.3 Moz Ag and 637,000t Zn. The global unmined resource is greater than 30 Moz Au and 200 Moz Ag. Additionally, the Los Ranchos Formation is host to a number of significant epithermal and porphyry copper-gold showings in the Bayaguana (Rey Midas concession) and Rio Yabon (El Brujo concession) areas to the east of Pueblo Viejo.
The Maimon Formation is host to the Cerro Maimon volcanogenic massive sulphide deposit containing 3.5 Mt grading 4% Cu, 2% Zn, 44 g/t Ag and 0.5 g/t Au. In addition, volcanogenic massive mineralisation has been defined on Energold's San Antonio concession.
The Letter Agreement commits E&D to an expenditure of at least US$150,000 over a six month period, upon completion of which E&D has the right to select up to 30,000 hectares from the Energold and IMPACT holdings and earn 51% interest in them by making specified exploration expenditures on each concession it selects over a two year period. E&D is project manager with Minera Hispaniola, S.A. providing logistical services to the venture.
Energold and IMPACT believe that the agreement will allow them to further explore their concessions without additional dilution to their shareholders, whilst having the benefit of highly experienced exploration management brought by E&D focused on this well-endowed, yet superficially explored district.
On behalf of the Directors of Energold Mining Ltd.
& IMPACT Minerals International Inc.
(signed) Frederick W. Davidson
For further information please contact:
Walter Sellmer or
The Canadian Venture Exchange has neither approved nor disapproved this news release
#900 - 543 Granville St.
Vancouver, B.C. V6C 1X8
Telephone 604 681-9501
Facsimile 604 681-6813
You can view the Next News Releases item: Mon May 7, 2001, Regional Exploration Program in the Dominican Republic
You can view the Previous News Releases item: Thu Nov 30, 2000, Normal Course Issuer Bid
You can return to the main News Releases page, or press the Back button on your browser.