|November 06, 2001|
E & D Will Proceed On Second Phase Of Option Agreement
|The Companies advise that under a Letter Agreement dated April 3, 2001, with EXPLORATION & DISCOVERY LATIN AMERICA (PANAMA) INC. ("E&D"), E&D has now completed its first phase of the option and has elected to proceed with the second phase. Under the second phase E&D must spend a specified amount on each concession over the next two years to earn a 51% interest in each one. The E&D option was limited to 30,000 hectares and E&D has elected to proceed on a total of 27,409 hectares of exploration concessions located in the Los Ranchos and Maimon Formations in the Dominican Republic. Under the Letter Agreement, E&D may apply the expenditures incurred to date pro-rata against the exploration expenditures required to earn an interest in a particular concession.|
The Los Ranchos Formation is host to the Pueblo Viejo gold mine located in one of the world's largest high sulphidation gold silver districts. Placer Dome has recently been awarded the right to acquire Pueblo Viejo from the Dominican Government under its current privatization program.
IMPACT Minerals International Inc. ("IMPACT") Two properties, El Brujo, and La Bruja are held by an IMPACT subsidiary, and under the option E&D must spend US$1,500,000 in total in the next two years to earn a 51% interest in both properties. During the same period E&D must spend an additional US$250,000 to earn an interest in a third property, Rey Croesus.
Energold Mining Ltd. ("Energold") E&D have also selected six concessions either owned or optioned by Energold and its subsidiaries including; Josefina, Winkie, Bacco y Ofir, La Comadreja, Rey Midas and Rey Salomon. E&D is required to spend a total US$1,250,000 over the next two years to earn a 51% interest in all of these properties.
E&D is continuing its fieldwork focussing on high sulpidation epithermal precious metals and copper occurrences in the above concessions.
On behalf of the Directors of Energold Mining Ltd. & IMPACT Minerals International Inc.
"Frederick W. Davidson"
For further information please contact:
Fred Davidson or
The Canadian Venture Exchange has neither approved nor disapproved this news release.
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