|May 01, 2003|
Energold Mining Ltd. Announces Positive Gold Results from the Bacco y Ofir Project
|Energold Mining Ltd. is pleased to announce that Minmet plc has advised the company of highly encouraging gold results that have been returned from an extensive rock-sampling program on the Bacco y Ofir Project in east-central Dominican Republic. Minmet is optioning the Bacco y Ofir Project from Energold in an agreement whereby Minmet can earn 51% by expending US$150,000. The project is adjacent to the Bayaguana Gold Project where Everton Resources is earning 50% by expending US$1,500,000 over 2 years from Globestar Mining Corp.|
The mineralization was initially identified as part of the regional stream sediment program undertaken by Minmet's wholly-owned subsidiary Exploration & Discovery Latin America (Panama) Inc. Follow-up work has included ridge and spur soil sampling ( 354 samples) and rock sampling (314 samples). The soil anomaly covers an area of 1400m by 700m with soil values up to 1.1 g/t Au and Cu values up to 0.16%. Rock samples from within the gold soil anomaly area have returned a maximum value of 9.56 g/t Au, with 19 samples greater than 1 g/t Au including 9.5 g/t, 5.7 g/t, 4.8 g/t, 3.96 g/t, 3.83 g/t, 3.6 g/t and 2.45 g/t. The rocks have an associated geochemical signature typical of high-sulphidation gold systems including As, Hg, Mo, Sb and Te.
"This work has identified a new and previously unrecognised mineralized Au-Ag-Cu-Zn system in the Dominican Republic and further shows the potential of this belt that hosts Pueblo Viejo" said David Hall, Group Operations Director for Minmet. Alistair Waddell, Minmet's Project Manager for Dominican Republic states " that we will fast track this project in line with Minmet's strategy to drill stage as quickly as possible".
The Energold Group is a profitable exploration and contract drilling company currently conducting mineral exploration in the Dominican Republic and contract drilling in six countries on three continents. Energold also owns 46.7% of IMPACT Minerals International Inc. (IPT: TSX.V), a gold exploration company in the Dominican Republic.
On behalf of the Directors of Energold Mining Ltd.
"Frederick W. Davidson"
For further information, please contact:
Fred Davidson or
Darrell Rader - Corporate Development
The TSX Venture Exchange has neither approved nor disapproved this news release.
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