VANCOUVER, Sept. 13 /CNW/ - The Company is pleased to announce that a
drilling program has commenced on its Itetemia Gold Project in the Lake
Victoria Greenstone Belt of Tanzania. The Itetemia property is located some
90 kilometers southwest of Mwanza adjacent to Barrick's Bulyanhulu Mine
property, one of the largest underground gold producers in the world. Itetemia
is currently the subject of an option agreement with a private United Kingdom
based company, Sloane Developments Ltd. which can earn a percentage interest
in prospecting licenses aggregating 54 square kilometres.
The drill program will include at least 2,000 metres of Reverse
Circulation (RC) drilling and 3,000 metres of infill diamond drilling which is
designed to improve the confidence level of the gold grades encountered in
previous drill programs within the Golden Horseshoe Reef (GHR) down to the
200 metre level.
The GHR has been traced by diamond drilling to a vertical depth of
approximately 440 meters, with the gold mineralization occurring primarily
within two discrete zones, the South and North, which plunge approximately
55 degrees to the northwest.
RC drilling is continuing at the Company's Kigosi Project which will also
be the subject of a diamond drilling program in the near future.
"James E. Sinclair"
James E. Sinclair
Chairman and Chief Executive Officer
The Toronto Stock Exchange and American Stock Exchange have not reviewed
and do not accept responsibility for the adequacy or accuracy of this
Cautionary Note to U.S. Investors - The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings with the
SEC, to disclose only those mineral deposits that a company can economically
and legally extract or produce. We use certain terms on this news release,
such as "measured", "indicated", and "inferred" "resources" that the SEC
guidelines strictly prohibit U.S. registered companies from including in their
filings with the SEC. U.S. Investors are urged to consider closely the
disclosure in our Form 20-F, File No. 0-50634, which may be secured from us,
or from the SEC's website at http://www.sec.gov/edgar.shtml.
Certain information presented in this release may constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are based on
numerous assumptions, and involve known and unknown risks, uncertainties and
other factors, including risks inherent in mineral exploration and
development, which may cause the actual results, performance, or achievements
of the Company to be materially different from any projected future results,
performance, or achievements expressed or implied by such forward-looking
statements. Investors are referred to our description of the risk factors
affecting the Company, as contained in our Form 20-F, File No. 0-50634, for a
more information concerning these risks, uncertainties, and other factors.
For further information:
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