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Under the agreement, to earn a 51% interest over the next two years E&D as operator must spend US$1,500,000 on the El Brujo and La Bruja concessions and US$200,000 on the Rey Croesus concession.
The three concessions were selected on the basis of results of a regional stream sediment and rock sampling survey recently completed by E&D. Under the direction of David J. Hall and Stewart D. Redwood, principals of E&D, strict quality control of sampling was maintained throughout the survey, including the insertions of sample duplicates and blanks, with analyses carried out by ALS-Chemex. Extensive geological work including re-evaluation of the geological controls of the Pueblo Viejo deposit undertaken with Dr. Richard Sillitoe, a leading economic geological consultant based in London, England, was completed. Pueblo Viejo is the second largest high sulphidation gold deposit in the world after Yanacocha, Peru. The development and mining of the Pueblo Viejo deposit is currently the subject of negotiations between Placer Dome and the Dominican government.
El Brujo (5384 ha) and La Bruja (820 ha) are contiguous concessions located approximately 100 km east of Pueblo Viejo. Prior to acquisition by IMPACT, previous work carried out by BHP Minerals included soil grid sampling and diamond drilling on La Bruja and soil grid sampling, minor hand-pitting, and geological mapping at El Brujo. Subsequent work by IMPACT consisted of prospecting and limited hand-pitting at El Brujo. Of the 10 holes drilled by BHP, 7 intersected gold mineralization with the best intercept cutting 50 metres of 0.97 grams gold per tonne, including a 12 metre interval grading 1.4 grams gold per tonne. Comparing the La Bruja drill core with their re-evaluation of the Pueblo Viejo deposit, E&D conclude the La Bruja mineralization to be the same style -- dominant pyrophyllite alteration with Au-Ag-Mo-Cu mineralization hosted by felsic tuffs of the Los Ranchos Formation. At El Brujo, the previous work by BHP and subsequent work by IMPACT outlined 3 gold soil geochemical anomalies from which rock float samples returned values of up to 5.0 grams gold per tonne in the Gossan Zone and up to 3.2 grams gold per tonne in the Vein Zone.
Based on their work and re-interpretation of the La Bruja and El Brujo results, E&D consider La Bruja and El Brujo to be part of a single large high sulphidation mineralized system with similar dimensions to that of Pueblo Viejo.
E&D is re-establishing and enlarging the old La Bruja--El Brujo grids to an area 8km by 2km and will be conducting geochemical soil and mapping surveys prior to selecting sites for diamond drilling.
The Rey Croesus (2100 ha) concession, underlain in part by the favorable Los Ranchos Formation, is located approximately 50 km to the east of Pueblo Viejo and 5 km to the west of the high sulphidation Kiosko deposit, where ACA Howe International Ltd estimated a mineral resource of 4.9 million tonnes grading 2.0 grams gold per tonne, 5.1 grams silver per tonne, and 1.0 percent copper. E&D sampling in this region has returned anomalous arsenic and antimony in stream sediments, as well as anomalous gold, silver, molybdenum, arsenic, and mercury in float.
E&D intends to conduct additional float and outcrop prospecting followed by ridge and spur soil sampling and geological mapping in this area.
On behalf of the Directors of Energold Mining Ltd. & IMPACT Minerals International Inc.
"Frederick W. Davidson"
Director
For further information please contact:
Fred Davidson or
Walter Sellmer
The Canadian Venture Exchange has neither approved nor disapproved this news release.
