NEWS RELEASE |
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May 11, 1998 "Escondida" Gold Vein System Long, High-Grade Strike Length Confirmed The Company is pleased to announce new high-grade gold assays from detailed surface sampling of the "Escondida" Vein System located in the Central Gold Zone of the "Tierra de Oro" project in Chile. The "Escondida" Vein System is a 100 to 150 metre wide zone of strong argillic alteration containing numerous, multi-directional, gold-bearing quartz-iron oxide "veins". The central, 15-20 metre wide core zone, consisting of five persistent 1-3 metre wide veins which contain numerous old near surface workings, has now been sampled along 1,200 metres of strike length. Assays from this recent chip sampling of old workings returned values ranging from 2.76 gpt gold over 1.5 metres to 42.1 gpt gold over 1.7 metres. The weighted average gold content of fifteen continuous chip samples, spaced 30 to 40 metres apart, from workings on the same "vein" in the southern half of the zone was 12.62 gpt over an average width of 1.65 metres and 500 metres length. The continuing "vein" north of this latter section averages 7.2 gpt gold over 2.1 metres width and 400 metres length. Flanking "veins", although not as extensively sampled, show a similar range of values. Assuming the wall rock carries no gold, the average grade of the core vein zone could range from 5.0 to 6.9 gpt over a 15-metre width. This translates into a potential resource of 2,700 ounces per vertical metre for the northern stretch and 4,660 ounces per vertical metre for the southern stretch of core zone. Hence, to 150 metres in depth, the potential resource of the 900 metre stretch of the "vein" sampled in detail would be over 1.1 million ounces of gold. The "Escondida" Vein System is open to extension in both strike directions and is only one of eight large gold systems discovered to date on the 96 square kilometre 100% owned "Tierra de Oro" property. On behalf of the Board of Directors of
"Terence Walker, M.Sc, P. Geo."
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this Release.
This is not an offer to buy or sell, nor a solicitation of an offer to buy or sell these securities.
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INTERNATIONAL PBX VENTURES LTD.
Trading Symbol: IVU - Vancouver Stock Exchange
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