MINING IN AFRICA SPECIAL — Oliver in Mali and Zimbabwe

A newcomer to the African continent, Oliver Gold (VSE) has acquired interests in projects in Zimbabwe and Mali in five short months.

The company acquired a half interest in a private Zimbabwe company that owns two operating gold mines. The C and Camp mining operations produce a combined 5,000 oz. gold per year operating at 140 tons and 60 tons per day, respectively. Sufficient reserves have been outlined for five years of production.

Oliver is in the process of hiring a mine geologist to undertake an exploration program on surrounding land and to provide a detailed ore-reserve analysis.

In Mali, the company can earn a half interest in three exploration projects belonging to Consolidated Mining of South Africa. Terms of the agreement call for expenditures of $250,000 during a 5-year period, as well as taking one project to the feasibility stage.

A 4-hole diamond drill program totaling 3,000 ft. was completed this past October on the Segala concession, testing a section of a shear zone measuring 2,300 ft. in length by 500 ft. in width. The area has been extensively worked by locals to a depth of 100 ft.

Of the four holes drilled, three returned intersections that included 127 ft. of 0.074 oz. gold per ton, 182 ft. of 0.055 oz. and 110.5 ft. of 0.138 oz. Oliver reports one of the holes was collared to the far southwest of the mineralized zone and failed to intersect the shear.

The property is about 50 miles from the Sadiola deposit of Anglo American of South Africa. Sadiola is expected to produce upwards of 300,000 oz. gold annually by 1997. Reserves are estimated at 55.1 million tons grading 0.058 oz.

Oliver is planning to drill a further 12 holes on the Segala property by March.