GOLDEN SHIELD EXPECTS TO SEE MIRADO FEASIBILITY BY OCTOBER

A feasibility study on Golden Shield Resources’ Mirado gold mine pro ject is expected to be completed by October, says President Raymond Mongeau.c

To date the company has completed 700 ft of exploration drifting to confirm previously reported drill results, 11,000 ft of fill-in surface drilling and detailed metallurgical testing. A preliminary ore reserve estimate is in progress along with the comprehensive feasibility study.

There is now 1,250 ft of exploration drifting, crosscutting and raising being carried out on the 250-ft level in the southern portion of the mine. That work has opened up the recently discovered G zone where diamond drilling indicates a possible strike length of 250 ft with an average grade of 0.90 oz gold per ton over an average width of 5.8 ft and the larger F zone where previous diamond drilling indicated a strike length of 600 ft with an average grade of 0.43 oz gold per ton over an average width of eight feet.r

The company completed two private placements in June, one with First Exploration Fund for $700,000 at a price of $2.25 per share and another with the Deductible Opportunities fund 1986 for $500,000 at a price of $1.93 per share.