NO HEADLINE (February 15, 1993)

Several mining companies are gearing up to begin exploration programs on properties near the Pipeline gold discovery of Placer Dome in Crescent Valley, Nev.

Noranda Exploration is about to begin, on behalf of Hemlo Gold (TSE), a US$500,000 surface drill program, on four properties in the active gold camp. This program will be funded by Gold Giant Minerals (VSE), which can earn a 49% interest by spending US$4.5 million on exploration over four years. The properties, covering 14,000 acres, were acquired after geological and geophysical interpretations indicated that similar mineralization controls as found at known local deposits (Pipeline, Cortez, etc.) were present on all four properties.

A number of drill targets were defined by Noranda, which spent about US$750,000 on the four properties since the fall of 1991. The previous work included airborne EM and magnetic surveys, ground geophysics and geological compilation.

Nearby, Mutual Resources (VSE) acquired an option to earn a 100% interest in three claim blocks north of the Pipeline discovery. A placer resource was previously outlined on this property, and the underlying bedrock is considered to have excellent potential for hosting gold mineralization. Mutual is planning a surface exploration program for its Shoshone property, west of the Bald Mountain property which is being explored by Newmont Gold (NYSE).

BHP Minerals recently signed a formal exploration and mining joint venture agreement to earn a 51% interest in three properties near the Pipeline discovery held by X-Cal Resources (TSE).

The option agreement calls for staged exploration expenditures totalling US$2.4 million on the three claim groups over five years, plus cash payments totalling US$240,000. BHP has the option to drop one or more properties from the package after the first year.