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News Release: April 18th, 2000
Update on the Yago Project
Fairfield Minerals Ltd. has entered
into an agreement with Almaden Resources Corporation to explore
Almaden's Yago gold-silver project in Nayarit, Mexico. Under
terms of the agreement, Fairfield will spend $300,000 on an initial
drill program and can earn 51% by spending $2,000,000 on exploration
and making the property payments due during its earn-in period,
after which a joint venture will commence with Fairfield as operator.
The property covers an extensive
area of low-sulphidation quartz-adularia veining including many
veins that have had historic production for bonanza grade gold
and silver. Almaden has conducted geological mapping and soil
geochemical surveys. A limited reverse circulation drill program
by a previous optionee targeted just two of the known veins and
returned anomalous gold-silver mineralization over mineable widths.
The companies believe that as a result of the high water flows
and shallow depth of holes, these veins were not properly tested
at the depth where bonanza grade mineralization might be expected.
A diamond drill program to test these veins to depth is currently
being planned to commence in May.
ON BEHALF OF THE BOARD
OF DIRECTORS
Duane Poliquin
The Toronto Stock Exchange
has not reviewed nor accepted responsibility for the adequacy
or accuracy of the contents of this news release which has been
prepared by management. Statements contained in this news release
that are not historical facts are forward looking statements
as that term is defined in the private securities litigation
reform act of 1995. Such forward -looking statements are subject
to risks and uncertainties which could cause actual results to
differ materially from estimated results. Such risks and uncertainties
are detailed in the Company's filing with the Securities and
Exchange Commission.
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