News Release: July 26th, 2000
Drilling on Yago
In June Fairfield announced the
start of a drill program on its optioned Yago property in Nayarit,
Mexico. Since then progress has been very poor. Drilling commenced
with two holes on the Guadalupe vein that would be the most difficult
to access if the rainy season were to start early. Hole one did
not reach its objective and the core barrel was lost in the hole.
After much difficulty, hole two was completed to the planned
depth. However, the drill rods became stuck when pulling out
of the hole, and they are still stuck. Fairfield brought a drilling
expert to the project to identify the problems, which he determined
not to be related to ground or any local conditions. The program
has been suspended for the duration of the rainy season, and
will be restarted in early October for the completion of the
remaining twelve holes. In the meantime, a new contractual arrangement
for further drilling will be made. The company is encouraged
that, although the first hole did not reach its targeted vein,
another significant vein was intersected. The projected vein
in hole two was also intersected were expected. Assay results
from both holes will be reported after they have been received
and compiled.
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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