News Release: July 7th, 2000
Project Update
Fairfield Minerals Ltd. has begun a diamond
drilling program on the Yago project, a gold-silver epithermal
vein system in Nayarit, Mexico. Under terms of a recent option
agreement with Almaden Resources Corporation, Fairfield can acquire
a 51% interest in the project. Roughly 3000 metres of drilling
is planned to target the two main zones of veining on the property,
the Tejona-Guadalupe area and the La Sarda Mine area. In the
La Sarda Mine area drill holes will target the downdip extension
of vein from which high grade gold and silver has been recently
exploited in shallow mine workings. [go +]
Later in July, the Company will also start a 14 hole 1200m diamond
drill program on it's southern B.C. Siwash property. Holes will
be drilled in an area located 200m to the east of the previously
mined pit from which 51,300 ounces of gold was produced. These
holes will increase sampling density and the WD vein, located
150 north, will be tested with two holes to determine the depth
extent of the presently defined shoot. The Gold Creek West vein
system, located 450m southwest of the previously mined area,
will be drilled to test its' lateral continuity. The program
is expected to be completed in early August.
Soil sampling was conducted in the past month on the Company's
Shawnee gold property in the Pogo area, Alaska to follow up last
summer's stream silt sampling program. Results are expected in
approximately two weeks. [go +]
The Company has optioned its RAM property in the Yukon Territory
to Ross River Gold Limited in terms whereby Ross River can earn
a 70% interest in the property for 220,000 shares and $500,000
in work on the property. This property is considered to have
potential for Pogo style mineralization. [go +]
Fairfield has just received "Reasons for Judgement"
in an action commenced against the company by a former shareholder.
This action was heard in court during November and December,
1999.The plaintiff's claim was dismissed and costs were awarded
to the company. The court held that there was no evidence of
any improper conduct on the part of the company.
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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