|T.S.E. SYMBOL: SAO
S.E.C. Registration: 0-22216
BERLIN S.E. SYMBOL/WKN: SRS/899 188
|Vancouver, British Columbia, October 27, 1997: San Andreas Resources Corporation (the "Company") is pleased to announce that Warrior, a division of Standard Bank London Limited, has been appointed as its exclusive financial adviser to secure a joint venture partner (the "Partner") to provide up to Cdn$27 million in order to conduct an exploration program (the "Program") and produce a bankable feasibility study on its high grade zinc, lead and silver project (the "Project") at Prairie Creek in the Northwest Territories of Canada.
The Program will be designed to establish mineable reserves of around 7 million tonnes which will support the bankable feasibility study and to secure full permitting approval at a mining and milling rate of 700,000 tonnes per annum. It is envisaged that the Program will take 24 months to complete.
The Company and Warrior have established a timetable for the joint venture negotiations and this envisages that the marketing process to secure the Partner, which will be conducted internationally, will commence in early January following the completion of:
The Prairie Creek property, wholly owned by the Company, is located in the Northwest Territories of Canada (61°33'N 124°48'W), 500 km west of Yellowknife NWT and 338 km north of Fort Nelson, British Columbia. The Company's land ownership extends to a length of 27 km. An in-situ geological resource in excess of 10 million tonnes, grading 13.1% zinc, 11.3% lead and 188 grams of silver per tonne has been discovered by diamond drilling over a strike length which extends to 2.1 km and remains open for further exploration. A Development Cooperation Agreement has been signed with Nahanni Butte Dene Band.
|FOR FURTHER INFORMATION PLEASE CONTACT:
SAN ANDREAS RESOURCES CORPORATION
|Tony Millar, Chairman & C.E.O.||(UK):||011 44 1252 794740|
|Alan Taylor, President||(CANADA):||(604) 688-2001|
|Peter Freeman||(UK):||011 44 171 493 3379|