Peru
News

Gold Hawk Buys Machala Project

Bnamericas Published: Thursday, April 03, 1997
MONTREAL, QUEBEC--Consolidated Gold Hawk Resources Inc. announces that it has completed the acquisition of the Machacala Project located in Peru.

The Machacala Project is a gold and silver mining property located some 40k east of Trujillo, Peru. The property, which covers 974 hectares, is the site of former underground operations where the latest owner, Minera Santa Isabel S.A. mined, between 1979 and 1991, 232,645 tonnes of silver-gold ore at an average grade of 10 oz of silver and 6.0 g of gold per tonne (company's records). There is a 100 t/day mill, camp, office building and water supply on the site. The Mine is located at approximately the 3,000 meter level.

The mining concessions which constitute the Machacala project are held by a Peruvian subsidiary of Minas San Juan Ltd. In order to acquire the Machacala project, Consolidated Gold Hawk acquired all of the issued and outstanding shares of Minas San Juan Ltd. from its 16 shareholders. As consideration for the purchase, Consolidated Gold Hawk issued a total of 7 million common shares to the 16 shareholders. Of these shares, 4,880,000 have been placed in escrow pursuant to the policies of the Alberta Stock Exchange, and will be released on the basis of one share for every $0.25 in expenditures by Consolidated Gold Hawk on the Machacala project.

Minas San Juan Ltd. also has approximately $500,000 in cash.

The common shares of Consolidated Gold Hawk are listed on The Alberta Stock Exchange (CGK).

FOR FURTHER INFORMATION PLEASE CONTACT: Consolidated Gold Hawk Resources Inc. Mr. Mackenzie I. Watson President (514) 878-3551 (514) 878-4427 (FAX)

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