NEWS RELEASE
ECUADORIAN MINERALS CORPORATION
October 12, 1995
Trading: TSE.EMC
3.5 MILLION OUNCE EXPANDED GOLD RESOURCE AT GABY
This new resource figure is based upon a more definitive evaluation of the overall mineralized deposit calculated to an average depth of approximately 275m below surface and includes a gold resource of 1.3 million ounces for the northern part of the Guadalupe concession (51% EMC/49% Zappa Resources), which adjoins EMC's portion of the main Gaby deposit. It was calculated by utilizing drill-hole data and structural interpretation from a total of over 22,000m of reverse circulation and core drilling to depths of up to 350m (including drilling totals of 16,500m by EMC, 2,650m by Zappa and 2,150m by Newmont Mining).
The 3.5 million ounce gold resource is contained within a "U" shaped mineralized structure sitting astride the Gaby-Guadalupe concession boundary and is approximately 1,800m in length and up to 300m in width with gold mineralization intersected over a vertical extent exceeding 500m (see attached map). Notable gold intervals from the 16,500m drill program on EMC's 100%-held Gaby property are shown in the see attached table and include 186m at 1.2g/t (GRC-72), 166m at 1.6g/t (GRC-1), 108m at 1.8g/t (GRC-146) including 32m at 4.2g/t, and 108m at 1.7g/t (GD-8) with many holes averaging around 1.0g/t gold over long intercepts. In addition, three higher grade, near-surface, gold mineralized centers have been recognized with gold values generally averaging in excess of 2.0g/t. On the Guadalupe concession, which covers part of the southern extension of EMC's portion of the main Gaby deposit, significant intervals from Zappa's 2,650m core drilling program are shown in the see attached table: these gold intercepts include 160m at 1.4g/t (94-12), 54m at 1.5g/t (94-2) and 48m at 1.0g/t (94-10).
Based upon the results of a recently completed exploration program, the combined Gaby/Guadalupe property is now known to host an extensive gold mineralized zone (see attached map) covering approximately 5.5 km x 1.7 km. This zone has been delineated by systematic soil gridding, outcrop sampling and trenching, together with drilling in the Gaby and Guadalupe concession areas and shows all the classic characteristics of a major Andean gold porphyry system. The main Gaby deposit, which hosts the presently known gold resource, is located within the central part of this large zone and occupies a surface area of less than 10% of the overall gold mineralized zone; the rest of the zone remains to be tested by drilling.
A pre-feasibility drill program will re-commence in November, 1995, both to further define the currently known gold resource in the main Gaby deposit and also to evaluate the 5.5 km x 1.7 km overall zone of gold mineralization. A pre-feasibility study is scheduled to be completed by the summer of 1996.
Stephen J. Kay, President and CEO
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.
For additional information,contact Linda North at Tel: (602) 483-9932 or Fax: (602) 483-9926.