Makes me wonder how mincor do their research and why its taken...

Makes me wonder how mincor do their research and why its taken Niuminco so long to get to where we are!

FID


Wayburn's PNG Drill Results Indicate Large Potential Open-pit Gold/Silver Deposit.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Oct. 23, 1997-- Wayburn Resources Inc. (Alberta Stock Exchange: WYB.) Wayburn Resources Inc. today released consistently positive drill results from the company's Edie Creek property in Papua New Guinea, indicating the potential for a commercially viable low-grade, bulk-tonnage open-pit gold and silver mine.

Drilling on the Edie Creek Enterprise lode has defined significant epithermal gold/silver mineralization. 12 new diamond drill holes totaling 1,502 metres have been completed. All holes intercepted mineralization of more than one gram of gold per tonne. The average grade is approximately 3.0 grams per tonne. Parts of this vein system have been historically mined by underground methods with a total of 200,000 tonnes of ore recovered between 1936 and 1941. The ore averaged 11.7 g/t gold and 257 g/t silver. In the area drilled, underground exploration was undertaken on three levels in the past, the average grade for all levels being 10 g/t gold and 110 g/t silver.

Frank Underhill, President and CEO said, "Wayburn's drill program has been strategically planned to define an open pit deposit. We already know the high quality of the Enterprise vein system. Our drilling program is proving up more mineralization surrounding the veins. These consistently positive results confirm our assumptions that the Edie Creek Project contains the potential for a large open-pit mine."

Wayburn's exploration team has determined that the geology of Edie Creek is remarkably similar to that found in Placer Dome's Misima ore body in PNG including similar grade, vein and dip. Misima produces approximately 320,000 ounces of gold annually (35 Mt @ 1.1 g/t).

Drilling tested a 300 metre section of a NW-SE trending multi-vein epithermal gold system which has a length of 3,500 metres within Wayburn's tenements. The drilling intercepted multiple epithermal gold/silver veins in chloritic schists and diatreme breccia. The vein system lies within a structural corridor over 300 metres in width which is related to a fault within an area known as the Bulolo Graben. The Bulolo Graben has past gold production of 3 million ounces from alluvial and hardrock mines and hosts three significant deposits (Hidden Valley, Hamata and Kerimenge) totaling 6 million ounces.

Drilling was spaced on lines 50 and 100 metres apart with intersects down dip of the vein of between 30 to 50 metres. (more) Wayburn's PNG Project Manager, Trevor Neale, noted that the mineralization intercepted so far is indicative of a significant epithermal system, "Although it is too early to produce a resource estimate, the grades found to date indicate that a bulk mineable target is likely to be outlined with further drilling".

Wayburn's highly successful Edie Creek diamond drilling program will be followed up with a second phase of drilling. -0-
Assays have been received for all 12 holes drilled. Assay
highlights are:

Hole Interval (metres) True Grade (g/t) Grade (g/t)
Number From To Width Gold Silver
(metres)

97E001 61.0 80.9 19.9 1.3 17
incl. 61.0 63.0 2.0 2.06 71
incl. 79.1 80.9 1.8 7.83 65

97E002 61.0 62.3 1.3 1.06 17
and 81.3 94.5 13.2 1.23 7
incl. 81.3 82.5 1.2 1.61 7
incl. 86.3 91.4 5.1 2.30 8

97E003 55.4 70.8 15.4 0.95 14
incl. 59.2 62.5 3.3 2.05 21
incl. 68.7 69.7 1.0 3.51 34
and 83.7 93.7 10.0 1.84 6
incl. 84.0 85.0 1.0 2.34 8
incl. 91.6 92.2 0.6 2.10 22

97E004 90.0 91.5 1.5 1.89 23
and 102.3 104.2 1.9 5.77 34
and 112.0 113.0 1.0 1.04 3

97E005 128.9 129.9 1.0 1.15 4

97E006 78.9 86.6 7.7 4.99 21
incl. 82.2 84.7 2.5 15.15 54

97E007 124.0 124.6 0.6 3.85 113
and 131.0 133.0 2.0 1.46 29
and 137.0 139.0 2.0 1.07 21

97E008 67.1 69.0 1.9 workings workings
and 69.5 75.5 6.0 workings workings

97E009 55.8 60.7 4.9 4.88 101

97E010 47.0 53.3 6.3 4.48 106
97E011 8.9 11.5 2.1 4.01 36
and 37.7 39.0 1.0 2.60 52
and 50.6 51.7 0.9 1.92 79

97E012 9.1 10.4 1.0 5.75 157
and 10.4 11.4 0.8 core loss
and 11.4 12.8 1.1 5.48 93
and 14.0 14.6 0.5 1.72 37
and 31.9 33.1 1.0 5.65 25
and 56.3 57.0 0.6 1.18 158
and 90.6 91.6 0.8 1.16 7
and 104.2 106.7 2.0 1.02 10
and 108.2 109.8 1.3 1.36 13


NOTE: all samples are half core; half core is retained as a geological record. Assay method is acid digest/AAS. All samples above 1.0 g/t repeated using fire assay technique. Assays reported in the above table are numerical averages for all assays for each interval.


Makes me wonder how mincor do their research and why its taken Niuminco so long to get to where we are!

FID