News Release
May 17, 2002
NEGOTIATIONS ON LAS PRINCESSAS GOLD PROPERTY
NEAR ALTO CHICAMA BEGIN
Ballad Ventures Ltd. is pleased to announce that it has begun negotiations to reacquire an interest in the Las Princessas gold prospect in North Central Peru.
On April 23, 2002, Barrick Gold Corp. announced a significant gold discovery at the Alto Chicama property. The Alto Chicama property is immediately adjacent to the Las Princessas property and this significant discovery by Barrick at Alto Chicama is believed to be located approximately 5 km east of Las Princessas. Barrick announced 3.5 million ounces of gold contained in inferred resources totalling 61 million tonnes grading 0.057 oz per ton (1.95 g/t) and based on widely spaced drilling.
Las Princessas was held under option from Peruvian owners by Ballad and explored extensively in 1997-98. Exploration included a total of 1077 m of percussion drilling in 8 shallow holes in 1998. Ballad’s work outlined an outcropping high sulphidation-alteration system with anomalous values of gold, silver, copper, lead and zinc. Drilling intercepted intervals with anomalous gold values over 0.2 g/t in all eight holes. The results included hole RC-98-04: 0.33 g/t over 52.5 m from 48m to 100.3 m, the end of the hole.
BALLAD VENTURES LTD.
Per:
Anthony J. Beruschi, President
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