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| | Wed Aug 25, 2004
Amera Options Esperanza Gold Project, Peru
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| | News Release 2004 Number 16
Amera Resources Corporation (AMS-TSX.V) is pleased to announce that it has signed a Letter of Intent to option the Esperanza Property in northern Arequipa, Peru from Arcturus Ventures Inc. (AZN-TSX.V). This 3,000 hectare property is located approximately 45 km southwest of Newmont/Southwestern Resources' Liam gold-silver property. The Esperanza Property covers a three kilometre long epithermal system that contains values grading up to 11.42 g/t gold.
The gold-bearing system encompasses four known zones where numerous old workings occur, however, other than a limited surface program conducted by Arcturus, no modern exploration techniques have previously been used in the area. The property has significant potential for bulk-tonnage style gold mineralization. The prospective Tacaza volcanics unit, which underlies the property, is characterized by widespread epithermal alteration and elevated gold content. Auriferous quartz veins and related epithermal alteration extend upwards into overlying strata.
Of the four zones the Wayra and Huanca targets have had the most sampling. At Wayra, mineralization and epithermal alteration extend over a 600 metre by 400 metre area and a grab sample of loose silica collected from a historical working on the zone assayed 2.32 g/t gold. Chip samples collected from the walls of the working assayed 3.68 g/t gold over 0.80 metres and 0.85 g/t gold over 0.60 metres. Potential for bulk-tonnage style mineralization is evident along the eastern portion of the zone. The Huanca target, 400 metres to the southwest, hosts a parallel vein set and two additional workings. Material near the opening of the lower working assayed 5.80 g/t gold and 62 metres along strike a 1.0 metre sample across this same vein graded 11.42 g/t gold. A 1.6 metre sample at the mouth of the upper working graded 292 ppb gold and 87 metres to the northeast (along strike) a grab sample from the vein returned 2.35 g/t gold.
Under the terms of this Letter of Intent, Amera may earn up to an 80% undivided interest in the Esperanza Property. An initial 55% interest in the project may be earned by incurring $750,000 in work expenditures over three years, issuing 250,000 common shares and making a one-time payment of $40,000 to Arcturus. Amera may then elect to earn an additional 25% interest, by issuing a further 260,000 shares and taking the property up to the bankable feasibility stage, within three years of such election. This Letter of Intent is subject to TSX Venture Exchange approval.
All samples reported in this news release were collected by Ian Foreman, P.Geo., a qualified person under the guidelines set forth by National Instrument 43-101. A technical report on the project is available on the Company's website (www.ameraresources.com).
Following an evaluation of the El Gigante-Rica project in Peru, the Company will not be proceeding with the option agreement, previously announced on May 20, 2004, as it was determined that this project does not comply with Amera's objectives in Peru.
Amera is leveraging its extensive contact network and is actively negotiating for the acquisition of additional properties in the Americas. The Company is committed to growth and added shareholder value through gold and precious metal-rich polymetallic discoveries.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
Mr. Nikolaos Cacos, President & CEO
For further information please contact Nikolaos Cacos, President & CEO, at 1-800-901-0058 or 604-687-1828, or fax 604-687-1858, or by email info@ameraresources.com, or visit the Company's web site at http://www.ameraresources.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. |
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