PRESS RELEASE: Apolo Gold Inc. announces property acquisition
Tuesday, April 16 2002 - 07:11 PM WIB
Apolo Gold Inc. is pleased to announce the acquisition of a property known as Napal Gold Property, located about 60km southwest of Bandar Lampung, Sumatra, Indonesia.
This property, consisting of 734 hectares, has a Production Permit (KP) in place, and consists of several high-grade veins, containing impressive gold and silver values.
Extensive exploration work has already been carried out, consisting of approximately 50 trenches, varying from 100 feet to 1,000 feet, across the mineralization. Eight parallel veins have been exposed by trenching across the mineralized zone, and 34 shafts and short drifts have been undertaken on several of these high-grade veins.
Sampling completed recently by Apolo Gold Inc. averaged 19.78 grams per ton of gold and 1,096 grams per ton of silver.
Consideration for this agreement consisted of a payment of $25,000 by June 15, 2002, and quarterly payments of $25,000 for Sept. 15, 2002 and Dec. 31, 2002. Thereafter, semi-annual payments of $25,000 starting March 15, 2002, until a total of $375,000US has been paid. As well, the company will issue a total of 3 million restricted common shares to two parties.
The company will retain 80 percent of the net profits once production commences.
It is the intention of the company to immediately carry out a five-month exploration program that will include completion geological mapping, exposing old trenches and shafts, and resampling of all previous workings. Work has already commenced.
The company also announces that it has abandoned its previous agreement with PT Metro Astatama that was announced on March 11, 2002, as it determined the infrastructure costs would be prohibitive. By mutual agreement, the parties agreed there is no cost involved in this termination. (*)
Martial Levasseur, President Apolo Gold Inc. #1458 - 409 Granville St. Vancouver, B.C. V6C 1T2; Contact: Apolo Gold Inc. Martial Levasseur, 604/687-4150; Fax: 604/687-4155; Robert G. Dinning, 602/421-9165; robertdinning@attglobal.net