AKD akd limited

Anyone Know if this could be Worthwhile ?

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    AKD LIMITED 2002-10-15 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Newmont Peru Limited ("Newmont") has identified a robust gold anomaly
    (up to 1,100 ppb Au in soils) at AKD's Chinguela gold project in
    northern Peru.

    The gold anomaly is approximately 1000 x 400 metres in size and is
    coincident with a soil covered area within the western stock
    work-vein zone at Chinguela.

    Mapping of the property at a scale of 1:5000 has identified two NNW
    striking lines of andesitic tuff-hosted quartz veining and
    silicification: (1) the "western zone" which forms a stock work zone
    of quartz veining 1.7km in length and up to 15 metres in width and
    (2) the "eastern zone" which has a strike length of about 500 metres
    and consists of a 5-metre wide discontinuous zone of quartz veining.

    Rock chip sampling from within the soil anomaly area has returned
    consistently anomalous gold values and silver values. Results for
    multi-element assays are still pending.

    Exploration by Newmont has included:

    * Geochemistry: A total of 53 stream sediment, 257 rock chip and 601
    soil samples have been collected.

    * Geophysics: A combination of gradient-array
    chargeability/resistivity surveying followed by selected lines of
    dipole-dipole traverses has been completed. The survey has just
    finished and the data has not been interpreted to date.

    Newmont Peru Limited ("Newmont"), a wholly owned subsidiary of
    Newmont Mining Corporation (NYSE, ASX: NEM, TSX: NMC) entered into an
    agreement with AKD's subsidiary, Terrace Gold NL, over Terrace's 100%
    owned Chinguela gold project in northern Peru on July 26 this year.

    Newmont has the right to earn up to 70% interest in Chinguela by
    spending US$4 million (AUD$8 million) over 6 years and paying Terrace
    US$65,000 cash (AUD$130,000 cash) within the first two years. Newmont
    also has the right to earn an additional 10% interest in Chinguela by
    bringing the project to completion of mine feasibility.


    Z A Sas
    MANAGING DIRECTOR
 
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