+++++++++++++++++++++++++ Perseverance Corporation Limited Directors today announced one of the most significant gold discoveries in Australia in recent years at the Company's 100% owned Fosterville property. The Company reported a high grade sulphide resource of 4.7 million tonnes grading 5.8 Au g/t containing 875000 oz of gold within the central zone of the Fosterville lease. The Fosterville property is situated 20 km to the east of Bendigo in Central Victoria. Central Victoria is one of the largest gold districts in the world.
Mr John Quinn, the Company's Executive Chairman, commented, "The Deep Sulphide program had been an outstanding success. It has demonstrated that Fosterville contains a major mineral system in which Perseverance has defined a significant gold resource that remains open down plunge and along strike of each of the three shoots drilled to date. The high grade resource occurs within coherent zones with substantial thickness and strike lengths." He noted that the Deep Sulphide program had partially tested only 2 km of the known mineralised fault zones at Fosterville to a depth of 500 metres beneath surface. He said that Perseverance has 20 strike kms of mineralised fault systems within the Fosterville lease and that gold deposits in Central Victoria were known to extend, in some places, to beyond 1500 metres beneath surface. "The Company has already identified 11 other sulphide occurrences at Fosterville that require detailed testing. Based upon the current understanding of gold occurrence at Fosterville, it is reasonable to expect to identify more targets both under thin cover and at depth beneath known mineralised shoots. Perseverance is only just scratching the surface at Fosterville and the Company has a very exciting future in a re-discovered goldfield demonstrating genuine multi-million oz. potential."
The Company also announced that it would be immediately proceeding with the next stage of its program to drill out the known ore zones and commence prefeasibility studies for a mine development targeted for 2003. It would also be seeking to extend the resource base by exploratory drilling further targets along strike and at depth beneath the three shoots identified to date.
For more information contact:
John Quinn Chris Roberts EXECUTIVE CHAIRMAN DIRECTOR EXPLORATION (03) 5439 7244 (03) 5439 7244 0412 381081 0407 364394