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Assay Results From Phuoc Son Project

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NEWS RELEASE

For Immediate Release


ASSAY RESULTS FROM PHUOC SON PROJECT

Auckland – 16 October 2000 – Zedex Limited today announced further results from its ongoing drilling program, and provided a progress update for the Phuoc Son gold project in central Vietnam.

Drilling with three drills continues on the Bai Dat, Bai Go and Bai Chuoi mineralised zones, which are located on a single fault structure. Bai Go is on strike with Bai Dat and located about 1 kilometre to the north of Bai Dat. Bai Chuoi is midway between Bai Dat and Bai Go.

Assay result for drill holes DSDH-42, DSDH-43, DSDH-44 and DSDH-47 have now been received from Genalysis Laboratory Pty. Ltd. of Perth, Western Australia. Selected results are shown in Table I below.

Table I

Phuoc Son Selected Drill Results
Bai Chuoi and Bai Go Sectors of the Dak Sa Shear Zone

Drill hole # Depth of Intercept Length of Intercept Assays
Au Ag Pb Zn
From (m) To
(m) Metres Feet g/t oz / short ton g/t oz / short ton % %
Bai Go Sector:
DSDH – 42 123.00 124.00 1.00 3.28 3.01 0.09 2.00 0.06 0.11 0.00
133.45 135.00 1.55 5.09 1.13 0.03 2.00 0.06 0.04 0.01
159.00 160.00 1.00 3.28 1.20 0.03 0.00 0.00 0.09 0.09
165.00 166.00 1.00 3.28 2.05 0.06 1.00 0.03 0.02 0.00
167.00 168.00 1.00 3.28 2.33 0.07 1.00 0.03 0.01 0.00
DSDH – 43
DSDH – 43 170.00 171.05 1.05 3.44 26.35 0.77 15.00 0.44 1.37 0.28
DSDH – 47 81.00 86.00 5.00 16.40 1.52 0.04 0.40 0.01 0.11 0.01
100.00 100.00 106.00 6.00 19.69 1.42 0.04 0.17 0.00 0.01 0.01
107.00 108.00 1.00 3.28 1.24 0.04 0.00 0.00 0.00 0.00
Bai Chuoi Sector:
DSDH – 44 79.00 80.00 1.00 3.28 10.00 0.29 11.00 0.32 0.63 0.56

Bai Go

DSDH-42 is vertical and located in the Bai Go area, 50 metres down dip of DSDH-40; DSDH-42 intersected a total mineralised zone of 13.55 metres over two broad intercepts. Although the grade of minerialisation encountered in DSDH-42 is low, the broad intercepts recovered indicate that the mineralised zone is continuing down dip to the west. Further drilling to test the extent of minerialisation is planned in this area.

Drill hole DSDH-43, also vertical and located in the Bai Go area, 50 metres north of DSDH-40, encountered 1.05 metres (3.44 feet) of well-mineralised material at 26.35 g/t Au (0.77 oz/ton Au). This confirms that the minerialisation extends further to the north of the area drill tested to date.

DSDH-47 is located 50 metres south of drill hole DSDH-45. It appears from the results obtained in DSDH-47 that this hole is located on the southern edge of the high-grade minerialisation intersected and previously reported in DSDH-45 and DSDH-40. A further hole is now being drilled 25 metres south of DSDH-45 to test the extent of minerialisation in this area.

Vertical hole DSDH-48 is located 75 metres southwest of DSDH-45. The hole has now been completed to a depth of 163.00 metres. Analysis of the drill core indicates the possible convergence of the three main veins that had previously been intersected in adjacent drill holes. In DSDH-48, the “composite vein” was intersected over 37.30 metres, from 86.70 metres to 124.00 metres in depth. The vein comprises a westerly dipping system with at least two phases of veining. Visible sulphides in the quartz are generally about 1% but rise locally to over 20%. The entire 37.30 metres intercept has been sent to Genalysis Laboratories in Western Australia for assay.

The Bai Go mineralised zone has now been tested by a total of eight drill holes, as shown in Table II.

Table II
Significant Assays from Selected Intervals
Bai Go Sector of Dak Sa Shear Zone

Drill hole # Depth of Intercept Length of Intercept Assays
Au Ag Pb Zn
From (m)
To
(m) Metres Feet g/t oz/ton g/t oz/ton % %
DSDH - 24 69.80 70.40 1.60 1.97 11.44 0.33 2.25 0.06 0.00 0.01
DSDH - 25 54.50 55.00 0.50 1.64 11.94 0.35 31.00 0.90 0.71 0.81
DSDH - 27 83.90 85.00 1.10 3.61 10.68 0.31 126.00 3.67 11.43 0.03
DSDH - 28 101.00 104.00 3.00 9.84 13.26 0.39 7.33 0.21 0.84 0.01
DSDH - 40 137.00 144.00 7.00 22.97 10.62 0.31 27.58 0.80 3.82 0.64
DSDH - 42 * 159.00 168.00 3.00 9.84 1.86 0.05 0.66 0.02 0.00 0.00
DSDH - 43 170.00 171.05 1.05 3.44 26.35 0.77 15.00 0.44 1.37 0.28
DSDH - 45 118.00 127.15 9.15 30.02 34.95 1.02 98.96 2.89 7.41 0.22
DSDH - 47 ** 81.00 108.00 12.00 39.36 1.45 0.04 0.24 0.01 0.05 0.01

Weighted average lower intercept: 4.27 14.00 13.56 0.40 33.82 0.99 2.92 0.19

* in two mineralized zones
** in three mineralized zones

Table II shows that the average width of the mineralised zone intercepted in eight drill holes completed to date at Bai Go is 4.27 metres (14.00 feet) at a weighted average grade of 13.56 g/t Au (0.40 oz/ton), 33.82 g/t Ag (0.99 oz/ton Ag), 2.92% Pb and 0.19% Zn. At Bai Go, the strike extent of the area drilled to date is approximately 350 metres and the down dip extent now exceeds 200 metres. The extent of minerialisation now drilled at Bai Go is therefore similar to that drilled to date at Bai Dat; however, locally, the minerialisation at Bai Go has been shown to be greater thickness (up to 9.15 metres) and of substantially higher grade than that at Bai Dat.

Bai Chuoi

DSDH-44, located down dip of artisan workings at Bai Chuoi, and approximately mid-way between Bai Dat and Bai Go, intersected 1.00 metre (3.28 feet) of mineralised material at a grade of 10.00 g/t Au (0.29 oz/ton Au). Intersection of significant minerialisation in this area tends to support the theory that minerialisation may be continuous in various lenses between Bai Dat and Bai Go. Further drilling is now in progress to test this theory.

Assay results from Genalysis Laboratory of Perth, Western Australia and check assay results from Bondar Clegg of North Vancouver will continue to be released as they become available.

About Zedex
Zedex Limited (formerly Iddison Holdings) was incorporated in February 1999 to acquire the Vietnamese assets previously owned by IT Capital Limited. Zedex’s major focus is gold exploration in the Phuoc Son gold, silver and base metal project. The company holds a strategic two-fold interest in the joint-venture company, New Vietnam Mining Corporation (NVM), which owns the Exploration Licences under which mineral tenure is held. Zedex holds a 10.18% direct interest in NVM and Zedex is the largest shareholder, with a 23.66% interest, in Canadian listed company, Olympus Pacific Mineral Inc. Olympus holds a controlling 57.18% interest in NVM and is also the project operator. The other joint venture partner in NVM is Ivanhoe Mines Limited, which adds its 32.64% interest in NVM to its other substantial worldwide mining interests.

ENDS

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