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Phuoc Son Drilling Delivers High Grade Intercepts


NEWS RELEASE

Drilling At Phuoc Son Continues To Deliver High Grade Intercepts


Auckland, New Zealand – 6 November 2000 - Zedex has announced further assay results from its drilling program at the Phuoc Son gold project in central Vietnam.

Additional assay results from drill hole DSDH-48, located in the Bai Go sector of the Dak Sa zone, and from DSDH-39, in the Bai Dat sector, have now been received from Genalysis Laboratory Pty. Ltd. of Perth, Western Australia. Highlights from the results are:

• continued analysis of the lower part of DSDH-48 has revealed a fourth high grade vein containing a 1.0 metre intercept at 49.31 g/t Au (1.44 oz/ton)

• analysis of selected core from DSDH-39 gives results of 37.60 g/t Au (1.10 oz ton) over a 1.95 metre intercept; this includes a 1.20 metre intercept of 48.98 g/t Au (1.43 oz/ton)

Table I

DSDH-48 and DSDH-39 Selected Drill Results

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 – 48 86.70 124.00 11.80 * 38.72 15.46 0.45 5.34 0.16 0.36 0.11
Including: 86.70 95.50 8.80 28.87 14.29 0.42 6.59 0.19 0.46 0.01
101.35 102.35 1.00 3.28 1.04 0.03 - - 0.04 -
105.00 106.00 1.00 3.28 6.28 0.18 - - 0.01 -
123.00 124.00 1.00 3.28 49.31 1.44 5.00 0.15 0.12 0.02
BAI DAT SECTOR
DSDH – 39 105.25 107.20 1.95 6.40 37.60 1.10 60.69 1.77 5.77 6.05
Including: 105.25 106.00 0.75 2.46 19.39 0.57 41.00 1.20 2.91 7.07
106.00 107.20 1.20 3.94 48.98 1.43 73.00 2.13 7.56 5.42

* in four intercepts

Vertical drill hole, DSDH-48, located about 1 kilometre north of the Bai Dat high-grade mineralised zone, was completed to a depth of 163.00 metres. Analysis of the drill core confirms the existence of significant gold mineralisation within a total intercept of 11.80 metres (38.72 feet) in 4 separate intercepts, as shown in Table I. The mineralisation is associated with a thick zone of sheeted quartz veining, which was intersected over 37.30 metres (122.39 feet), from 86.70 metres to 124.00 metres depth.

Drill hole DSDH-39 (declined –60 degrees SE) is located in the south-eastern portion of the high-grade shoot within the Bai Dat sector of the Dak Sa shear zone. The hole was drilled to investigate a feeder zone, which was inferred to lie beneath the main vein. Although the feeder zone was not intersected in this hole, the presence of milled quartz fragments within massive sulphides of the DSDH-39 main vein intersection indicates that such a feeder zone probably does exist nearby.

Bai Go High-Grade Shoot
The high-grade shoot at Bai Go has now been intersected by 11 drill holes over a strike length of approximately 200 metres and down-dip about 250 metres from outcrop (i.e., to the current limit of drilling). The average intercept width in these 11 drill holes is 4.69 metres (15.38 feet), with a weighted average grade of 13.88 g/t Au (0.40 oz/ton), 27.13 g/t Ag (0.79 oz/ton), 2.28% Pb and 0.16% Zn. The strike extent of this shoot now exceeds that of the Bai Dat shoot. On-going drilling at Bai Go continues to intersect similar grade to the Bai Dat mineralisation, but over greater average thickness.

Bai Dat High-Grade Shoot
Drilling at Bai Dat has delineated a high-grade shoot within a mineralised vein system, which has been tested along strike for approximately 180 metres and about 260 metres down-dip. The shoot has to date been intersected by 17 drill holes. The average intercept width in these 17 drill holes is 3.79 metres (12.43 feet) with a weighted average grade of 22.05 g/t Au (0.64 oz/ton), 22.04 g/t Ag (0.64 oz/ton), 1.5% lead and 1.03% zinc.

Summary of Exploration Results
Geological mapping within the Phuoc Son licence area has so far revealed fertile target zones along a strike length of 12 kilometres, coincident with three major mineralised shear structures. To date, 6,819 metres of drilling in 52 drill holes have tested less than one strike kilometre, at the southern end of one of these structures (the Dak Sa shear). Within this one-kilometre strike length, high-grade gold mineralisation has been intersected in multiple vein systems, up to 32 metres thick. Although drilling is currently suspended during the monsoon rain season, further high-grade mineralisation is confidently expected to be intersected during ongoing drilling to determine the extent of the Bai Go high-grade zone, and investigate an extended (2.25 km) section of the Dak Sa structure. Drilling will subsequently be extended yet further to the north along the Dak Sa structure, and onto the southern end of the next parallel structure to the west (the K7 shear zone).

In preparation for the new drilling season (commencing January 2001), reconnaissance sampling of artisan workings has begun in two areas known as Bai Gio (1 kilometre north of Bai Go) and Bo (2 kilometres north of Bai Gio). Initial reports from the field indicate that well mineralised samples have been recovered from channel sampling within these underground mine workings, indicating additional shoots of high-grade mineralisation further along the Dak Sa zone. Samples have been sent to Genalysis for assay. Results are expected to be released shortly.

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

For further information, please contact:
Paul Seton, Zedex Limited, +64 9 379 8787, paul@zedex.co.nz
Allan Botica, Botica Conroy & Associates, +64 21 400 500, allanb@bca.co.nz

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