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Vega-Atlantic Acquires Panama Gold Concession

11 November 1999

On November 11, 1999 Vega-Atlantic Corp formally agreed to purchase 100% of Golden Cycle De Panama Inc. The acquisition is due to be finalised in December. Golden Cycle has a concession of 3,000 hectares to exploit gold at Veraguas, a northern province of the Republic of Panama. The concession contains hard rock and alluvial gold prospects. Mining in the area dates back to pre-Columbian times. Spanish colonists found gold in the Barrera and Santiago river areas using the basic techniques of that time which eventually led to the expansion of the Margasas and Cocuyo mines that became famous in the region.

The Panama Corporation used the concession during the depression when gold and the cost of labor were both low. Apparently gold production was profitable for both the Spanish and the Panama Corp. There has been little development during the last century since when the concession has been privately owned. Over the past 30 years exploration and mining has focused on developing the lucrative placer mining aspect and the hard rock potential has been neglected.

A report by a firm of engineering consultants to the previous owners indicated that the hard rock potential of the area was even greater than the placer potential. Thick vegetation in the area has hindered previous efforts to properly explore the concession. The success of future exploration depends on access to the region and so the Company plans to build a 20 mile road from Santa Fe into the concession.

Exploration in hard rock areas will start from the dormant, Margasas and Cocuyo gold mines where significant gold finds have been reported. Alluvial situations that have been recently explored will also be investigated for their potential. The Company is excited by the new acquisition and its plans to promote the area's exploration and development, since no modern exploration techniques have yet been applied to this historic gold producing site.


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