AFCAN MINING CORPORATION
TSX : AFK

AFCAN MINING CORPORATION

July 14, 2005 16:30 ET

AFCAN: Additional Qinlongtan Potential Delineated

TORONTO, ONTARIO--(CCNMatthews - July 14, 2005) - AFCAN (TSX:AFK) is pleased to announce the outcome of further geological interpretation and review at Qinlongtan.

A major antiform has been mapped with an axial trace extending over 1500 metres and a total target length of 3,000 metres. Exploration results to date on this horizon include an intercept in Trench TC10 of 10m @ 9.9 g/t Au and a drill intercept (previous Chinese drilling) of 6m @ 4.2 g/t Au in ZK77.

The bedding parallel mineralisation of Qinlongtan main zone lies within the eastern limb of this major fold. The M3 prospect is now interpreted as being the equivalent horizon located on the west limb of the fold. Intermittent gold mineralisation may be traced in this same horizon on surface in outcrop and trenches around the fold nose 1200 metres to the south.

There is a second gold mineralised horizon higher in the sequence to the east of Qinlongtan main zone, but has not been drill targeted to date. This interpretation substantially increases the strike length of the potentially gold mineralised horizon to be targeted by drilling. Strike length to be tested by drilling is now 1500 metres either side of the fold axis to give a total target length of 3,000 metres.

A plan showing the fold and target horizon is posted on Afcan's website.

Drilling programmes at both Qinlongtan and Jinlonggou are underway and first results will be reported shortly.

Afcan samples are prepared at an on-site sample preparation laboratory constructed and set up by SGS Laboratory Services Ltd. Pulp samples of 100gm are sent to SGS Laboratories, Tianjin, China, for analysis by fire assay on a 50gm charge. Duplicates are sent to Standard and Reference Laboratories also in Perth for 50gm classical fire assay with "part and weigh" detection." Q1 samples were prepared onsite and sent to their own laboratory in Xining. Analysis was by Aqua Regia/HF digest with MIBK collection and AAS finish on a 20gm charge. Q1 data has been verified by Afcan through re-sampling and re-assay using Genalysis (Perth) and STAR laboratories.

All programmes are being carried out under the supervision of Phil Fillis, an independent geological expert and Qualified Person for Afcan.

Afcan has agreed an offer from Eldorado Gold Corporation (TSX: ELD, AMEX: EGO) whereby Afcan will become a wholly owned subsidiary of Eldorado.

Afcan owns 85% of the TJS Project at Tanjianshan in Qinghai Province, China. A Bankable Feasibility Study has been completed on the Project and construction of the 150,000 oz/year mine has commenced. There are an additional 23 anomalies on the licence area of 341 km2 that are being explored.

Website: http://www.afcan-mining.com

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Afcan Mining Corporation
    David Netherway
    President and Chief Executive Officer
    +44 7764 189 695 and (416) 360-3404
    or
    Afcan Mining Corporation
    Benoit La Salle
    Chairman
    (514) 744-4408
    info@afcan-mining.com