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TORONTO--(BUSINESS WIRE)--Sept. 3, 1997--Rift Resources Ltd.(VSE RIF ) =
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- Extensive new gold and base metal zones identified in Eritrea, includi=
ng trenching results of 12.57 g/t gold over 6.0 metres. =
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- Targets prepared for drilling at: Ketina and Nefasit, Eritrea Silobela=
, Zimbabwe =
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- JV Agreement with Anglo-American Corporation on new Eritrean project =
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Significant gold and copper mineralization has been discovered on the Com=
pany's Ketina and Nefasit properties in Eritrea and extensive gold geoch=
emical and I.P. anomalies defined on the Silobela joint venture property=
in Zimbabwe. Results of preliminary evaluations have previously been a=
nnounced and ongoing, follow-up programs have resulted in additional dis=
coveries of mineralization over a wide area. These programs were design=
ed to prepare a number of targets for initial drill testing which is sch=
eduled for the final quarter of the year. =
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ERITREA =
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On the Eritrean properties, targets include copper-gold skarn, copper-go=
ld porphyry, poly-metallic volcanogenic massive sulphide, gold bearing q=
uartz-carbonate vein systems, auriferous shear-hosted alteration zones a=
nd gold in individual and stockwork quartz vein systems. =
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The most interesting prospect on the Ketina Exploration Licence occurs i=
n the Adi Meshela- Adi Kenatib area where gold and copper mineralization=
extends over a minimum strike extent of 4,000 m. It is believed that t=
his mineral-rich area is part of a skarn and copper-gold porphyry system=
with which several occurrences of similar style mineralization have been=
located over a 5 x 12 km area. Values up to 47.9 g/t gold and 4.5% copp=
er have been obtained from trenching. Systematic sampling from 19 trenc=
hes across a strike length of 140 m indicated an average grade of 4.4 g/=
t gold (high values cut) over varying widths up to 6.0 m. The highest g=
old value obtained was 12.57 g/t gold over a width of 6.0 m. Sulphide-=
magnetite gossans have also been identified on the eastern flank of Adi =
Meshela village (2,500 m east of Adi Kenatib) and at Adi Atey (1,800 m no=
rth of Adi Meshela). Chip sampling indicates values up to 27.8 g/t gold=
across 0.65 m with an average grade of 6.52 g/t gold over 21.0 m strike=
=2E These bodies occur as sheets within extensively altered schistose t=
onalite. Ground magnetic surveys are being planned to follow-up on thes=
e targets. =
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At Enda Gaber, 3,000 m to the north, mineralized quartz veins appear to =
be a distal manifestation of the same mineralizing system. Composite grab=
samples from the main vein system have returned values up to 61.2 g/t go=
ld. =
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On August 29, 1997, the Company entered into a new contractual agreement=
with the government of Eritrea in respect of the Nefasit-Mt.Sabub Explo=
ration Licence. In addition to previously announced gold discoveries on=
the property, a new discovery, the Lesse prospect, has been made near t=
he village of Nefasit. Significant gold values have been encountered in=
quartz-carbonate veins throughout a 300 m wide and laterally extensive =
(>2.5 km) shear zone. The thickness of individual veins at surface varie=
s from 0.3 to 1.3 m with values ranging from 1.36 g/t gold to 94.9 g/t g=
old. =
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Other exploration targets that will be the focus for further follow up i=
nclude Mount Saccar where results of previous work by a Yugoslavian comp=
any suggested a significant copper resource; Adi Rosso (VMS potential); =
Agametta, where extensive iron, copper and minor gold mineralization may=
relate to the Mount Saccar style of occurrence; and Gahtelay, where rif=
t-related shearing hosts elevated gold and copper values. =
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Also in Eritrea, the Company has recently entered into an agreement with=
Anglo American Corporation of South Africa to jointly apply for the Aug=
aro Concession under the second round of competitive licensing, bidding f=
or which closed on July 31, 1997. =
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ZIMBABWE =
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At Silobela, joint venture partner Reunion Mining PLC has defined and/or =
refined a number of targets by detailed geochemical sampling, ground mag=
netic and I.P. surveys. The project area lies on either side of the Je=
na gold mine and the new gold discovery made by Reunion Mining at Maligre=
en. The most promising targets have been outlined at Northallerton and =
Leith Hills where combined geochemical and I.P. anomalies have been defin=
ed over strike lengths in excess of 7,000 m. Previous drilling on the eas=
tern part of the Northallerton anomaly intersected an intensely altered =
and sheared diorite with auriferous quartz stringers which included an i=
ntersection of 3.58 g/t Au over 14.65 metres. A major program comprisin=
g trenching, percussion and diamond drilling is planned to evaluate thes=
e and other targets. =
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The Company's major project areas have recently been examined by an inde=
pendent geological consultant from Toronto-based Southampton Associates =
Inc. ("Southampton") who has undertaken check sampling. Southampton has=
reviewed and concurs with the Company's sampling and analytical procedu=
res. The Company is evaluating offers to farm-in on one or more of its =
projects from interested parties. =
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Rift Resources Ltd. is a Toronto based mineral exploration and developme=
nt company with exploration, administrative and/or representative office=
s in Asmara, Eritrea, Addis Ababa, Ethiopia and Kampala, Uganda. The Co=
mpany is pursuing the acquisition and development of quality gold and go=
ld-rich base metal projects in Ethiopia, Eritrea, Uganda, Zimbabwe and e=
lsewhere in Africa and currently holds directly, through joint venture, =
or has under application, interests in 17 gold projects in 5 countries o=
f eastern, southern and western Africa amounting to approximately 2.6 mil=
lion hectares. -0- =
The Vancouver Stock Exchange has neither approved nor disapproved the=
contents of this Release. =
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CONTACT: =
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Rift Resources Ltd. =
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Terence N. McKillen, 416/368-5685 =
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BW1211 SEP 03,1997
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