Tethyan Resources Regulatory News (TETH)

16 May 2006 07:01

Triple Plate Junction Plc16 May 2006 For immediate release 16 May 2006 Triple Plate Junction plc ("TPJ" or the "Company") EXPLORATION UPDATE - DRILLING UNDERWAY AT PU SAM CAP Triple Plate Junction Plc (AIM : TPJ), the AIM-listed gold exploration companyhas commenced a 700m drill program at the Pu Sam Cap exploration license in theLai Chau Province of Vietnam. While assay results are still awaited, earlyindications support the Company's belief that Pu Sam Cap has the potential tohost a substantial multi-metal deposit. DIAMOND DRILLING: Stage 1 drilling at Pu Sam Cap commenced on 4 May 2006 This involves drilling afence line of three angled holes for a total of 700m to test the depth extensionof mapped mineralized structures seen at surface. The Pu Sam Cap license is thesubject of a joint venture with Newmont Vietnam Pty Limited, a subsidiary ofNewmont Mining Corporation the world's largest gold producer. The geology andstructures in the license area along with extensive gold and coppermineralisation led the independent consultant, ACA Howe, to conclude that therewas every indication of a long lived hydrothermal system with possibly multiplephases of gold mineralisation; both epithermal and porphyry style. Detailed mapping of the artisanal workings at Pu Sam Cap has confirmed a numberof major intersecting structures that have the potential to contain significanttonnages of gold-bearing mineralization as well as bonanza grade gold values ina dilational setting, particularly in what is known as Zone 5 of the artisanalworkings. Sampling of these workings has returned gold values up to 64g/t goldand 121g/t silver, 4.86% copper, plus anomalous copper, lead, molybdenum,antimony and bismuth. These mineralized structures have been traced over astrike length of several kilometres and have an observed vertical extent of some500 -800 metres. They occur within a volcanic diatreme breccia complexcharacterized by specularite-potassic feldspar alteration typical of majoralkaline Iron-Oxide-Copper-Gold (IOCG) deposits around the world, such as theCandelaria-Punta del Cobra district of Chile, Pampa in Argentina and Werneke inYukon, Canada. The first hole is at a depth of 191m having gone through a fracture zone from183.5m to approximately 187.5m (about 4m), within which is a 0.5m wide zone ofcalcite-quartz-chalcopyrite which is visually similar to the high grade zones atsurface and near-surface workings. If assays return similar values to thosefound at and near-surface it will prove the continuity of these gold richstructures at depth. The core is currently on its way for assay. MAGNETIC-RADIOMETRIC SURVEY: A helicopter-borne magnetic-radiometric survey has recently been completed overthe entire Pu Sam Cap exploration license areas. The ability to bring a foreignhelicopter with modern geophysical equipment into the sensitive north-westborder areas of Vietnam, again a first for this part of the country, is atribute to the painstaking preparatory work carried out by TPJ to build strongrelationships with the central and provincial government authorities. Thegeophysical equipment is owned by Newmont Mining Corporation and Newmontpersonnel operated the survey equipment and are presently interpreting theresults. The airborne geophysical survey will give TPJ a better understanding of thegeology, structure and mineralization of the Pu Sam Cap area. It is designed topin-point geological and structural controls for any major mineralized systemsconcealed within or marginal to the Pu Sam Cap complex. The massive volumes of specularite-rich alteration, observed at Pu Sam Cap,often reflect the upper levels of a significant IOCG system, grading down intomore magnetite-rich mineral bodies or distal base-metal halos (Barton & Johnson,2000). This will be investigated as part of the current and subsequentexploration campaign. Geoff Walsh, Chief Executive of TPJ said "Pu Sam Cap was TPJ's cornerstone project at listing and drilling the firsttarget is a milestone for TPJ. It is providing us with our first look atsub-surface structures on this exciting prospect. Intersecting thecalcite-quartz-chalcopyrite vein at depth on the first of our three-hole plan isan excellent result. We are also delighted with the support we have received from Newmont on theairborne geophysical survey. The results will help focus our exploration effortson this highly prospective area." For further information please contact: Triple Plate Junction plc 020 7499 1400Geoff Walsh, Chief ExecutiveDavid Lees, Finance Director Buchanan Communications 020 7466 5000Tim Anderson / Isabel Podda/Ben Willey This statement contains certain "Forward looking Statements". All statements,other than statements of historical fact, included herein, including, withoutlimitation, statements regarding potential mineralization and reserves,exploration results and future plans and objectives of Triple Plate JunctionPlc, are forward looking statements that involve various risks anduncertainties. There can be no assurance that such statements will prove to beaccurate and actual results and future events could differ materially from thoseanticipated in such statements. Certain risk factors may also affect the actualresults achieved by Triple Plate Junction Plc. This information is provided by RNS The company news service from the London Stock Exchange