EXPLORATION ROUNDUP — Espalau options Latin prospects

Quebec-based Espalau Mining (EPU-M) has acquired options on two gold properties in Ecuador, and a third in Chile.

In Ecuador, Espalau has the option of earning a half interest in two producing concessions in the province of El Oro. Last year, the owners extracted 9,000 oz. and 3,000 oz. gold, respectively, from the properties, using traditional, unmechanized methods.

Espalau, which paid US$60,000 for the options, believes the Ecuadorian ground may host up to 500,000 oz. gold.

In Chile, Espalau can acquire a mining concession in Quillota, where limited exploration work has identified gold mineralization. The company can exercise it option, which it purchased for US$25,000, by paying the owner US$1.2 million by Feb. 28, 1998.

All three properties are accessible by road and equipped with powerlines.