May 6 - 12, 1996

A tunnel driven by Arequipa Resources (TSE) into a hillside at the Pierina gold project in north-central Peru has returned a consistent grade of 4.78 grams gold and 154 grams silver per tonne over a length of 80 metres. The company is testing a zone of disseminated gold mineralization in preparation for drilling. The zone was defined by test-pitting, which outlined a contiguous surface area of 253,000 sq. metres averaging a bedrock grade of 6.6 grams gold.
Development of a second tunnel, 200 metres southeast of the first, is being slowed as a result of unstable ground conditions. This tunnel has returned an average grade of 3.83 grams gold and 178 grams silver over a 20-metre length, beginning at a depth of 6 metres.
Mineralization at Pierina occurs in a highly silicified and leached tuff and ignimbrite host rock of the Calipuy formation. The volcanics are underlain by limestones, quartzites and shales of the Mesozoic age.
Arequipa is upgrading an access road and preparing drill sites

May 14th?

After a slight 1-day drop, the Toronto Stock Exchange climbed higher over the period ended May 14, with the TSE composite 300 finishing the week at a record 5206.59 for a gain of almost 40 points, or 0.76%. It was the third straight record for the TSE and the 25th so far this year. The TSE 100 was up by more than three points, and closed the period at 314.52.
The week saw little change in the gold sub-index of the TSE; it closed down 77.56 points, or 0.6%. Bre-X was, once again, far ahead of the gold pack for the period. It rose $16.30 to close at $215.40. The stock is set to split on May 22, and speculation continues regarding the possible size of the Busang gold project in Indonesia. Bre-X officials are looking to sell 25% of the multi-million-ounce project this year.
Additional gold found by way of subsurface sampling by Arequipa Resources at its Pierina property in Peru lifted that company's stock by $4 to $23.