Not any news on Mexico activities since Carmelita Resources involvement in late 1999. Presently reviewing opportunities in the resources & non-resource sectors.

Pierre Enterprises Ltd.  PTN   (TSXV)

Changed name from Carmelita Resources Limited on 07/04/00 along with a major rollback of 1 new share for 10 old shares.

Noche Buena Tailings Project, Zacatecas. Initially entered into a letter of intent to purchase a 51% interest in a 2,000,000 tonne tailings project located 30 km W of the productive Concepcion del Oro District, but then decided not to proceed because the cash flow projections and reserve figures may not have been prepared in accordance to international standards and therefore may not be reliable. The Noche Buena Mine produced at a small scale from 1926-1954 then expanded to a major operation which ran 90,000 tpd through a floatation mill from 1954 to 1992. The engineering report by a Mexican company, Servilex Min S.A. de C.V., suggested that the average grade of the tailings is 3.5 gpt Au and about 1 opt Ag. Plans for re-processing the floatation tails do not include a cyanide leach system because of environmental considerations.

Press Release 23June99
Press Release 7June99