From: bluesky17@mailexcite.com
Date: Tue, 29 Sep 1998 08:09:57 -0700 (PDT)
To: <gnu@toad.com>
Subject: GOLD IN BOLIVIA
Message-ID: <199809291509.IAA12218@toad.com>
MIME-Version: 1.0
Content-Type: text/plain



INTRODUCTION

SUN RIVER MINING, INC. offers investors an incredible 
ground-floor
investment opportunity in a company that is slated to begin 
producing 
gold during 1999 at a cash cost of less than US$100 per ounce!

Sun River Mining went public in September and trades on the 
NASDAQ OTC 
electronic bulletin board under the symbol "SUNR".  Sun River 
Mining is 
tightly-held (insiders hold 7.8 million shares), has a limited 
float 
(approximately 1.5 million shares) and is not very widely known.

The Company's primary business is the acquisition, exploration 
and
development of placer gold projects in Bolivia, with the goal of 
becoming 
Bolivia's largest and lowest-cost alluvial gold producer.  The 
management 
team has over 60 years of placer mining experience.


THE COMPANY

Sun River Mining, through its Bolivian subsidiary, North Bolivian
Investment S.A. has entered into a Letter of Understanding 
Agreement 
with Aluvion S.A. and its shareholders to acquire up to an 81% 
equity 
interest in Aluvion, which is a Bolivian company holding mineral 
concessions in the Tipuani River basin.  Aluvion management  has 
extensive dredging experience in alluvial / placer gold prospects 
and 
owns hydraulic excavation equipment.

The Company has obtained a report on the Tipuani River prospects 
of 
Aluvion from the respected mining and engineering firm in Denver, 
Colorado of Watts, Griffis & McOuat, Limited ("WGM").  The Report 
concluded that "there are indeed significant volumes of unmined 
uriferous gravels to justify interest in establishing commercial 
operations based on these deposits." WGM recommended 
additional drilling of prospects for evaluation purposes,
and that negotiations to reduce royalty interests in the 
concessions begin.

The company is currently seeking funding sources and / or 
oint venture partners to provide capital for the pursuit of the 
Aluvion S.A.opportunities.  The Letter of Understanding Agreement 
requires aggregate payments of $7,189,000 to complete a 74.324% 
equity interest acquisition of Aluvion, of which over $400,00 has 
been 
advanced to Aluvion with $5.57 million due January 31, 1999 and a 
further 
$1.2 million to be paid out of production.  Further, $2.5 million 
additional 
paid in capital would increase SUNR's equity interest in Aluvion 
to 81%.  
There are on-going negotiations with several financing sources; 
however, 
the Company has not received a binding commitment for such funds 
at this 
time, nor are there guarantees or assurances that such a 
financing can be 
arranged on terms acceptable to Sun River Mining.

Sun River Mining's Denver-area location allows it to tap into a 
wealth of local 
technical, financial and operational expertise.  Other 
Colorado-based firms with 
major property positions as well as operating and developing 
mines in Bolivia 
include:  Orvana Resources (developing the Don Mario and Pederson 
gold projects), 
Granges, Inc. (undertaking feasibility studies on the Capa Circa 
and Amayapampa 
deposits), and Golden Eagle International.


MANAGEMENT

Among operating companies, a key component of success is the 
experience of the 
management team.

If Sun River Mining acquires Aluvion S.A., it will have the 
benefit of
Gaston Fernandez (currently the President of Aluvion) who has 45 
years 
of mining experience, mostly in dredging operations in South 
America.  
Mr. Fernandez was Chief Engineer on the Kaka River dredge 
operated 
by South America Placers, Inc. from 1957 - 1965, using the same 
dredge 
that Sun River Mining / Aluvion intends to acquire, refurbish and 
use 
on the Tipuani & Kaka River projects.  His son, Marcelo 
Fernandez, is 
a mining engineer with over 20 years of placer mining experience 
(a graduate 
of the Colorado School of Mines), who is employed by Aluvion as 
technical 
and operations manager for the Lower Tipuani and Kaka River gold 
projects.


THE PROSPECTS

Lower Tipuani.  The Lower Tipuani prospects cover approximately 8 
km along 
the Tipuani River between the towns of Guanay and Tipuani. Guanay 
is located 
105 kilometers north of LaPaz, Bolivia, and is connected with 
LaPaz by a 230-km 
paved, gravel and dirt road (a new paved road is under 
construction).

In the Lower Tipuani area, the river is 30 to 60 meters wide and 
up to 10 meters deep.  
All of the necessary infrastructure is in place, including a 
100-man base camp, 
access roads and high voltage hydroelectric power lines.

An environmental impact study has been completed and approved by 
the Bolivian government.  
The one remaining permit necessary to begin construction, the 
"environmental 
operating license", takes about 60 days to receive (Aluvion needs 
to provide 
Bolivian government with information on the equipment to be used 
and a schedule 
for the exploitation phase).

Planned mining operations would involve dredging, washing and 
filtering river 
gravels to recover free particles of gold and produce dore bars 
(> 95% Au).  With no 
chemical processes involved, mining and processing operations do 
not pose the 
risk of introducing into the environment the chemicals used to 
recover gold by 
many other mining projects.

The Lower Tipuani alluvials would be mined out over a four-year 
span (1999 - 2002).  
During this period, Aluvion projects recovering over 257,000 
ounces of gold, or 
an average of 64,300 ounces per year.  Cash operating costs are 
estimated at US$93 
per ounce (these projections have been reviewed by Watts, Griffis 
& McOuat).

Kaka River.  Subject to financing, operations are currently 
projected to begin in 
the year 2000; gravel deposits, if economically producable, could 
last for an 
estimated minimum 20 year mine life (this prospect is not subject 
to seasonal 
shutdowns during the rainy season).

Sun River Mining / Rio Del Sol have entered into a letter of 
intent with
Central Cooperative Teoponte, which represents nine local 
cooperatives 
operating along the Kaka River.  Subject to funding and 
performance requirements, 
the Kaka River properties are expected to be acquired in return 
for a production 
royalty (no cash / shares / debt).

NEW LISTING ("SUNR" on OTC:BB)

GOLD PRODUCTION PROJECTED TO BEGIN IN 1999

PROJECTED ANNUAL PRODUCTION OF > 150,000 oz/yr @ US$96/oz

FOR MORE INFORMATION CONTACT:

SUN RIVER MINING, INC.
Suite  201    5353 Manhattan Circle
Boulder, Colorado  80303  USA

Phone: (303) 543 - 8434    

WATTS, GRIFFIS & McOUAT REPORT


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