Owner
Post by Franko10 ™ on Aug 17, 2005 15:46:12 GMT -5
Great Western Minerals Group Ltd.: Option Agreement Signed on Chuckwalla; Application Made for Drill Permits (bwire)
SASKATOON, Saskatchewan (Business Wire) -- The Company (TSX VENTURE:GWG) (OTCBB:GWMGF) reports that it has signed a formal Option Agreement on its Chuckwalla copper/gold/silver property, located in California, to replace the original Memorandum of Understanding signed in 2002. Under the terms of the Option Agreement, the Company can retain its 100% interest by making a cash payment to the Optionor of US$25,000 (paid) and then making annual payments totaling the greater of a 3% Net Returns Production Royalty or US$160,000 over the next three years. In the fourth and subsequent years, annual payments of the greater of the 3% Net Returns Production Royalty or US$100,000 must be made. The Company will also issue to the Optionor 150,000 common shares of the Company and another 100,000 common shares over the next year. Upon completion of a feasibility study and a positive production decision, the Company will issue 500,000 common shares to the Optionor. The Company must carry out US$575,000 in exploration and development work over the next five years.
Applications for drill permits have been submitted to test the Big Boy and Black Calcite areas of the property. These two areas are outlined by highly anomalous copper-in-soil values (see the May 5, 2005 news release). New zones discovered recently on surface (see news release dated June 13, 2005) have returned grab sample values of up to 3.7% copper, up to 345 g/t (10.07 ounce per ton) silver, and up to 15.40 g/t (0.45 ounces per ton) gold at Big Boy; and chip sampling at Black Calcite returned values of 0.56% copper, 2.1 g/t (0.06 ounces per ton) silver and 0.20 g/t (0.006 ounces per ton) gold over a width of 13.0 metres (42.6 feet).
The Big Boy and Black Calcite types of mineralization, located at surface, have significant potential to develop into a large-tonnage copper/gold/silver resource.
The work programs are carried out under the direction of John Pearson, MSc., P.Eng., VP Exploration, the Qualified Person on the project.
Gary L. Billingsley, C.A., P.Eng., P.Geo.
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the foregoing contents.
Great Western Minerals Group Ltd. (TSX VENTURE:GWG) (OTC Bulletin Board:GWMGF)
Great Western Minerals Group Ltd.
Gord Dent
(306) 668-0701
Email: info@gwmg.ca
OR
Great Western Minerals Group Ltd.
Leonard Willetts
(905) 544-850
Email: info@gwmg.ca
OR
Great Western Minerals Group Ltd.
119A Cardinal Crescent
Saskatoon, SK S7L 6H5
Website: www.gwmg.ca
SASKATOON, Saskatchewan (Business Wire) -- The Company (TSX VENTURE:GWG) (OTCBB:GWMGF) reports that it has signed a formal Option Agreement on its Chuckwalla copper/gold/silver property, located in California, to replace the original Memorandum of Understanding signed in 2002. Under the terms of the Option Agreement, the Company can retain its 100% interest by making a cash payment to the Optionor of US$25,000 (paid) and then making annual payments totaling the greater of a 3% Net Returns Production Royalty or US$160,000 over the next three years. In the fourth and subsequent years, annual payments of the greater of the 3% Net Returns Production Royalty or US$100,000 must be made. The Company will also issue to the Optionor 150,000 common shares of the Company and another 100,000 common shares over the next year. Upon completion of a feasibility study and a positive production decision, the Company will issue 500,000 common shares to the Optionor. The Company must carry out US$575,000 in exploration and development work over the next five years.
Applications for drill permits have been submitted to test the Big Boy and Black Calcite areas of the property. These two areas are outlined by highly anomalous copper-in-soil values (see the May 5, 2005 news release). New zones discovered recently on surface (see news release dated June 13, 2005) have returned grab sample values of up to 3.7% copper, up to 345 g/t (10.07 ounce per ton) silver, and up to 15.40 g/t (0.45 ounces per ton) gold at Big Boy; and chip sampling at Black Calcite returned values of 0.56% copper, 2.1 g/t (0.06 ounces per ton) silver and 0.20 g/t (0.006 ounces per ton) gold over a width of 13.0 metres (42.6 feet).
The Big Boy and Black Calcite types of mineralization, located at surface, have significant potential to develop into a large-tonnage copper/gold/silver resource.
The work programs are carried out under the direction of John Pearson, MSc., P.Eng., VP Exploration, the Qualified Person on the project.
Gary L. Billingsley, C.A., P.Eng., P.Geo.
President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the foregoing contents.
Great Western Minerals Group Ltd. (TSX VENTURE:GWG) (OTC Bulletin Board:GWMGF)
Great Western Minerals Group Ltd.
Gord Dent
(306) 668-0701
Email: info@gwmg.ca
OR
Great Western Minerals Group Ltd.
Leonard Willetts
(905) 544-850
Email: info@gwmg.ca
OR
Great Western Minerals Group Ltd.
119A Cardinal Crescent
Saskatoon, SK S7L 6H5
Website: www.gwmg.ca
