Owner
Post by Franko10 ™ on Mar 2, 2005 8:10:20 GMT -5
April 9, 2002
CALLAHAN PROPERTY IN NEVADA ACQUIRED
The Board of Directors of J-Pacific Gold Inc. (the “Company”) is pleased to announce that, subject to regulatory approval, the Company has entered into a lease agreement with an option to purchase the ten unpatented claims of the Callahan property in Lander County, Nevada. The agreement with Mr. and Mrs. Joseph Kizis of Reno, Nevada will include 42 unpatented mining claims staked by the Company adjacent to the original ten. The agreement grants all mineral and mining rights to the property for a ten year term, which is renewable for additional ten year terms. The Company made a payment of US$5,000 upon signing the agreement and must make additional advanced minimum royalty payments (AMR) of US$5,000 in years two and three, US$20,000 in year four, and US$25,000 in year five and each subsequent year to maintain the agreement. Following the cumulative expenditure of US$500,000, the Company has an option by paying US$20,000 to purchase 100% of the property, subject to royalty payments. A three percent Net Smelter Royalty interest is retained by Mr. and Mrs. Kizis, of which two percentage points are purchasable by the Company for US$1,000,000 per percentage point. The AMR payments are deductible from any production royalties that might be payable to Mr. and Mrs. Kizis.
The Callahan property is strategically situated in northern Nevada, USA (the world’s third largest gold producing area after South Africa and Australia). The property is underlain by a sequence of lower plate Cambrian, Ordovician and Silurian age carbonate rocks which host significant gold deposits elsewhere in northern Nevada. Siliceous upper plate rocks above the Roberts Mountain thrust locally overlie the carbonate rocks. Previous mapping, sampling, trenching and drilling have identified a structural and stratigraphic setting with associated geochemical anomalies permissive for the occurrence of high-grade, structurally controlled replacement gold deposits. Drill targets, based on the intersection of favorable structures and host rocks, have been identified by previous workers and will be the initial focus of the Company’s exploration.
The Callahan project is another property acquired by the Company in its program to assemble and explore superior opportunities. The Company's approach is to acquire high potential exploration projects in mining friendly jurisdictions, to perform a focused evaluation to identify the prime targets, and to quickly drill-test these targets. We intend to retain a property only if the initial drill results are favourable.
On behalf of the Board of Directors,
“N. Ferris”<br>President and CEO
The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.
CALLAHAN PROPERTY IN NEVADA ACQUIRED
The Board of Directors of J-Pacific Gold Inc. (the “Company”) is pleased to announce that, subject to regulatory approval, the Company has entered into a lease agreement with an option to purchase the ten unpatented claims of the Callahan property in Lander County, Nevada. The agreement with Mr. and Mrs. Joseph Kizis of Reno, Nevada will include 42 unpatented mining claims staked by the Company adjacent to the original ten. The agreement grants all mineral and mining rights to the property for a ten year term, which is renewable for additional ten year terms. The Company made a payment of US$5,000 upon signing the agreement and must make additional advanced minimum royalty payments (AMR) of US$5,000 in years two and three, US$20,000 in year four, and US$25,000 in year five and each subsequent year to maintain the agreement. Following the cumulative expenditure of US$500,000, the Company has an option by paying US$20,000 to purchase 100% of the property, subject to royalty payments. A three percent Net Smelter Royalty interest is retained by Mr. and Mrs. Kizis, of which two percentage points are purchasable by the Company for US$1,000,000 per percentage point. The AMR payments are deductible from any production royalties that might be payable to Mr. and Mrs. Kizis.
The Callahan property is strategically situated in northern Nevada, USA (the world’s third largest gold producing area after South Africa and Australia). The property is underlain by a sequence of lower plate Cambrian, Ordovician and Silurian age carbonate rocks which host significant gold deposits elsewhere in northern Nevada. Siliceous upper plate rocks above the Roberts Mountain thrust locally overlie the carbonate rocks. Previous mapping, sampling, trenching and drilling have identified a structural and stratigraphic setting with associated geochemical anomalies permissive for the occurrence of high-grade, structurally controlled replacement gold deposits. Drill targets, based on the intersection of favorable structures and host rocks, have been identified by previous workers and will be the initial focus of the Company’s exploration.
The Callahan project is another property acquired by the Company in its program to assemble and explore superior opportunities. The Company's approach is to acquire high potential exploration projects in mining friendly jurisdictions, to perform a focused evaluation to identify the prime targets, and to quickly drill-test these targets. We intend to retain a property only if the initial drill results are favourable.
On behalf of the Board of Directors,
“N. Ferris”<br>President and CEO
The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.
