Post by Franko10 ™ on Mar 2, 2005 8:19:54 GMT -5
June 7, 2002
CARLIN TREND PROPERTY 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 with option to purchase agreement for the twenty unpatented claims of the RC Property in Elko County, Nevada. The agreement with KM Exploration LLC of Elko, Nevada will include 41 additional unpatented mining claims staked by the Company adjacent to the original twenty. 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$8,470 upon signing the agreement and is to make additional advanced minimum royalty payments (AMR) of US$10,000 in year two, US$15,000 in year three, US$20,000 in year four, and US$30,000 in year five and each subsequent year to maintain the agreement. In addition, the Company is to issue 20,000 common shares upon regulatory approval and 30,000 common shares at the first anniversary of 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 KM Exploration LLC, 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 KM Exploration LLC, as are any federal and state royalties.
The RC Property is strategically located on the southern portion of the prolific Carlin Trend in northeastern Nevada. The property is underlain by a sequence of Devonian and Mississippian age carbonate and clastic rocks, and as well as minor tertiary volcanic rocks, which the Paleozoic rocks are cut by two sets of high angle faults. Elsewhere within the Carlin Trend, this intersection of a high angle feeder zone-fault and the stratigraphy identified on the RC Property has produced significant high grade, structurally controlled and replacement gold deposits. Reconnaissance mapping and sampling has identified characteristic alteration and geochemistry for this type of deposit. The two previously drilled reverse circulation holes identified on the property were located off the area of uplift shallow and did not penetrate J-Pacific’s target stratigraphy. The Company plans limited additional mapping and sampling to more fully define the targets, which would then be drilled.
The RC 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 TSX Venture Exchange has neither approved nor disapproved the information contained herein.
For further information, please contact Mr. Nick Ferris -Telephone 1-888-236-5200.
CARLIN TREND PROPERTY 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 with option to purchase agreement for the twenty unpatented claims of the RC Property in Elko County, Nevada. The agreement with KM Exploration LLC of Elko, Nevada will include 41 additional unpatented mining claims staked by the Company adjacent to the original twenty. 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$8,470 upon signing the agreement and is to make additional advanced minimum royalty payments (AMR) of US$10,000 in year two, US$15,000 in year three, US$20,000 in year four, and US$30,000 in year five and each subsequent year to maintain the agreement. In addition, the Company is to issue 20,000 common shares upon regulatory approval and 30,000 common shares at the first anniversary of 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 KM Exploration LLC, 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 KM Exploration LLC, as are any federal and state royalties.
The RC Property is strategically located on the southern portion of the prolific Carlin Trend in northeastern Nevada. The property is underlain by a sequence of Devonian and Mississippian age carbonate and clastic rocks, and as well as minor tertiary volcanic rocks, which the Paleozoic rocks are cut by two sets of high angle faults. Elsewhere within the Carlin Trend, this intersection of a high angle feeder zone-fault and the stratigraphy identified on the RC Property has produced significant high grade, structurally controlled and replacement gold deposits. Reconnaissance mapping and sampling has identified characteristic alteration and geochemistry for this type of deposit. The two previously drilled reverse circulation holes identified on the property were located off the area of uplift shallow and did not penetrate J-Pacific’s target stratigraphy. The Company plans limited additional mapping and sampling to more fully define the targets, which would then be drilled.
The RC 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 TSX Venture Exchange has neither approved nor disapproved the information contained herein.
For further information, please contact Mr. Nick Ferris -Telephone 1-888-236-5200.