Owner
Post by Franko10 ™ on Sept 11, 2004 12:28:55 GMT -5
Phase II Drilling Completed at Moore Lake
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Dale W. Hoffman, President of JNR Resources Inc. (the "Company"), is pleased to report that the Company has notified Kennecott Canada Exploration Inc. ("Kennecott") that Phase II of drilling on the Maverick Zone, as outlined in the Company's August 21, 2000 news release, has now been completed. Drill core is being sent to the Saskatchewan Research Council laboratories in Saskatoon for analysis.
Upon receipt of all data derived from this phase of drilling, Kennecott will have 30 days to provide notice to the Company with respect to the financing by Kennecott of further work on the Moore Lake uranium prospect property. Kennecott can increase its joint venture interest in this property to 65% by funding the next $10 million in exploration expenditures, and can further increase its interest to 70% by expending $100 million on the property, or carrying it through to production, whichever occurs first.
In the event that Kennecott does not elect to fund further work on the Moore Lake property, the property will revert 100% to the Company, which will then be free to develop it without further obligation to Kennecott.
Further information will be released as it becomes available.
If you have any questions about this news release, or for more information, please contact Dale W. Hoffman or Peter D. Herbert at the above-noted numbers.
JNR RESOURCES INC.
Per:
"Dale W. Hoffman"
Dale W. Hoffman, President
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release
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Dale W. Hoffman, President of JNR Resources Inc. (the "Company"), is pleased to report that the Company has notified Kennecott Canada Exploration Inc. ("Kennecott") that Phase II of drilling on the Maverick Zone, as outlined in the Company's August 21, 2000 news release, has now been completed. Drill core is being sent to the Saskatchewan Research Council laboratories in Saskatoon for analysis.
Upon receipt of all data derived from this phase of drilling, Kennecott will have 30 days to provide notice to the Company with respect to the financing by Kennecott of further work on the Moore Lake uranium prospect property. Kennecott can increase its joint venture interest in this property to 65% by funding the next $10 million in exploration expenditures, and can further increase its interest to 70% by expending $100 million on the property, or carrying it through to production, whichever occurs first.
In the event that Kennecott does not elect to fund further work on the Moore Lake property, the property will revert 100% to the Company, which will then be free to develop it without further obligation to Kennecott.
Further information will be released as it becomes available.
If you have any questions about this news release, or for more information, please contact Dale W. Hoffman or Peter D. Herbert at the above-noted numbers.
JNR RESOURCES INC.
Per:
"Dale W. Hoffman"
Dale W. Hoffman, President
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release
