Post by Franko10 ™ on Sept 11, 2004 14:27:02 GMT -5
News Release
November 4, 1998
Shane Resources Ltd. is pleased to announce that a significant new gold discovery has been made on its Pine East property at Munro Lake, Saskatchewan. Grades of up to 0.35 ounces per ton were encountered in the same vicinity, which is located north of where any work has been done in the past. Geologically, the showings are located "on strike" to known zones on neighbouring properties, and are similar in nature to the Claude Resources Seabee mine located approximately four miles to the west.
As a result of this discovery, Shane and its partner on the property, Claude Resources Inc. of Saskatoon, have entered into negotiations to change the terms of their current agreement. The terms of the new agreement are such that Shane will have a 25% carried interest in the property through to production. Because of the amount of money necessary to prove up an ore body and put it into production, Shane’s management feels that this new arrangement will enable the Company to participate in a potential mine without diluting shareholders by having to issue significantly more shares to finance development.
Final details of the new agreement will be completed in the near future and a systematic follow up program will be carried out by Claude as operator. Any production from the property could be milled at the facility that Claude currently operates, or a new mill could be built on site. This and other decisions will be made in the future as the property is developed.
ON BEHALF OF THE BOARD OF DIRECTORS OF SHANE RESOURCES LTD.
Rick Walker
President
The Vancouver Stock Exchange has neither approved nor disapproved the contents of this news release.
November 4, 1998
Shane Resources Ltd. is pleased to announce that a significant new gold discovery has been made on its Pine East property at Munro Lake, Saskatchewan. Grades of up to 0.35 ounces per ton were encountered in the same vicinity, which is located north of where any work has been done in the past. Geologically, the showings are located "on strike" to known zones on neighbouring properties, and are similar in nature to the Claude Resources Seabee mine located approximately four miles to the west.
As a result of this discovery, Shane and its partner on the property, Claude Resources Inc. of Saskatoon, have entered into negotiations to change the terms of their current agreement. The terms of the new agreement are such that Shane will have a 25% carried interest in the property through to production. Because of the amount of money necessary to prove up an ore body and put it into production, Shane’s management feels that this new arrangement will enable the Company to participate in a potential mine without diluting shareholders by having to issue significantly more shares to finance development.
Final details of the new agreement will be completed in the near future and a systematic follow up program will be carried out by Claude as operator. Any production from the property could be milled at the facility that Claude currently operates, or a new mill could be built on site. This and other decisions will be made in the future as the property is developed.
ON BEHALF OF THE BOARD OF DIRECTORS OF SHANE RESOURCES LTD.
Rick Walker
President
The Vancouver Stock Exchange has neither approved nor disapproved the contents of this news release.