Post by Franko10 ™ on Sept 11, 2004 14:37:08 GMT -5
News Release
October 19, 2000
Shane to earn interest in four Fort a la Corne claims
The company has been granted an option whereby the company can earn up to a 50-per-cent interest in four mineral claims situated in the Fort a la Corne diamond belt from United Carina Resources and Consolidated Pine Channel Gold Corp.
The interest may be earned by the company issuing 100,000 shares and contributing a total of $900,000 in financing for exploration of the claims over three years. During the first year, a minimum of $250,000 must be contributed to earn a 15-per-cent interest. A further $250,000 must be contributed in the second year to earn a total 30-per-cent interest and, in the final year, a further contribution of $400,000 will bring the company's interest in the claims up to 50 per cent. The owners will jointly provide similar amounts for exploration of the claims during the same period. The owners, or one of them, will act as operator during the earn-in period, and the project will be directed by a management committee comprising a representative of each party.
A four-hole drill program covering a one-kilometre by 1.5-kilometre area on the claims is planned to commence soon to test non-magnetic gravity response targets identified from the results of a recently completed gravity survey over the property. The minimal or non-magnetic signatures detected from the survey are interpreted as very encouraging by the owners' geological consultants.
Although the company's recently completed summer exploration program did not yield any diamonds, management is confident in the potential of the Fort a la Corne area to host an economic diamond mine. The company holds the mineral rights to approximately 50,000 acres in the area. The Fort a la Corne kimberlite cluster is one of the largest in the world, containing over 70 kimberlite bodies.
ON BEHALF OF THE BOARD OF DIRECTORS OF SHANE RESOURCES LTD.
Mr. Rick Walker
Director
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
October 19, 2000
Shane to earn interest in four Fort a la Corne claims
The company has been granted an option whereby the company can earn up to a 50-per-cent interest in four mineral claims situated in the Fort a la Corne diamond belt from United Carina Resources and Consolidated Pine Channel Gold Corp.
The interest may be earned by the company issuing 100,000 shares and contributing a total of $900,000 in financing for exploration of the claims over three years. During the first year, a minimum of $250,000 must be contributed to earn a 15-per-cent interest. A further $250,000 must be contributed in the second year to earn a total 30-per-cent interest and, in the final year, a further contribution of $400,000 will bring the company's interest in the claims up to 50 per cent. The owners will jointly provide similar amounts for exploration of the claims during the same period. The owners, or one of them, will act as operator during the earn-in period, and the project will be directed by a management committee comprising a representative of each party.
A four-hole drill program covering a one-kilometre by 1.5-kilometre area on the claims is planned to commence soon to test non-magnetic gravity response targets identified from the results of a recently completed gravity survey over the property. The minimal or non-magnetic signatures detected from the survey are interpreted as very encouraging by the owners' geological consultants.
Although the company's recently completed summer exploration program did not yield any diamonds, management is confident in the potential of the Fort a la Corne area to host an economic diamond mine. The company holds the mineral rights to approximately 50,000 acres in the area. The Fort a la Corne kimberlite cluster is one of the largest in the world, containing over 70 kimberlite bodies.
ON BEHALF OF THE BOARD OF DIRECTORS OF SHANE RESOURCES LTD.
Mr. Rick Walker
Director
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.