Owner
Post by Franko10 ™ on Oct 2, 2004 14:05:46 GMT -5
Claimstaker Acquires Gold Prospect in Nevada
VANCOUVER, BRITISH COLUMBIA--The Board of Directors of Claimstaker
Resources Ltd. (VSE symbol - CLN) is pleased to announce that it
has signed a letter agreement with the Bru-Lovie Partnership, the
holder of 31 mining claims located in Lander County, Nevada.
Under the terms of the lease and option agreement, the Bru-Lovie
Partnership agrees to lease the property for an initial payment of
US $3,270.50 and optional annual advance royalty payments as
follows: $2,500 by the first anniversary, $3,000 by the second
and third anniversaries, $5,000 by the fourth anniversary and
$10,000 by the fifth anniversary and each subsequent year.
Furthermore, to maintain its interest, Claimstaker must make work
expenditures totalling US $200,000, of which $100,000 must be
spent on exploration on the property within the first three years,
and $50,000 in each of years 4 and 5. The Bru-Lovie Partnership
will retain a 2.5 percent net smelter return royalty, but
Claimstaker has the right at any time to purchase 100 percent
interest in the property for up to $600,000.
The Bru-Lovie property lies on the prolific Battle Mountain -
Eureka Gold trend in Nevada. Placer-Dome's Coral Gold and the
Pipeline Mine lie to the south of the Bru-Lovie and the Hilltop
Mine lies to north.
Ore grade gold values have been encountered on surface and an
elongate strong gold, silver arsenic anomaly covers the length of
the property.
The Bru-Lovie claims are a significant acquisition in the centre
of one of the most important gold producing areas in the World.
On behalf of the Board of Directors,
Richard Somerville, President and CEO
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Claimstaker Resources Ltd.
Mr. Robert Veitch
Investor Relations
1-888-236-5200
Website: www.claimstakerresources.com
Email: cln@direct.ca
The Vancouver Stock Exchange has neither approved nor disapproved
of the information contained herein.
VANCOUVER, BRITISH COLUMBIA--The Board of Directors of Claimstaker
Resources Ltd. (VSE symbol - CLN) is pleased to announce that it
has signed a letter agreement with the Bru-Lovie Partnership, the
holder of 31 mining claims located in Lander County, Nevada.
Under the terms of the lease and option agreement, the Bru-Lovie
Partnership agrees to lease the property for an initial payment of
US $3,270.50 and optional annual advance royalty payments as
follows: $2,500 by the first anniversary, $3,000 by the second
and third anniversaries, $5,000 by the fourth anniversary and
$10,000 by the fifth anniversary and each subsequent year.
Furthermore, to maintain its interest, Claimstaker must make work
expenditures totalling US $200,000, of which $100,000 must be
spent on exploration on the property within the first three years,
and $50,000 in each of years 4 and 5. The Bru-Lovie Partnership
will retain a 2.5 percent net smelter return royalty, but
Claimstaker has the right at any time to purchase 100 percent
interest in the property for up to $600,000.
The Bru-Lovie property lies on the prolific Battle Mountain -
Eureka Gold trend in Nevada. Placer-Dome's Coral Gold and the
Pipeline Mine lie to the south of the Bru-Lovie and the Hilltop
Mine lies to north.
Ore grade gold values have been encountered on surface and an
elongate strong gold, silver arsenic anomaly covers the length of
the property.
The Bru-Lovie claims are a significant acquisition in the centre
of one of the most important gold producing areas in the World.
On behalf of the Board of Directors,
Richard Somerville, President and CEO
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Claimstaker Resources Ltd.
Mr. Robert Veitch
Investor Relations
1-888-236-5200
Website: www.claimstakerresources.com
Email: cln@direct.ca
The Vancouver Stock Exchange has neither approved nor disapproved
of the information contained herein.
