Post by Franko10 ™ on Sept 16, 2004 7:35:40 GMT -5
Tue Jun 29, 2004
Morgain Adds to El Cairo Land Package
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TORONTO, ONTARIO - Morgain Minerals Inc. (the "Company" TSX-V: MGM) is pleased to announce the signing of an agreement to purchase a strategic mineral claim consisting of 95 hectares and located on the east side of the Company's El Cairo claim group (including the Medina claim under option) located in Durango, Mexico. The Company acquired this claim in consideration of 500,000 common shares of Morgain Minerals, a cash payment of U.S. $20,000 and a 2% net smelter royalty, the agreement being subject to regulatory approval.
The strategic value of the purchased claim lies in the fact that Battle Mountain Gold Corp (BMG) during the exploratory work on the El Cairo gold property encountered gold mineralization considerable distances beyond the ore reserves that are now the subject of production planning. Of the 27 widely spaced reversed circulation (R.C.) drill holes completed by BMG on the subject property. 7 R.C. holes encountered sufficient gold mineralization for follow up at a much later date. The Company plans to do condemnation drilling for waste dumps and processing facilities.
The Board of Directors wishes to announce the appointment of Bryan Morris as Chief Financial Officer and Sharon Fleming as Corporate Secretary of Morgain Mineral Inc. The Company has granted incentive stock options, subject to regulatory approval, to Mr. Bryan Morris to purchase 200,000 common shares and Miss. Fleming 100,000 common shares of the Company, both at a price of $0.40 per share, for a period of five years expiring on June 30th, 2009.
Mr. Bryan Morris F.C.M.A.(U.K.)comes with a long distinguished financial career in the mining industry. Mr. Morris is presently Vice President, Business Development for Teck Cominco Limited. Previously Mr. Morris was Chief Financial Officer of Cominco Resources International Ltd and Assistant Treasurer and Controller of Cominco Ltd., during the 1977 --1995 period.
Issued & Outstanding: 45,636,005
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For Further Information contact:
Chester F. Millar, President & CEO, Morgain Minerals Inc.
Telephone: (604) 685-1861 Fax: (604) 685-1810
The information contained herein was authorized for media release by The Board of Directors. No regulatory authority has approved or disapproved the information contained in this news release.
Note to U.S. Investors: Investors are urged to consider closely the disclosure in our Form 20F, available at our office: 402 - 121 Richmond Street West, Toronto ON, M5H 2K1 or from the SEC: 1(800) SEC-0330.
Morgain Adds to El Cairo Land Package
--------------------------------------------------------------------------------
TORONTO, ONTARIO - Morgain Minerals Inc. (the "Company" TSX-V: MGM) is pleased to announce the signing of an agreement to purchase a strategic mineral claim consisting of 95 hectares and located on the east side of the Company's El Cairo claim group (including the Medina claim under option) located in Durango, Mexico. The Company acquired this claim in consideration of 500,000 common shares of Morgain Minerals, a cash payment of U.S. $20,000 and a 2% net smelter royalty, the agreement being subject to regulatory approval.
The strategic value of the purchased claim lies in the fact that Battle Mountain Gold Corp (BMG) during the exploratory work on the El Cairo gold property encountered gold mineralization considerable distances beyond the ore reserves that are now the subject of production planning. Of the 27 widely spaced reversed circulation (R.C.) drill holes completed by BMG on the subject property. 7 R.C. holes encountered sufficient gold mineralization for follow up at a much later date. The Company plans to do condemnation drilling for waste dumps and processing facilities.
The Board of Directors wishes to announce the appointment of Bryan Morris as Chief Financial Officer and Sharon Fleming as Corporate Secretary of Morgain Mineral Inc. The Company has granted incentive stock options, subject to regulatory approval, to Mr. Bryan Morris to purchase 200,000 common shares and Miss. Fleming 100,000 common shares of the Company, both at a price of $0.40 per share, for a period of five years expiring on June 30th, 2009.
Mr. Bryan Morris F.C.M.A.(U.K.)comes with a long distinguished financial career in the mining industry. Mr. Morris is presently Vice President, Business Development for Teck Cominco Limited. Previously Mr. Morris was Chief Financial Officer of Cominco Resources International Ltd and Assistant Treasurer and Controller of Cominco Ltd., during the 1977 --1995 period.
Issued & Outstanding: 45,636,005
--------------------------------------------------
For Further Information contact:
Chester F. Millar, President & CEO, Morgain Minerals Inc.
Telephone: (604) 685-1861 Fax: (604) 685-1810
The information contained herein was authorized for media release by The Board of Directors. No regulatory authority has approved or disapproved the information contained in this news release.
Note to U.S. Investors: Investors are urged to consider closely the disclosure in our Form 20F, available at our office: 402 - 121 Richmond Street West, Toronto ON, M5H 2K1 or from the SEC: 1(800) SEC-0330.