Owner
Post by Franko10 ™ on Dec 23, 2005 21:08:48 GMT -5
Great Western Minerals Group Ltd.: Nevada Property Optioned (ccnm)
SASKATOON, SASKATCHEWAN--(CCNMatthews - Dec. 23, 2005) - Great Western Minerals Group Ltd. (TSX VENTURE:GWG) (OTCBB:GWMGF)
The Company reports that it has entered into an Option Agreement to earn a 100% interest in 104 mineral claims (the "Copper Hill" project) in southern Nevada. The interest can be earned by making an initial US$35,000 payment and issuing 100,000 common shares of the Company and subsequent payments totaling US$150,000 over the next two years, followed by US$250,000 annual payments until the property is placed into production at which time the Optionor will receive the greater of US$250,000 annually or a sliding scale Net Smelter Returns royalty ranging from 2% to 4% based on metal prices. The Optionor will also receive 600,000 common shares over three years (if the Option Agreement is still in effect) and 500,000 common shares on a positive production decision.
Previous work on the Copper Hill project identified the potential for a porphyry-type system hosting copper, molybdenum and gold. While drilling for gold in the early 1980s, a drill hole intersected 405 feet (123.5 metres) of diatreme material, yielding significantly anomalous copper values. Values increased down the drill hole with the bottom 50 feet (15.2 metres) assaying 0.15% copper. The drill hole also contained anomalous molybdenum values. Geology reports from the drill program suggest that the diatreme may represent a dyke-like feature extending out from a major porphyry body.
The Copper Hill property also covers several former producing gold mines. These were all mined near surface, and there is excellent potential for a significant bonanza gold target at depth. Drilling on the property in the mid-1990s, intersected high-angle quartz veins with values as high as 0.23 opt (8 gpt) and 0.32 opt (11.0 gpt) gold over 9.8 feet (3.0 metres) in each intersection. The area has produced over 500,000 ounces of gold from these workings.
The Company views this acquisition as important in implementing its strategy of exploring and developing easily accessible mineral properties in North America with the potential to host significant reserves of copper, gold and other strategic metals.
Gary L. Billingsley, C.A., P.Eng., P.Geo.
President
CUSIP: 39141Y 10 3
FOR FURTHER INFORMATION PLEASE CONTACT:
Great Western Minerals Group Ltd.
Gordon Dent
(306) 668-0701
Email: info@gwmg.ca
Website: www.gwmg.ca
or
Great Western Minerals Group Ltd.
226 Cardinal Crescent, Saskatoon, SK
S7L 6H8
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the foregoing contents.
SASKATOON, SASKATCHEWAN--(CCNMatthews - Dec. 23, 2005) - Great Western Minerals Group Ltd. (TSX VENTURE:GWG) (OTCBB:GWMGF)
The Company reports that it has entered into an Option Agreement to earn a 100% interest in 104 mineral claims (the "Copper Hill" project) in southern Nevada. The interest can be earned by making an initial US$35,000 payment and issuing 100,000 common shares of the Company and subsequent payments totaling US$150,000 over the next two years, followed by US$250,000 annual payments until the property is placed into production at which time the Optionor will receive the greater of US$250,000 annually or a sliding scale Net Smelter Returns royalty ranging from 2% to 4% based on metal prices. The Optionor will also receive 600,000 common shares over three years (if the Option Agreement is still in effect) and 500,000 common shares on a positive production decision.
Previous work on the Copper Hill project identified the potential for a porphyry-type system hosting copper, molybdenum and gold. While drilling for gold in the early 1980s, a drill hole intersected 405 feet (123.5 metres) of diatreme material, yielding significantly anomalous copper values. Values increased down the drill hole with the bottom 50 feet (15.2 metres) assaying 0.15% copper. The drill hole also contained anomalous molybdenum values. Geology reports from the drill program suggest that the diatreme may represent a dyke-like feature extending out from a major porphyry body.
The Copper Hill property also covers several former producing gold mines. These were all mined near surface, and there is excellent potential for a significant bonanza gold target at depth. Drilling on the property in the mid-1990s, intersected high-angle quartz veins with values as high as 0.23 opt (8 gpt) and 0.32 opt (11.0 gpt) gold over 9.8 feet (3.0 metres) in each intersection. The area has produced over 500,000 ounces of gold from these workings.
The Company views this acquisition as important in implementing its strategy of exploring and developing easily accessible mineral properties in North America with the potential to host significant reserves of copper, gold and other strategic metals.
Gary L. Billingsley, C.A., P.Eng., P.Geo.
President
CUSIP: 39141Y 10 3
FOR FURTHER INFORMATION PLEASE CONTACT:
Great Western Minerals Group Ltd.
Gordon Dent
(306) 668-0701
Email: info@gwmg.ca
Website: www.gwmg.ca
or
Great Western Minerals Group Ltd.
226 Cardinal Crescent, Saskatoon, SK
S7L 6H8
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the foregoing contents.
