Owner
Post by Franko10 ™ on Jan 28, 2005 9:53:24 GMT -5
Pioneer Metals and Claude Resources Earn
100% Interest in Nokomis Gold Project
Jan 20th 2005
Pioneer Metals Corporation ("Pioneer") announced today that Pioneer has fulfilled the terms of an option agreement signed in 1996 between Pioneer, Placer Dome CLA Ltd. ("Placer") and Hudson Bay Exploration and Development Company ("HBED") on the Nokomis Lake Gold Project ("Nokomis", or the "Project"). Under the terms of the option agreement, Pioneer could earn a 100% interest in Nokomis, subject to a 2% Net Smelter Returns royalty in favour of Placer and HBED, by spending $500,000 (CDN) by August 1, 2005, after completion of an initial in-fill drilling program.
The Project consists of thirty-nine contiguous mineral claims totaling approximately 2,200 hectares (5,400 acres) and is located 7.5 kilometres north of Pioneer's 100%-owned Puffy Lake Gold Mine and milling facility ("Puffy Lake"), about 70 kilometres northeast of Flin Flon, Manitoba. Nokomis is a shear-related intrusive-hosted (tonalite) lode gold system. It hosts a historic mineral resource of 349,110 tonnes grading 6.10 grams per tonne gold ("gpt"). A scoping study by Kilborn Engineering Pacific Ltd. in 1996 modeled a potentially economic, near surface mineral resource of 100,000 tonnes grading in excess of 13 gpt. More recently (2000), Eckart Buhlmann, P. Geo., an independent consultant for Pioneer, estimated this mineral resource at approximately 80,000 tonnes grading 10 gpt with an average width of 4 metres. (Note: The mineral resources cited are historical estimates that do not conform to the standards outlined in sections 1.3 and 1.4 of National Instrument 43-101).
Exploration programs carried out by Pioneer in 1997, 1999 and 2000 reduced the expenditures required by the option agreement to approximately $215,000. Under the terms of an agreement between Pioneer and Claude Resources Inc., ("Claude") signed in January 2004, Claude carried out an exploration program that fulfilled Pioneer's remaining obligation to Placer and HBED. Claude has now earned a 50% interest in Nokomis, and Claude and Pioneer will proceed as equal joint venture partners with Claude serving as operator.
Pioneer is a public company located in Vancouver, British Columbia, whose shares trade on the Toronto Stock Exchange (TSX-PSM). Pioneer is a past gold producer now involved primarily in precious and base metals exploration. In addition to Puffy Lake, Pioneer owns 100% of the Bonito Gold-Silver Project in New Mexico, USA, and the Grace Gold-Copper Project (the "Grace Project") at Galore Creek, British Columbia. Novagold Resources Inc. has an option to earn a 60% interest in the Grace Project by funding $5.0 million (CDN) in expenditures by 2009.
Claude is a public company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX-CRJ) and the American Stock Exchange (AMEX-CGR). Claude is a gold mining and exploration company with producing oil and gas assets. Since 1991, Claude has produced over 600,000 ounces of gold from its Seabee mine in northeastern Saskatchewan and is an active gold explorer with properties in Saskatchewan and Manitoba. Claude also owns the Madsen property in the Red Lake camp of northwestern Ontario, currently under option to Placer Dome.
Pioneer will update its shareholders shortly with the details of a proposed 2005 winter drilling program at Nokomis.
To access Pioneer's Nokomis Lake Gold Project location map, please access Pioneer's website at: www.pioneermetals.net under "Latest Updates".
ON BEHALF OF THE BOARD OF DIRECTORS OF
PIONEER METALS CORPORATION
"signed"
Stephen H. Sorens
For further information please contact:
Neil McMillan
President & CEO
306.668.7505
306.668.7500 Fax
info@clauderesources.com
100% Interest in Nokomis Gold Project
Jan 20th 2005
Pioneer Metals Corporation ("Pioneer") announced today that Pioneer has fulfilled the terms of an option agreement signed in 1996 between Pioneer, Placer Dome CLA Ltd. ("Placer") and Hudson Bay Exploration and Development Company ("HBED") on the Nokomis Lake Gold Project ("Nokomis", or the "Project"). Under the terms of the option agreement, Pioneer could earn a 100% interest in Nokomis, subject to a 2% Net Smelter Returns royalty in favour of Placer and HBED, by spending $500,000 (CDN) by August 1, 2005, after completion of an initial in-fill drilling program.
The Project consists of thirty-nine contiguous mineral claims totaling approximately 2,200 hectares (5,400 acres) and is located 7.5 kilometres north of Pioneer's 100%-owned Puffy Lake Gold Mine and milling facility ("Puffy Lake"), about 70 kilometres northeast of Flin Flon, Manitoba. Nokomis is a shear-related intrusive-hosted (tonalite) lode gold system. It hosts a historic mineral resource of 349,110 tonnes grading 6.10 grams per tonne gold ("gpt"). A scoping study by Kilborn Engineering Pacific Ltd. in 1996 modeled a potentially economic, near surface mineral resource of 100,000 tonnes grading in excess of 13 gpt. More recently (2000), Eckart Buhlmann, P. Geo., an independent consultant for Pioneer, estimated this mineral resource at approximately 80,000 tonnes grading 10 gpt with an average width of 4 metres. (Note: The mineral resources cited are historical estimates that do not conform to the standards outlined in sections 1.3 and 1.4 of National Instrument 43-101).
Exploration programs carried out by Pioneer in 1997, 1999 and 2000 reduced the expenditures required by the option agreement to approximately $215,000. Under the terms of an agreement between Pioneer and Claude Resources Inc., ("Claude") signed in January 2004, Claude carried out an exploration program that fulfilled Pioneer's remaining obligation to Placer and HBED. Claude has now earned a 50% interest in Nokomis, and Claude and Pioneer will proceed as equal joint venture partners with Claude serving as operator.
Pioneer is a public company located in Vancouver, British Columbia, whose shares trade on the Toronto Stock Exchange (TSX-PSM). Pioneer is a past gold producer now involved primarily in precious and base metals exploration. In addition to Puffy Lake, Pioneer owns 100% of the Bonito Gold-Silver Project in New Mexico, USA, and the Grace Gold-Copper Project (the "Grace Project") at Galore Creek, British Columbia. Novagold Resources Inc. has an option to earn a 60% interest in the Grace Project by funding $5.0 million (CDN) in expenditures by 2009.
Claude is a public company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX-CRJ) and the American Stock Exchange (AMEX-CGR). Claude is a gold mining and exploration company with producing oil and gas assets. Since 1991, Claude has produced over 600,000 ounces of gold from its Seabee mine in northeastern Saskatchewan and is an active gold explorer with properties in Saskatchewan and Manitoba. Claude also owns the Madsen property in the Red Lake camp of northwestern Ontario, currently under option to Placer Dome.
Pioneer will update its shareholders shortly with the details of a proposed 2005 winter drilling program at Nokomis.
To access Pioneer's Nokomis Lake Gold Project location map, please access Pioneer's website at: www.pioneermetals.net under "Latest Updates".
ON BEHALF OF THE BOARD OF DIRECTORS OF
PIONEER METALS CORPORATION
"signed"
Stephen H. Sorens
For further information please contact:
Neil McMillan
President & CEO
306.668.7505
306.668.7500 Fax
info@clauderesources.com
