Owner
Post by Franko10 ™ on Oct 12, 2004 12:10:09 GMT -5
VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 9, 1996-- Consolidated Pine Ch (VSE:KPG.) Mr. Dale W. Hoffman, President of Consolidated Pine Channel Gold Corp. (the "Company"), is pleased to report that a 20-hole, 1,000 m. diamond drill program has commenced on the Company's joint venture Asbell Bay Property, N.M.D., Saskatchewan.
Zones within three parallel mylonite shears will be tested. Mineralization, with widths to 8 m., have been exposed by trenching during the 1996 summer/fall exploration program, with grades of 2 percent copper, 1.5 percent molybdenum and up to 0.211 oz/ton gold, in the North Copper Zone. Gold values of 0.411 oz/ton over 5.5 feet were also present in the Bornite Zone. The shears have been traced for 1.5 km, with a completely untested, 7 m. wide, visible quartz vein located, on the last day of prospecting, on the claim block recently optioned from Crocodile Resources Ltd. Initial drilling results are expected before Christmas.
The property is located within 2.5 km of Highway #102, approximately 150 km north of La Ronge, in the area of two former gold producers - the Star Lake and Jolu mines. The former Jolu mill, located about 6 km north of Asbell Bay, is presently processing ore from the Waddy Lake Deposit.
Also, further to our news release of November 26, 1996, the option agreements regarding contiguous mineral properties in the Asbell Bay area, Northern Mining District, Saskatchewan, have now received regulatory approval. Based on the making of the required property payments and issuance of shares by the Company and JNR Resources Inc. ("JNR"), the transactions are now closed.
Under the terms of the first agreement, the Company and JNR have been granted by Partridge Contracting Inc. ("Partridge") an option whereby they may each earn a 50 percent interest, subject to a 1.5 percent N.P.I., in claim block S-105368 by making property payments totalling $200,000 and issuing 100,000 shares of each company, staged against exploration totalling $350,000, by November 18, 2000. The Company has now made the required initial property payment in the amount of $5,000, and has issued the first 25,000 shares to Partridge, which shares are subject to a hold period which will expire on November 18, 1997.
In the second agreement, Consolidated Pine Channel and JNR have been granted by Crocodile Resources Ltd., ("Crocodile") an option to earn a 66.67 percent interest in claim block S-103921 by making a property payment of $10,000, issuing 100,000 shares each, staged against exploration totalling $200,000 and completing a minimum of $400,000 of exploration over 5 years, leading to the completion of a feasibility study regarding production on S-103921 or any contiguous claims. The Company has now made its property payment of $5,000, and has issued the initial 25,000 shares to Crocodile, which shares are subject to a hold period which will expire on November 21, 1997. -0-
NOTE TO EDITORS: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the content of this News Release.
CONTACT: Consolidated Pine Channel Gold Corp.
Dale W. Hoffman, 604/687-2144 or 604/684-5118
604/682-8566 (FAX)
INTERNET: www.infodine.com/kpg/kpg.htm
E-MAIL: jnrres@skybus.com
COPYRIGHT 1996 Business Wire
COPYRIGHT 2004 Gale Group
Zones within three parallel mylonite shears will be tested. Mineralization, with widths to 8 m., have been exposed by trenching during the 1996 summer/fall exploration program, with grades of 2 percent copper, 1.5 percent molybdenum and up to 0.211 oz/ton gold, in the North Copper Zone. Gold values of 0.411 oz/ton over 5.5 feet were also present in the Bornite Zone. The shears have been traced for 1.5 km, with a completely untested, 7 m. wide, visible quartz vein located, on the last day of prospecting, on the claim block recently optioned from Crocodile Resources Ltd. Initial drilling results are expected before Christmas.
The property is located within 2.5 km of Highway #102, approximately 150 km north of La Ronge, in the area of two former gold producers - the Star Lake and Jolu mines. The former Jolu mill, located about 6 km north of Asbell Bay, is presently processing ore from the Waddy Lake Deposit.
Also, further to our news release of November 26, 1996, the option agreements regarding contiguous mineral properties in the Asbell Bay area, Northern Mining District, Saskatchewan, have now received regulatory approval. Based on the making of the required property payments and issuance of shares by the Company and JNR Resources Inc. ("JNR"), the transactions are now closed.
Under the terms of the first agreement, the Company and JNR have been granted by Partridge Contracting Inc. ("Partridge") an option whereby they may each earn a 50 percent interest, subject to a 1.5 percent N.P.I., in claim block S-105368 by making property payments totalling $200,000 and issuing 100,000 shares of each company, staged against exploration totalling $350,000, by November 18, 2000. The Company has now made the required initial property payment in the amount of $5,000, and has issued the first 25,000 shares to Partridge, which shares are subject to a hold period which will expire on November 18, 1997.
In the second agreement, Consolidated Pine Channel and JNR have been granted by Crocodile Resources Ltd., ("Crocodile") an option to earn a 66.67 percent interest in claim block S-103921 by making a property payment of $10,000, issuing 100,000 shares each, staged against exploration totalling $200,000 and completing a minimum of $400,000 of exploration over 5 years, leading to the completion of a feasibility study regarding production on S-103921 or any contiguous claims. The Company has now made its property payment of $5,000, and has issued the initial 25,000 shares to Crocodile, which shares are subject to a hold period which will expire on November 21, 1997. -0-
NOTE TO EDITORS: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the content of this News Release.
CONTACT: Consolidated Pine Channel Gold Corp.
Dale W. Hoffman, 604/687-2144 or 604/684-5118
604/682-8566 (FAX)
INTERNET: www.infodine.com/kpg/kpg.htm
E-MAIL: jnrres@skybus.com
COPYRIGHT 1996 Business Wire
COPYRIGHT 2004 Gale Group
