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Home Ventures Ltd -
Home Ventures Ltd. is a publicly traded
Canadian resource company active in the
exploration and development of precious
metal and rare earth properties.
Management has recently revitalized the
company and has developed a group of
partners with complimentary expertise and
a wide variety of exploration and
development experience. Management's
goal is to enhance shareholder value
through the acquisition and development of
high potential exploration projects.
Home Ventures acquisitions to date include:
Hoidas Lake (Northern Saskatchewan
-Rare Earths)
Buck Lake (Thunder Bay, Ontario -
Palladium/Platinum)
Bay Claims (Northern B.C.-Massive
Sulphide)
Home Ventures represents an opportunity
for investors to participate in high potential
exploration projects at the ground floor
stage of a public company's development.
Rare Earths Acquisition -
Platinum/Palladium Update
Home Ventures Ltd
HMV
Shares issued 13212516
1998-04-24 close $0.2
Friday Apr 24 1998
Mr Clive Brookes reports,
Home Ventures Ltd is pleased to announce it has entered
into a Letter of Intent with Daren Resources Ltd of
Vancouver, BC, to earn up to a 70% interest in the
Hoidas Lake Rare Earths project. The Hoidas Lake
project currently encompasses 72 hectares located in
Northern Saskatchewan, 35 air miles north-east of
Uranium City.
Rare earth elements are used in a broad variety of
applications including automotive catalytic converters,
permanent magnets, rechargeable batteries, petroleum
fluid cracking catalysts, glass polishing, ceramics,
metallurgical additives, alloys, phosphors for television
tubes, x-ray intensifying and fluorescent and
incandescent lighting.
Trenching and a ground radiometric survey on the
Hoidas Lake property in the 1970's showed the apatite
veining and related allanite (a rare earth bearing mineral)
mineralization ranges from 2 to 5 meters wide over a
known minimum strike of 425 meters. A composite of
grab samples taken in 1996, estimated to contain 60%
allanite, was assayed at Chemex Labs in North
Vancouver and yielded over 17% rare earths including:
Rare Earth Grade Some Examples of Industry Uses
---------- ------ --------------------------------------
Cerium 7.882% Automotive industry,
catalytic converters
Europium 0.034% Color televisions
Gadolinium 1.139% Super conductors, electronics
Lanathanum 4.100% Electronics; Pharmaceuticals, Ceramics
Neodymium 2.727% Permanent magnets,
Disc drives, electronic motors
Praseodymium 1.926% Alloy used in jet engines
Yttrium 0.020% Color TV's, super conductors
For the purposes of understanding the potential value of
rare earth deposits, below are example selling prices of
(processed) rare earth oxides as reported by Elements
Monthly in February 1998. Prices are in US dollars per
kilogram.
Price
Rare Earth Purity range/kilo
------------- --------------- ------------
Cerium
Oxide 98.0% to 99.99% $ 7 to $ 20
Europium
Oxide 95.0% to 99.99% $360 to $400
Gadolinium
Oxide 95.0% to 99.99% $ 15 to $ 40
Lanathanum
Oxide 99.9% to 99.99% $ 14 to $ 36
Neodymium
Oxide 96.0% to 99.99% $ 14 to $150
Praseodymium
Oxide 96.0% to 99.50% $ 7 to $ 18
Yttrium Oxide 99.0% to 99.99% $ 17 to $ 40
The Hoidas Lake agreement provides for a payment of
$10,000 and a $200,000 work commitment in the first
year, a $20,000 payment and $300,000 work in the
second year, a $30,000 payment and $400,000 work in
the third year and the issuance of 200,000 shares in 4
tranches of 50,000. Daren will be the operator until
Home has earned a majority interest.
To fund the first year of this project Home has negotiated
a private placement of 2,000,000 units at $0.15 for a total
of $300,000 of which 1,666,667 units will be flow
through. Each unit will consist of a common share and a
2 year warrant to purchase an additional share at $0.15
in the first year and $0.20 in the second year. A finder's
fee will be payable in cash on a portion of the private
placement. The option agreement and the private
placement are subject to regulatory approval.
Clark-Everleigh Geological Consultants of Thunder Bay,
Ontario has been retained to conduct Home Ventures'
summer 1998 exploration program on the Buck Lake
platinum/palladium project. The Buck Lake project is
approximately 25 kilometres west of the Lac des Iles
palladium mine which is reported to process over 2500
tons of ore per day and is the largest primary producer of
palladium in Canada. During April 1998, North
American Palladium Ltd, the owner of the mine, staked
claims surrounding Home's Buck Lake land package.
Home's current claims cover the known extent of the
Buck Lake intrusive where grab samples assayed at
Chemex Labs in Mississauga returned values up to 1900
ppb Palladium (1.90 grams/ton), 1440 ppb Platinum
(1.44 grams/ton), 276 ppb Gold (0.276 grams/ton), 5650
ppm Copper (0.56%) and 5220 ppm Nickel (0.52%).
For further information please contact us at:
Toll free: 1-888-822-2209
Tel: (604) 801-5441
Fax: (604) 801-5499
Website: canvest.com
mailto:homeventures@usa.net
Clive Brookes
President
The Vancouver Stock Exchange has neither approved
nor disapproved of the contents of this new release.
(c) Copyright 1998 Canjex Publishing Ltd.
canada-stockwatch.com
All comments welcome.
Mr Metals |
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