Re: News Release - Wednesday, April 26, 2000
International Freegold Options Significant Platinum Group Metal
Projects in Alaska
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The Management of International Freegold Mineral Development Inc.
("Freegold") is pleased to announce that it has recently signed an
exclusive exploration option agreement with Ahtna Minerals Company to
acquire a development lease on the Tonsina Platinum Group Metals ("PGM")
property in south-central Alaska.
The Tonsina prospect is located approximately 70 road miles north of
Valdez. Existing trails connect the property to the paved Richardson
Highway, which sits adjacent to the Trans-Alaska pipeline. The property
consists of 108 State of Alaska mining claims and eight State of Alaska
prospecting sites covering 8.75 square miles, and an additional area in
excess of 36 square miles of Native selections owned 100% by Ahtna, Inc.,
one of thirteen Alaska regional Native corporations. Freegold has the
exclusive right to explore the property through August 15, 2000 and the
right to convert its' interest to a joint venture agreement to be
negotiated by the parties. Freegold is planning to carry out initial
exploration of the property beginning in May-June.
The Tonsina prospect covers a ten-mile strike length of the Tonsina
complex, which consists of ophiolitic mafic and ultramafic rocks along the
north margin of the Border Ranges fault zone. Heavy mineral concentrates
collected from the property by the U.S. Bureau of Mines returned combined
platinum and palladium values up to 21 grams per tonne (11.9 g Pd and 8.9 g
Pt) along with trace iridium, osmium, rhodium and ruthenium. Anomalous
copper, nickel and chromium are spatially associated with some PGM-enriched
rocks. No drilling has ever been conducted on the property. The geologic
setting of the Tonsina prospect is similar to other recently discovered PGM
occurrences in North America which have been identified in terrane not
previously believed to have PGM potential.
Freegold management believes the potential is high for the discovery of
other significant PGM prospects in the region, and is evaluating properties
in the area for potential acquisition. Freegold is also expanding its'
search for PGM properties into other areas of Alaska, and as previously
announced is negotiating on properties in the Sudbury Mining District of
Ontario. Management intends to build a portfolio of PGM properties with
strong potential for discovery, and further press releases on acquisition
and exploration will follow.
As well as the PGM property portfolio, Freegold holds the Golden Summit
Project near Fairbanks, Alaska, which has a long history of placer and lode
gold production and excellent exploration potential; and the Almaden Gold
Project in Idaho, which has a fully completed feasibility study indicating
over 500,000 ounces of recoverable gold. Freegold's mission is to enhance
shareholder value by maintaining and expanding a strong, diversified
precious metals property portfolio.
Freegold is listed both on the Toronto Stock Exchange and The Canadian
Venture Exchange, and has received 20F clearance in the United States.
On behalf of the Board of Directors
Harry Barr, Chairman & CEO
Investor Relations: 1-800-667-1870
The Toronto Stock Exchange and Canadian Venture Exchange have neither
approved nor disapproved the contents of this news release. CUSIP:
45953B107 12g3-2b Reg# 82-1225 LISTED: MOODY'S
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Copyright (c) 2000 INTL. FREEGOLD MINERAL DEVELOPMENT INC. (ITF) All
rights reserved. For more information visit our website at
augoldgroup.com or send mailto:info@augoldgroup.com
Message sent on Wed Apr 26, 2000 at 5:20:27 PM Pacific Time
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