Int'l Freegold acquires eight Ontario PGM projects
International Freegold Mineral Dev Inc ITF
Shares issued 29,435,058 May 12 close $0.30
Mon 15 May 2000 News Release
Mr. Harry Barr reports
International Freegold has acquired its first eight platinum group metal
(PGM) properties in the Sudbury mining division in Ontario. To date, the
company has acquired approximately 31,055 acres (12,568 hectares) -- (789
claim units). The properties cover both mafic intrusive rocks of the River
Valley intrusion and the Nipissing diabase, which are both geologically
favourable environments for hosting potential PGM-Cu-Ni deposits in the
Sudbury mining district.
The Sudbury area has recently become the focus of an exploration and
staking boom, as a result of recent PGM discoveries by other exploration
programs in the area. Most recently, Pacific North West Capital Corp. (PFN)
intersected significant platinum group metal values in 13 of 13 holes
drilled in the Dana Lake area, River Valley property. Historically, the
Sudbury mining district has produced in excess of 20 million ounces of PGMs
as a byproduct of nickel-copper production. Sudbury is home to Inco and
Falconbridge, the largest nickel producers in the world. Currently, both
the Inco and Falconbridge smelters have excess processing capacity.
Freegold's properties are located within 20 to 80 kilometres of Sudbury and
are all road accessible. Consideration for acquiring the properties is as
follows: cash payments totalling $171,800; property payments of $235,000
over four years; and issuance of up to 1.03 million shares over four years.
A further 300,000 shares will be issued upon completion of a bankable
feasibility study. The properties are subject to a 3-per-cent percent net
smelter royalty with a buyback provision for up to 2 per cent. A finders
fee will be paid. All of the aforementioned are subject to regulatory
approval.
Freegold has undertaken its first exploration program and has slated
approximately $1-million for exploration in the year 2000. A detailed
report with specific recommendations for each project is currently being
compiled. Exploration programs will include geological mapping,
prospecting, sampling, trenching, geophysics and drilling.
ITF has retained Peter Dimmell as senior project manager. Mr.Dimmell is a
professional geoscientist (PGeo) with 30 years of experience in the
mining/mineral exploration industry. Mr. Dimmell has managed exploration
projects ranging from grassroots to advanced exploration/delineation
through to production.
Freegold has established a road-accessible base camp, which is centrally
located to Freegold's field projects and has power, water and telephone
services. Freegold has retained Orville Caddy of Goose Bay, Labrador, to
co-ordinate the camp. Mr. Caddy has over 25 years of experience in camp
management/expediting experience. <P> Freegold will complete phase one on
each of its projects and as it continues to negotiate with international
major mining companies to provide additional project development funds, to
further advance its Alaskan (see news releases in Stockwatch March 29 and
April 7, 2000) and its Canadian precious metal projects.
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