Int'l Freegold acquires additional Sudbury properties
International Freegold Mineral Dev Inc ITF
Shares issued 30,295,059 Jun 22 close $0.25
Thu 22 Jun 2000 News Release
Mr. Harry Barr reports
International Freegold Mineral Development has acquired two additional
platinum group metal (PGM) properties in the Sudbury mining division in
Ontario. The Sudbury area has recently become the focus of an exploration
and staking boom, as a result of recent PGM discoveries by other companies
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 two properties is
as follows. Cash payments totalling $24,000 and the issuance of 55,000
shares. The properties are subject to a 3-per-cent net smelter royalty with
a buyback provision for up to 2-per-cent nsr. A finder's fee will be paid.
All of the aforementioned are subject to regulatory approval.
Exploration is currently under way on Freegold's other Sudbury properties
and 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.
Freegold has entered into an consulting services agreement, dated for
reference March 15, 2000, with Paul Searle (the consultant). Under the
agreement, the company has retained the consultant to provide consulting
services as required (collectively the services).
The brokered private placement announced in Stockwatch April 13, 2000, of
up to 6.75 million special warrants of the company at a purchase price of
75 cents per special warrant for a total of $5,062,500 has been cancelled. |
