Drilling the Placer property in Red Lake:
Wolfden Commences East Bay Drilling
Symbol: YWO
Industry: MINING
Subject: COMPANY UPDATE
Geographic Region: THUNDER BAY, ONT.
OLFDEN RESOURCES INC.
FSC / Press Release
Thunder Bay: February 4, 2003.
Shares Issued: 24,953,058
WOLFDEN COMMENCES EAST BAY DRILLING - ACQUIRES STRATEGIC BATEMAN-RED LAKE
GOLD PROPERTY
WOLFDEN RESOURCES INC. (TSX-V:YWO) is pleased to announce that drilling has
started on the East Bay Gold Property in the Red Lake gold belt. Also, the
company has signed an option agreement with Rivard Estate, an arms length
party, to acquire up to a 100% interest in the Bateman Township Property,
which consists of 11 unpatented mining claims in the Red Lake Mining District,
Ontario.
To acquire a 100% interest in the Bateman Property, Wolfden must pay to
Rivard Estate $140,000 cash and issue 200,000 Shares over a three year period,
including $20,000 cash and 40,000 Shares on signing. Wolfden is required to
spend a minimum of $100,000 in exploration on the Property in the first year.
Upon acquisition, Rivard Estate will retain a 2.5% Net Smelter Return Royalty
("NSR"), of which Wolfden can purchase three-fifths, namely a 1.5% NSR, for
$500,000 per 0.5% of NSR.
The Bateman Property is located in the East Bay Deformation Zone
approximately 10km from the producing Campbell (Placer Dome) and Red Lake
(Goldcorp) gold mines. The Property lies in the centre of the East Bay
Property, that is subject to an earn-in (50%) agreement by Wolfden from PLACER
DOME (CLA) LTD., a subsidiary of Placer Dome Inc. (TSE:PDG). The combined
East Bay and Bateman Property covers approximately 6.5km of the favourable
East Bay deformation zone. The East Bay Trend will be subject to several
major drill programs this winter, including those by Wolfden, Goldcorp and
Rubicon.
The East Bay deformation zone consists primarily of ultramafic rocks, similar
to those that host the producing high-grade Campbell and Red Lake mines.
Several significant gold prospects and mines occur along the East Bay trend
including the past producing Cochenour Mine (past production 1.2 million
ounces gold at 0.56 oz/ton) now owned by Goldcorp, the Abino and Chevron gold
zones (Goldcorp), and Rubicon's McFinley Gold Project.
An aggressive exploration program has been initiated on the Property, and
more than 10,000 meters of drilling is planned for this winter starting
immediately.
WOLFDEN is a Canadian based mineral exploration and development company with
a diversified portfolio of advanced stage properties and several ongoing
exploration programs in Canada. Wolfden is debt free and has a strong
treasury.
For further information, please contact:
Ewan Downie, President
Phone: 807-346-1668
Fax: 807-473-1977
e-mail: wolfden@baynet.net
Web Site: www.wolfdenresources.com
The statements made in this Press Release may contain forward looking
statements that may involve a number of risks and uncertainties. Actual
events or results could differ materially from the Company's expectations and
projections.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release. |
