Columbia River Resources - CRVV on OTC NASDAQ Message Board

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Gold/Mining/Energy : Columbia River Resources - CRVV on OTC NASDAQ

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To: keith schaefer who wrote ()	3/18/1998 9:25:00 AM
From: MR_KASH	Read Replies (1) of 280

LETTER OF INTENT WITH NEVADA PACIFIC GOLD LTD. ON BLUE BASIN PROPERTY, NEVADA Columbia River Resources Inc. (Nasdaq ticker symbol CRVV) is pleased to announce a Letter of Intent with Nevada Pacific Gold Ltd. (a private Canadian exploration company) whereby Columbia River Resources Inc. can earn a 100% interest in Nevada Pacific's "Blue Basin Property" located within a Carlin-type window on the southern end of the Independence Trend in Nevada. Under the Agreement, Columbia River Resources Inc. can earn a 100% interest in the Blue Basin Property by completing US$500,000 in exploration expenditures over four years (US$75,000 during the first year), the payment of US$50,000 upon execution of the Definitive Agreement and the payment of US$50,000 on the first anniversary of the Agreement. Nevada Pacific will retain the right to back-in to 50% of the project at the feasibility stage by reimbursing Columbia River 150% of 50% of expenditures on the project at that date. If Nevada Pacific chooses not to participate, the back-in will revert to a 3% net smelter royalty. The Blue Basin property consists of 150 claims and is located 22 miles northwest of Elko, Nevada along the southwestern edge of the Merrimac (Lone Mountain) mining District. Exploration carried out for SEDEX base metal mineralization in the 1970's led to the discovery of gold mineralization associated with siliceous-gossan outcrops. The exploration model for Blue Basin is twofold, 1) hydrothermal Carlin style gold mineralization overprinting an existing SEDEX-type base metal system; 2) gold associated with dolomites and siliceous massive sulphide horizons similar to those recently identified at Barrick's Meikle and Rodeo gold deposits and Newmont's Screamer gold deposit. Further information on exploration results will be released as they become available.

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