News Release: March 2
TNK options key claims west of Thunder Bay adjacent to Band-Ore Resources Ltd.
Q-9 Property
No. of Shares Issued: 38,018,008
TORONTO, March 2 /CNW/ - TNK Resources Inc. today announced it has
entered into an option/joint venture agreement with International Capri
Resources Ltd. (ICQ on VSE) for its Wolf Lake property, located 130 kilometres
west of Thunder Bay, Ontario. Under the agreement, TNK will earn a 50 per cent
interest in six claims (3,600 acres) by making cash payments of $100,000,
issuing 100,000 common shares, and by incurring exploration expenditures of
$100,000 on or before December 31, 1999 and $100,000 on or before July 31,
2000. The cash and the shares are issuable 25% on signing and to keep the
option in good standing, 25% in each of 6 months, 12 months and 18 months. The
agreement is subject to regulatory approval. TNK will be the project operator.
In 1999, TNK will conduct exploration activities on the property, including
prospecting, mapping, geophysical surveying and drilling. TNK Resources and
International Capri are at arms' length with each other.
The area surrounding the Wolf Lake property has been explored
intermittently during the past 15 years following the construction of lumber
roads. Gold showings of economic interest have been discovered in the area
close to the property, with the most recent being the Band-Ore Resources Ltd.
(BAN on TSE) Q-9 claims, located immediately to the east of the Wolf Lake
claims. In 1988, a quartz vein outcropping on the surface was discovered on
the Wolf Lake property. To test this known vein structure, a limited drill
program consisting of two holes measuring 90 and 111 metres was completed by
International Capri in mid-February. Assay results from these holes are
expected by mid March.
''We are very excited to have negotiated an option to earn an interest
in key claims adjacent to a recent high grade gold/silver deposit in Ontario
and look forward to continuing the exploration and drilling program,'' said
Elizabeth Kirkwood, President & CEO of TNK.
TNK Resources Inc. is a Canadian junior mining company involved in
mineral exploration around the world. The company's efforts are focused on
diamond exploration in Botswana, the world's largest producer of diamonds, a
diamond exploration project in Canada's North West Territories and a high
grade silver/gold epithermal deposit in Mexico. Headquartered in Toronto,
Canada, the Company's common shares are traded on the Canadian Dealing Network
under the symbol TNKR, and on the NASD Bulletin Board under the symbol TNKRF.
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For further information: Media: David Wills, (416) 504-8464; Investor
Relations: John Gowdy: 1(877) 322-3309 |
