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International Larder Minerals Inc.
R. Brian Murray
President
(416) 864-0237
(416) 864-0567 (FAX)
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: INTERNATIONAL LARDER MINERALS INC.
CDN SYMBOL: LRDR
MAY 5, 1997
Larder Announces Joint Venture Agreement With Kinross On
Matheson Township Property
TORONTO, ONTARIO--International Larder Minerals Inc. ("Larder") is
pleased to announces that it has signed a letter of intent to
enter into a joint venture agreement with Kinross Gold Corporation
("Kinross") with respect to its property in Matheson Township in
Ontario. Larder owns or has an option to acquire an interest in
excess of 100 claims in the Matheson Township area of Ontario,
which is near to the recent gold discovery at Hoyle Pond by
Kinross. A previous agreement on this property with BHP Minerals
Canada Ltd. ("BHP"), was allowed to lapse due to budget
constraints.
Under the terms of the agreement between Kinross and Larder,
Kinross may earn up to a 70 percent interest in the Matheson
property by incurring a total work expenditure of $3,000,000 over
a seven year period, commencing with $100,000 to be spent in the
first year.
In addition, Kinross is to make annual option payments over 7
years totalling $350,000 commencing with a $30,000 payment on the
execution of the agreement.
Previous work funded by Larder consisted of three diamond drill
holes which intersected visible gold within grey zones and
porphyry on an ultramafic contact. These horizons are similar to
the geology hosting the nearby Hoyle Pond Mine (175,000 ounces
production scheduled for 1997). The attached geological map
prepared by Kinross Gold Corporation shows the favourable
volcanic-sedimentary sequences extending towards the Larder
properties in Matheson Township.
BHP had spent in excess of $250,000 doing line cutting,
magnetometer and electromagnetic surveys on the property. BHP also
completed reverse circulation drilling that uncovered pristine
gold in the till.
Kinross anticipates commencing a diamond drill program within 90
days.
-30-
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