WOLFDEN RESOURCES INC. WOLFDEN - DRILLING PROGRAM COMMENCES AT ARGOSY GOLD PROPERTY
IMMEDIATE PRESS RELEASE
THUNDER BAY, ONT. OCTOBER 3, 2002
Shares Issued: 23,788,493
WOLFDEN RESOURCES INC. (TSX-V:YWO) is pleased to announce that it is
mobilizing to begin a drill program on the high-grade Argosy Gold Mine
Property, located in the Red Lake Mining District, Ontario. The current
program is to be funded by joint-venture partner FIRST AU STRATEGIES CORP.
(TSX-V:FAV) who have the option to acquire up to a 51% interest in the
Property.
The Argosy Gold Mine Property is host to the past producing Argosy Gold Mine
which produced 101,875 ounces of gold at an average recovered grade of 0.37
oz/ton Au prior to being closed in the early 1950's. Production came from
three veins that were mined to a maximum depth of 900 feet.
The current drill program will consist of approximately 2,000 meters of
drilling and is designed to test the No.1 and No.2 Veins beneath the
workings of the mine. This drilling is also expected to intersect parallel
(unmined) veins that were identified during previous exploration on the
Property. Significantly, this drilling will test the unmined No.3 Vein that
has previously returned intersections as high as 15.0 oz/ton Au across 2
feet.
There is a minimum of 6 parallel veins known to occur in the areas being
tested by the current program. Drilling is expected to be completed by the
end of October.
In other news, Wolfden has filed a final prospectus dated September 23, 2002
qualifying the distribution of, among other securities, (i) 660,000
"flow-through" common shares of Wolfden to be issued without additional
consideration upon the exercise of 600,000 class A special warrants of
Wolfden, (ii) 1,980,000 common shares of Wolfden and 990,000 warrants to
purchase 990,000 common shares of Wolfden to be issued without additional
consideration upon the exercise of 1,800,000 class B special warrants of
Wolfden, (iii) 2,932,733 flow-through common shares of Wolfden to be issued
without additional consideration upon the exercise of 2,932,733 class C
special warrants of Wolfden, and (iv) 2,242,048 flow-through common shares
to be issued without additional consideration upon the exercise of 2,242,048
class E special warrants of Wolfden. Provided that they are not previously
exercised by the holders thereof, the foregoing special warrants will be
exercised, and the common shares and warrants of Wolfden issuable upon the
exercise thereof will be issued, at the end of business on September 30,
2002 in accordance with the provisions of the special warrant indentures
governing such special warrants. These shares are reflected above.
Wolfden is a Canadian based mineral exploration and development company
engaged in the exploration of economic mineral deposits.
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 |
