Major news: Agnico does Joint venture:
Regards
Dan
Houston Lake signs joint venture on Tib Lake
Houston Lake Mining Inc HLM
Shares issued 14,798,695 Nov 14 close $0.44
Wed 14 Nov 2001 News Release
Also Agnico-Eagle Mines Ltd (AGE)
Mr. Grayme Anthony of Houston Lake Mining reports
Houston Lake Mining has signed a letter of intent with Agnico-Eagle Mines
Ltd. of Toronto, Ont., on Houston Lake's 100-per-cent-owned, 1,632-hectare
(4,030-acre) Tib Lake property which is located in the Thunder Bay mining
district of Northwest Ontario. The property interest has an underlying
2.5-per-cent net smelter royalty. A formal agreement is subject to a due
diligence review and regulatory approval.
Under the letter of intent Agnico-Eagle would have the right to earn a
50-per-cent interest by making cash payments of $650,000 and expending
$3.6-million over four years. Agnico-Eagle would have the right to earn an
additional 10-per-cent upon delivering a positive feasibility study and
would be the operator. The companies would form a 50/50 partnership upon
earn in of the option interest. Both parties are protected from dilution
past a 30-per-cent interest level.
Houston Lake president, Grayme Anthony, believes: "Agnico-Eagle brings
integrity, financial strength and development expertise which complements
Houston Lake's platinum group metals exploration experience and early
positioning in one of the most prospective platinum-palladium camps in the
world. This combination strengthens both of our companies and allows the
promising Tib Lake project to advance apace."
The Tib Lake property is located in the Lac Des Iles area just 15
kilometres (nine miles) from the Lac Des Iles mine of North American
Palladium Ltd. Resources at the Lac Des Iles mine at Dec. 31, 2000, were
estimated to be 145.6 million tonnes averaging 1.57 grams per tonne,
containing 7.4 million ounces of palladium. The Tib Lake gabbro is the
second-largest intrusion of the Lac Des Iles suite of rocks and, as such,
is a prime target for palladium-platinum-gold exploration. |
