WOLFDEN RESOURCES INC. WOLFDEN TO ACQUIRE RED LAKE GOLD PROPERTIES
IMMEDIATE PRESS RELEASE
THUNDER BAY, NOVEMBER 26, 2002
Shares Issued: 24,858,058
WOLFDEN RESOURCES INC. (TSX-V:YWO) is pleased to announce that it has signed
agreements to acquire, subject to regulatory approval, a 100% interest in
the White Horse Island Property, from Mr. Perry English, and a 100% interest
in the St. Paul's Bay Property from Mr. David Meunier and Freewest Resources
Canada. The Properties are located in the Red Lake greenstone belt in
Ontario.
Wolfden will acquire a 100% interest in the White Horse Island Property by
paying to Mr. English cash payments totalling $128,100 and issuing 75,000
Common Shares of Wolfden over a three year period including $12,600 cash and
25,000 Shares on signing. Mr. English will retain a 2.5% Net Smelter Return
Royalty ("NSR") of which Wolfden will have the right to purchase a 1.5% NSR
for the sum of $0.5 Million per 0.5% of NSR. To acquire a 100% interest in
the St. Paul's Bay Property, Wolfden is required to make cash payments
totalling $105,000 to Mr. Meunier and Freewest including $15,000 on signing,
and performing a minimum of $150,000 in exploration on the Property in the
first year. Mr. Meunier will retain a 2.0% NSR and Freewest will retain a
1.0% NSR of which Wolfden will have the right to purchase a 1.5% NSR for the
sum of $0.5 Million per 0.5% of NSR.
The St. Paul's Bay Property is host to the majority of the ultramafic rock
units of the "St. Paul's Bay Deformation Zone and is located in close
proximity to the Newman-Heyson and Nova-Co Properties (currently under
joint-venture to Kinross Gold Corporation), and the My-Ritt Property, held
under option by Wolfden. Limited previous exploration on the St. Paul's Bay
Property includes a single drill hole in close proximity to an apparent
"break" in the St. Paul's Bay ultramafic rock unit that intersected a gold
bearing silicified zone. Similar "breaks" are host to significant gold
bearing zones in ultramafic rock units elsewhere in the Red Lake camp. The
St. Paul's "break" will be the primary target of an exploration program
planned for this winter.
The White Horse Island Property, combined with the recently acquired Bonanza
Property, is host to the Sanshaw (Bonanza) Gold Prospect that has some
limited underground development and is reported to host "reserves of 175,000
tons averaging 0.20 oz/ton gold, above the 375 foot level." Additional
surface and underground work in 1974 "indicated some cut grade material of
0.21 (0.35 uncut) oz/ton Au across an average width of 11.0 feet." (Source:
National Mineral Inventory - Au10). These calculations may not comply with
Policy 43-101.
These acquisitions further solidify Wolfden's position as an emerging player
in the Red Lake greenstone belt with a significant core land position within
the main mine trends in Red Lake.
WOLFDEN is a Canadian based mineral exploration and development company with
a diversified portfolio of advanced stage properties and several ongoing
exploration programs in Canada. Wolfden is debt free and has a strong
treasury.
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
The statements made in this Press Release may contain forward looking
statements that may involve a number of risks and uncertainties. Actual
events or results could differ materially from the Company's expectations
and projections.
The TSX Venture exchange does not accept responsibility for the adequacy or
accuracy of this release.
4283 Loch Lomond Rd., Thunder Bay, Ontario P7J 1H1 Tel. (807) 473-6723 or
346-1668 Fax (807) 473-1977 |
