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Gold/Mining/Energy : denison mines
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To: Lalit Jain who wrote (85)6/26/1997 4:30:00 PM
From: Lalit Jain   of 301
 
Progress on the SAGAR project:

(Part of Virginia Gold's news release - Jun 26/97.)

**************************************************************
NORTHERN QUEBEC
---------------
INMET AND DENISON MINES will soon begin a first exploration program on
the SAGAR property (optioned by VIRGINIA) located in the Labrador Through.
Under the terms of the agreement, Inmet and Denison Mines can acquire a 50%
interest in the property in return for exploration expenditures of $4 million
over five years and four payments totalling $250,000. Work will consist of
geological surveys, geophysics (gravity) and drilling. They will attempt to
identify the source of erratic boulder fields rich in gold and uranium while
testing the potential of the property for Athabasca Basin and Olympic Dam type
deposits.
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