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Northern Abitibi Mining Corp -
Northern Abitibi and Donner to begin South Voisey Bay exploration
Northern Abitibi Mining Corp NAI
Shares issued 27,755,028 1999-07-02 close $0.07
Tuesday Jul 6 1999
Also Donner Minerals Ltd (DML)
Mr. Glen Harper reports
Donner Minerals Ltd., the operator of the Northern Abitibi Mining Corp. (Northern Abitibi/Donner 50/50) joint venture, and Northern Abitibi have approved a 1999 South Voisey Bay exploration program and budget of approximately $850,000. This program will be staged and is scheduled to begin on July 1, 1999. Exploration work will consist of detailed surface UTEM geophysical surveying, borehole UTEM geophysical surveying and diamond drilling. Donner and its exploration contractor, Teck Exploration Ltd., are currently finalizing the details of the geophysical program and timing of the diamond drilling to be conducted on the Northern Abitibi property. In the 1997 and 1998 drilling programs significant intersections of massive sulphides containing interesting nickel-copper-cobalt values were discovered. The 1999 drilling program is designed to test several areas of the property that may host massive sulphide deposits.
As a result of the poor stock market conditions, Northern Abitibi has given notice to Donner that it has elected to not contribute to the 1999 budget. Northern Abitibi's share would be approximately $425,000. Donner has given notice to Northern Abitibi that it will finance Northern Abitibi's cost share, and, as specified in the joint venture agreement, Northern Abitibi's ownership interest will be diluted to approximately 42 per cent, assuming the completion of this phase of the exploration program as budgeted. Should this drilling program be successful and further exploration programs carried out in a time of improved stock market conditions, Northern Abitibi would anticipate financing its cost share to maintain its diluted ownership interest.
The interpretation of the results of the 1998 geophysical surveys and diamond drilling has led to an increased understanding of the South Voisey Bay project geology and mineralization. Several areas have been prioritized on the Northern Abitibi property and on other areas of the South Voisey Bay project. Details of the drilling scheduled for the Northern Abitibi property will be announced once the geophysical surveying is completed and the details of the program finalized.
WARNING: The company relies on litigation protection for "forward-looking" statements.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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