Dumont completes Raglan field season; examining other properties
Dumont Nickel Inc DNI
Shares issued 15,045,074 Aug 26 close $0.25
Fri 27 Aug 99 News Release
Mr. Denis Clement reports
Dumont has completed its 1999 summer field program at its Raglan properties
and is demobilizing from Raglan until the 2000 field season. Dumont is
analyzing results of this season's program in order to assess exploration
opportunities for next year's field season.
Dumont is also evaluating other nickel-copper-platinum group elements (PGE)
exploration programs to be undertaken over the next few months with the
objective of drill-testing some of these opportunities over the winter
season.
In addition, Dumont is evaluating exploration opportunities at its
50-per-cent owned Louvicourt property (Consolidated Abitibi Resources -- 50
per cent). Dumont's Louvicourt property is in the Val d'Or formation about
five kilometres to the east of the Louvicourt mine in Val d'Or, Que. Aur
Resources controls Consolidated Abitibi and has recently announced its
intention to acquire the shares of Consolidated Abitibi which it does not
already own.
At its Lac Raglan property, Dumont completed 13 drill holes totalling 2,469
metres. Drilling confirmed that the stratigraphic sequence at Lac Raglan
LR-6 and LR-7 was identical to the volcano-stratigraphic sequence seen to
the west, which hosts Falconbridge's Katinniq and Donaldson deposits, but
no sulphides of economic interest were encountered in the drilling program.
At the Cross Bar property, Dumont obtained two surface samples containing
1.4 per cent Ni together with 1.7 and 1.5 g/t PGE (Chemex Laboratory),
associated with a modest max-min anomaly.
The 1999 program was financed by a limited partnership associated with
Hunter Dickinson Group Inc. which has earned an interest of approximately
20.4 per cent in Dumont's Raglan properties through the expenditure of
approximately $1.75-million. The limited partnership has assigned its
interest to 583691 B.C. Ltd. Subject to regulatory approval, Dumont has
agreed in principle to the acquisition of this interest through the
issuance of approximately 3.75 million common shares at 60.1 cents per
common share to approximately 94 shareholders, none of whom, to Dumont's
knowledge, will hold more than 2 per cent of the total issued and
outstanding shares of Dumont.
On Aug. 11, 1999, Dumont completed a private placement for $250,000 at 50
cents per share with a warrant until Oct. 15, 2000, at 65 cents per share.
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