This looks good.
Latitude enters JV on Pan project
Latitude Minerals Corp LTU
Shares issued 2,901,842 Sep 28 close $0.22
Tue 28 Sept 99 News Release
Mr. John Carden reports
Latitude Minerals Corp. has entered into a joint venture agreement with
N.A. Degerstrom Inc. of Spokane, Wash., on Latitude's Pan gold project, at
the southeast end of the prolific Battle Mountain Eureka gold trend, White
Pine county, Nev. Degerstrom is highly renowned for its low-cost and
efficient contract mining of numerous Pegasus gold mines in the 1980s.
Under terms of the agreement, Degerstrom can earn a 50-per-cent interest in
the property by expending $750,000 (U.S.) in cash payments and work over a
four-year period. Degerstrom has already made an initial $50,000 (U.S.)
payment to Latitude and is committed to the upcoming $100,000 (U.S.) Phase
I drill program scheduled to begin in two weeks. A $50,000 (U.S.) cash
payment and minimum work requirement will be met each year the agreement is
in effect. Latitude will oversee all work on the property during
exploration through prefeasibility. Degerstrom will be the operator during
the construction and mining phase.
Pan, made up of two deposits containing a 210,000-ounce oxide gold
resource, is part of a large epithermal hot-spring gold system, with good
potential to find high-grade feeders along its 3.5-mile length.
Preparations are under way for a 2O-hole, Phase I reverse circulation drill
program commencing in early October. A notice of Intent has been filed with
the BLM and approval should be forthcoming shortly. The planned holes are
primarily designed to explore for high-grade feeder structures, add ounces
to the existing resource, and raise the overall grade. In addition, five of
the planned holes are targeted at the virgin Middle Pan area where surface
rock-chip assay results on feeder structure material, reported earlier this
year, reveal the presence of ore-grade values in excess of 0.10 ounces per
ton Au. Additional sampling of this material by Degerstrom representatives
reveal values to 0.11 oz/t Au and 0.78 oz/t Ag, corroborating Latitude's
results. The newly recognized Middle Pan area has never been drill tested
and contains potential for new mineralization.
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