First release on JV issued this afternoon. Clearly the company and "The Major" and extremely cautious in their desire to release information. I guess in this current climate that attitude is understandable
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: CANUC RESOURCES CORPORATION
CDN SYMBOL: CANC
APRIL 7, 1997
Canuc Reaches Preliminary Agreement with Major North
American Gold Producer to Joint Venture Ecuadorean Gold
Project
TORONTO, ONTARIO--During the past several weeks, Canuc Resources
Corporation (the "Company") has held discussions with a selected
group of well known North American gold producers with a view to
entering into a Joint Venture Agreement (the "Joint Venture") for
the further development of the Company's Nambija gold project in
Ecuador (the "Project").
From these discussions, the Company is pleased to report that the
main business terms of a Joint Venture have been negotiated with
one of Canada's premier mining companies (the "Major Company") to
the satisfaction of both parties. The Directors of Canuc are
confident that this significant development will impact the
Project and the Company very favourably.
The Major Company has been and continues to be actively engaged in
its due diligence review of the Project. From communications with
them, it is the Company's understanding that the Major Company is
satisfied with its technical review and the potential of the
Project and is now carrying out due diligence with regard to title
and environmental matters. It is expected that such due diligence
will be completed by April 30, 1997.
In the meantime, an extensive and systematic underground sampling
program is continuing on the north-east section of the property
where a visual, prominent oxidized zone of sulfide-gold
mineralization exists. Assays on three series of samples received
so far have yielded potentially economic values. These results,
along with other geological assessments, indicate that this
mineralization could represent a gold-copper porphyry that could
contain a sizeable economic tonnage. It is still too early to put
specific numbers to the grade and tonnage of this zone since the
sampling program is incomplete.
This porphyry zone is separate from the skarn zone located in the
southwestern portion of the Project and on which the Company has
previously conducted exploration work.
The directors of the Company would like to assure its shareholders
that Nambija is not simply a grass roots target, but has in fact
produced large quantities of gold. The property covering some 69
hectares shows evidence of wide spread gold mineralization as
demonstrated by early Spanish and subsequent Ecuadorean itinerant
mining. For the most part the gold was extracted from multiple
small underground tunnels and stopes focused on small high grade
pods. The Company's priorities in contrast include large lower
grade and open pittable targets and deeper underground high grade
targets, neither of which has been evaluated by earlier work.
We remain confident that our Project will prove to be a major
mineral deposit based on careful and time-tested methods of
exploration and assay procedures conducted by experienced
personnel.
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