1550 - 409 Granville Street
Vancouver, B.C. V6C 1T2
Tel. (604) 685-5254
Fax: (604) 685-2814
Date: November 8, 1999
Trading Symbol (VSE-M GJ)
Shares Issued: 41,557,995
News Release
#99-31
PROPERTY TRANSACTIONS
Despinassy - Norcal Option
Major General Resources Ltd. has optioned the 20 claim Deva Property, totalling approximately 1000
hectares, from Norcal Resources Ltd. of Vancouver. Major General can earn a 70 percent equity interest
in the property by expending $300,000 in exploration work over three years. Of this, $50,000 is
committed to be spent in the first year. If upon formation of a joint venture Norcal does not contribute, its
interest will revert to a one percent NSR.
The claims are situated just over one kilometre west of the original Despinassy property subject to the
Major General - Cameco Gold Inc. joint venture. In mid 1999 Major General announced that project
operator Cameco Gold had encountered a major gold drill intersection grading 6.47 g/T Au over 20.5
metres. This intersection is contained within a wide gold zone grading 2.37 g/T Au over 60.4 metres,
which, in turn, is situated within an extensive 200 metre wide, east-west trending deformation zone which
hosts numerous gold drill intersection.
The Norcal Option, Deva Property is located about 4.0 kilometres to the west of this drill intersection.
The trend of the deformation zone is interpreted to continue to the Deva Property and continue through it
for about 2.5 km.
Four claims of the 20 claim Deva property are subject to the MGJ-Cameco joint venture agreement.
Despinassy - Battle Mountain Gold - Cameco Gold Inc. Purchase
Further to the Major General- Cameco Joint Venture at Despinassy, Major General also announces that
Cameco recently acquired an adjoining property from Battle Mountain Gold. Under the terms of that
agreement, Cameco acquired a 100 per cent interest in the 30 claim property for a payment of $5,000.
Battle Mountain retains a 3% NSR and Cameco has the option to reduce the NSR to 2% by paying $1
million to Battle Mountain.
The Battle Mountain property falls within the Major General-Cameco area of interest and Major General
has elected to have these claims included in the joint venture. The property also contains east and west
extensions of the Despinassy Gold deformation zone.
Spider Lake Project, Ontario
Major General has issued 10,000 shares as required to maintain its option on the Steel River claims.
These claims and the Prairie River Optioned claims form the Spider Lake base metals property, located
near Schreiber, Ontario. Atna Resources Ltd. recently optioned this property from Major General and an
EM geophysical survey is underway.
Bernard H. Kahlert
Director
Contact: Clive Massey
Corporate Communications Manager
Major General Resources Ltd.
Telephone: (604) 685-5254
1-800-667-7866
majorgeneral.com
Email: info@majorgeneral.com
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. |
