CHIP - LS Capital Corporation Acquires Mineral Lease Holding in Taseko Lake, British Columbia
DUBLIN, Ireland, Dec. 14 /PRNewswire/ -- LS Capital Corporation (OTC Bulletin Board: CHIP - news) has acquired a 100% interest in certain mineral claims comprised of 6 units located in the Chilcotin/Taseko Lake area, Clinton Mining Division, Province of British Columbia, Canada. The claim units, known as the Y2K 4-9, are situated about 120 miles due North of Vancouver B.C. and 40 miles northwest of the Bralorne gold camp. Access to the claims is by way of existing secondary roads.
A two year field-oriented Government Sponsored Mineral Resource Assessment was conducted in the area. The assessment concluded that the Y2K 4-9 claims are located within a key area of high mineral exploration potential.
The Taseko Mines (Nasdaq: TKOCF - news; VSE: TKO - news) Prosperity Copper Gold Mine, just a few miles to the northeast, is reputed to be the largest proven gold deposit in Canada with reserves of 9.4 million ounces. Proven Copper reserves are calculated at 3.5 billion pounds, based on an average grade of 0.254% Cu. per ton.
Approximately 2000 yards to the southwest of the Y2K 4-9 claims recent exploration has revealed several mineralized showings which appears to represent a diverse array of copper oxide and sulphide deposit types indicative of a porphyry and compatible with a large mineralized system. One of the most prospective showings identified so far is a shear zone with chalcopyrite, bornite, malachite, and azurite mineralization. The shear zone has a strike length of about one mile and recently published bedrock and float samples averaged 1.57% copper per ton.
The company acquired the mineral claims in exchange for a $50,000.00 convertible note due on or before September 30, 2001
Forward-looking statements in this release are made pursuant to the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, commodity prices of precious metals, increased levels of competition for the Company, perfection of extraction technology, the Company's dependency upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to update the information in this release.
For technical information relating to the contents of this press release, please contact:
Corporate Ventures, Inc.
Tel. (604) 684-6098
Fax. (604) 681-9615
SOURCE: LS Capital Corporation |
