This new news could also increas price for GLB. Looks like drilling should start
on there Rouyn claims.
GOLDEN BRIAR MINES LIMITED - NEW JOINT VENTURE PARTNER ON ROUYN-NORANDA PROPERTY,
QUEBEC
CALGARY, April 23 /CNW/ - ``Golden Briar Mines Limited is a joint-venture
partner with Inmet Mines Corp, on 9500 acres in Rouyn and Beauchastel
Township, in the Rouyn-Noranda mining camp.
Golden Briar has a 10% net carried interest, which increases to 49% as
designated costs are recovered from any commercial production.
Inmet has notified Golden Briar that it has reached an agreement in
principle with Placer Dome for the exploration of the property and has said
work, on the property, should start as soon as the agreement is executed.
There has been no dilution of Golden Briar's interest in the property.
------------------------------------------------------------------------
Golden Briar has the right to earn a 50% interest, in ground, in Rathbun
Township, in the Wanapitei Anomaly, Sudbury, Ontario.
The ground contains two 2500 foot deep drill holes, two miles apart, with
large intersections of disseminated nickel and copper. It has been suggested
that the mineralization may have migrated from an underlying igneous
intrusion. Golden Briar optioned the ground from Flag Resources (1985) Limited
(A.S.E.) and is required to complete expenditures of $400,000.00 over 4 years,
to earn its interest.
Subject to regulatory approval, Golden Briar proposes to option the
ground, held by Flag Resources (1985) Limited, in the northwest corner of
McNish Township, Wanapitei Anomaly, 6 miles east of Rathbun Township.
On the ground, on which there are numerous surface showings of base metal
mineralization over a mile and a half square area, Flag has completed
substantial exploration expenditures, including outlining gravity anomalics
yet to be drilled, and the first igneous intrusion to be discovered in the
Wanapitei Anomaly. Golden Briar may earn a 50 percent interest, subject to
regulatory approval, by spending $500,000.00 over a 5 year period. Golden
Briar owns over 1,200,000 shares of Flag Resources (1985) Limited, and is the
largest shareholder. Flag holds 70,000 acres in 6 adjoining townships in the
western sector of the 54 mile long Wanapitei Anomaly, on which four million
dollars has been spent, in exploration, by or on behalf of Flag.
The Wanapitei Anomaly is the twin adjoining regional anomaly to the 36
mile long Sudbury Anomaly, the world's largest nickel producer, along with
copper, platinum group and cobalt production.''
-0- 04/23/97
For further information: Mr. Murdo C. McLeod, President, (403) 262-8883,
Fax: (403) 262-8886, email: mcleodmd(at)cadvision.com, The Aquitaine Tower,
19th floor, 540-5 Avenue S.W., Calgary, Alberta, Canada, T2P 0M2
Good investing to all: RGW |
