Haddington secures mineral reconnaissance licence
Haddington International Resources Ltd HDN
Shares issued 1,462,111 Jan 11 close $0.13
Wed 19 Jan 2000 News Release
Mr. John Tarrant reports
The company has been granted a one-year mineral reconnaissance licence for
gold, diamonds and base metals in three areas covering 3,500 square
kilometres in the central west and northwest of Liberia, West Africa.
From a minerals perspective, Liberia is best known for its Bong and Lamco
iron ore mines. Liberia has also had significant historical production of
diamonds and gold. The country has recently reopened to modern exploration
and is one of the few underexplored Archaean greenstone areas of the world.
The reconnaissance licence is granted to allow geological research to
determine potential mineralized zones, geological trends, structures and
sequences. Upon completion of the reconnaissance, it provides the company
with the right to apply for mineral exploration licences over selected
areas within the reconnaissance licence.
The company will use this reconnaissance phase of exploration to carry out
a detailed review of all available data, the results of the workd
undertaken by others and a field assessment to identify the most favourable
exploration targets. Property holdings will then be consolidated around
these targets and an aggressive program of exploration will be applied to
locate primary drill targets for 2001.
The company's expenditure on the one-year reconnaissance is expected to be
approximately $75,000 (U.S.).
Mr. Tarrant further reports
Further to the new release on Stockwatch Nov. 15, 1999, regarding the
Tanzanian gold projects, the company has concluded its due diligence on the
acquisition of a 70-per-cent interest in six gold prospecting licences in
Tanzania.
As a result of the due diligence, the company has elected not to proceed
with the acquisition and has advised the vendors accordingly. The company
is continuing to review other potential acquisitions in Tanzania.
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