*******NEWS*******
New Blue Ribbon Resources Ltd. - Joint Venture - Legend Diamond Project
Edmonton, Alberta--
"New Blue Ribbon Resources Ltd." (the "Company") is pleased to
report that it has entered into an option agreement, with
Montello Resources Ltd. and Redwood Resources Ltd. (the
"Agreement") wherein the Company has been given the sole and
exclusive right and option to acquire a 60% undivided interest in
the certain mining claims located in Alberta, for and in
consideration of the Company's expenditure of not less than
$1,000,000 on the property, $300,000 of which must be incurred
within one year of the date of the Agreement, and the remaining
$700,000 must be incurred within two years of the Agreement. As
further consideration, the Company is to issue a total of 300,000
shares out of treasury.
The Agreement is subject to Regulatory Approval and as additional
consideration, the Company will be issuing a finder's fee to
Grizzly Gold Inc. to the maximum amount allowable, payable as to
100,000 common shares upon receipt of Regulatory Approval with
the balance to be released upon certain expenditures being made
on the Property, and milestones being achieved.
The Legend property encompasses more than 1,000,000 acres within
the Birch Mountains area of north-central to northeastern,
Alberta. Past work by Montello Resources Ltd., Redwood Resources
Ltd., and Kennecott Canada Exploration Inc. was successful in
identifying eight kimberlite pipes which are considered part of
the Diamondiferous Legend Kimberlite Field. A high-resolution
aeromagnetic survey identified numerous anomalies, Possibly
indicative of kimberlitic intrusives. Detailed follow-up work at
some of these targets, which included both heli-borne and
ground-based geophysical surveys, produced discrete geophysical
responses similar to those for known kimberlites.
The Legend Kimberlite Field is located proximal to the eastern
margin of the Buffalo Head terrain and Proterozoic Taltson Arc.
Granitic rocks from the Taltson Arc have produced dates of
approximately 2.0 Ga, while Sm-Nd isotopic signatures (2.5 to 2.7
Ga) reflect early Proterozoic recycling of material with a
prolonged crustal history.
The Company is currently evaluating pertinent geologic and
geophysical information for the region. In addition, follow-up
ground work has commenced at the Company's Little Legend
property. Ground work will include detailed geophysical surveys
at several high-priority targets.
Based upon favorable results, the company will commence drilling
at both the Legend and Little Legend properties.
This Press Release was prepared on behalf of the Board of
Directors, which accepts full responsibility for its contents.
ON BEHALF OF THE BOARD
"Larry Kryska"
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LARRY KRYSKA, President & Director
FOR FURTHER INFORMATION PLEASE CONTACT: Larry D. Kryska
The Canadian Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this
release.
New Blue Ribbon Resources Ltd.
10048 - 87th Avenue
Edmonton, AB, Canada T6E 2N9
Tel: (780) 433-3566 Fax: (780) 439-6316
Toll Free: 1-800-505-5655
E-Mail Address: info@newblueribbon.com
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