Work starting up again -- all right!
NEWS RELEASE
January 31, 2000
2000 EXPLORATION BUDGETS
Intertech Minerals Corp. (the "Company") has been advised by Kennecott
Canada Exploration Inc. ("Kennecott") that it has approved funding of up to
US$400,000 as its share of the expenditures for the 2000 exploration
program on the Afridi Lake and Afridi Lake East diamond properties, located
in the Lac de Gras area of the NWT, with the allocation between the two
being up to US$100,000 and US$300,000, respectively. As the latter is a
joint venture between the Company and Kennecott, with participating
interests of 40% and 60%, respectively, the Company will be required to
provide up to US$200,000 as its portion of the proposed expenditures. The
total for the two properties for this phase of exploration will be a
maximum of US$600,000.
The exploration program proposed by Kennecott, the operator for both
properties, will consist of evaluation, by ground geophysical surveying
(total field magnetics, HLEM), of geophysical targets identified by
airborne surveys carried out in 1998 (Geoterrex-Dighem) and 1999 (McPhar
Geophysics), to be followed, where warranted, by diamond drilling. Field
activities, expected to commence during the first half of March, will be
conducted from a well supplied, all-weather camp established on the Afridi
Lake Property by Kennecott in early 1999.
At the present time, the Company owns an undivided 100% interest in the
60,534 hectare Afridi Lake property and an undivided 40% interest in the
adjoining 23,098 hectare Afridi Lake East property. In late 1998 the
Company granted Kennecott an option to acquire an undivided 60% interest in
the Afridi Lake property which may exercised by Kennecott at any time prior
to December 11, 2000 by incurring exploration expenditures totalling C$25
million or, alternatively, by announcing a decision to begin construction
and development of a mine within the property boundaries. To the end of
1999, Kennecott had expended approximately C$1.25 million on this property.
Exploration completed to date has resulted in the discovery of four weakly
diamondiferous, structurally controlled kimberlite intrusions, designated
DA 1-3 (in 1996) and Jordan (in 1999), all in the extreme northwest corner
of the Afridi Lake property. The largest stone recovered, from the DA-3
intrusion, was a dodecahedral fragment measuring 1.12 mm x 0.83 mm x 0.24 mm.
These two properties are strategically located approximately 95 km
southeast of the Ekati Diamond Mine (estimated annual production - 3
million carats), owned by BHP Diamonds Inc. and DiaMet Minerals Ltd., and
65 km southeast of the high-grade Diavik Project, owned by Diavik Diamond
Mines Inc. (Rio Tinto plc) and Aber Resources Ltd.
For more detailed information please visit the Company's web site at
www.imlvse.bc.ca. Alternatively, please contact the Company at (604)
684-8712 or 1-888-450-6500 toll free.
Information and Shareholder Inquires Corporate Inquires
Mr. Murray Garnett Mr. John Fraser, President
Mr. Glen Sandwell Mr. Ralph Shearing, Director
INTERTECH MINERALS CORP.
"John Fraser"
John Fraser,
President
The Canadian Venture Exchange has neither approved nor disapproved of the
contents of this news release. |
