HERE'S THE NEWS!!!!!!!!!
OROGRANDE RESOURCES INC ("ORG-V;ORGDF-L") MILLSTREAM MINES LTD ("MLSM-Z") - Orogrande Enters Into Agreement with Millstream
Orogrande Resources Inc. ('ORG') is pleased to announce that it has entered into an agreement with Millstream Mines Ltd. to explore the Potterdoal property which is located 2 claims north of the Potter property of Millstream. The latter is the centre of considerable exploration activities and a sizeable copper-zinc precious metal resource has been delineated by Millstream (for further details see www.millstreammines.com).
ORG has the right to earn an interest in 3 claims that abut on the west side of the claim unit on which the Potterdoal development mineshaft is located. The regional geology indicates that the property may be situated on the northern limb of a syncline and the Potter on the south limb of this syncline. An Ontario government publication lists the Potterdoal as a former producer, having shipped a 25 ton bulk sample from the shaft which assayed 15.22% copper, 4.15% zinc, 2.7 oz per ton silver, and 0.045 oz per ton of gold. A further 1,913 tons was shipped in 1930.
In recent years Canamax and Granges performed some diamond drilling and were able to delineate a westerly trending mineralized grid. Prominent copper/zinc mineralization is evident from the drill results but considerably more structural analysis and definition drilling is needed. ORG believes this mineralized zone to be the western extension of the ore zone mined on the adjacent Potterdoal mine property. By spending $400,000 over the next two years and making cash property payments of $30,000 plus 100,000 ORG common shares, ORG can earn a 49% interest in this property.
The board of directors are also pleased to announce the appointment of David G. Wahl, P.Eng. as President, CEO & director of ORG replacing the vacancy left by Mr. G.E. Wood interim President. Mr. Wahl is an extremely well qualified industry professional with extensive experience in the mineral business having spent over 30 years as a principal in several major Canadian consulting firms and having founded Southampton Associates 5 years ago to service a wide range of international clients. Mr. Wahl is particularly knowledgeable in the property area surrounding the Potterdoal and will be instrumental in introducing other projects to ORG. Also appointed as a director is Nicole Spracklin, Corporate Secretary of ORG.
The Corporation has approved an issuance of 800,000 common shares of the Corporation as full settlement of an outstanding debt owing to G. Salazar S. & Associated Ltd. Such share issuance is at a deemed value of $0.113 per share. This issuance will result in an increase in the number of shares by approximately 3.7% to 21,745,434 common shares issued and outstanding. Guillarmo Salazar is the principal of G. Salazar S. & Associates Ltd. and is also a director of the Corporation.
ORG has terminated its McClintock option but has extended the Bellas Gate concession and is actively involved in furthering the Nizi property development in northern B.C. TEL: (416)-601-1444 Orogrande Resources Inc.
David G. Wahl, President
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