Canadian Company Press Release
ANU 2000-02-29 (provided courtesy of Canadian Corporate News.)
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Anaconda Uranium Acquires PGM Exploration Project In The River Valley Area Near Sudbury
TORONTO, ONTARIO--Anaconda Uranium Corporation (CDNX:ANU) is
pleased to announce that it has acquired 3 claim blocks in Dana
Township about 60km east of Sudbury, Ontario. This property,
with a total area of 36 units, is in the River Valley area where
exploration work for Platinum Group Metals ("PGM") is ongoing by
Pacific North West Capital Corporation and Mustang Mining with
their South African exploration partners, Amplats and Impala
Platinum, respectively.
Geologically, the property is situated in the River Valley
Intrusion, which is a large layered mafic intrusion and is highly
prospective for Platinum, Palladium and other PGM. The property
abuts the southern end of the Pacific North West ground where
their Azen Creek Zone is located. Grab samples taken in this Zone
by Pacific North West have assayed up to 4g/t PGM. To the west
the property abuts onto ground held by Mustang.
The property was acquired from Gary Kosy of Kirkland Lake who has
retained a 3% NSR on any production that may arise from the
project. The purchase price was $10,000 in cash with the transfer
of 100,000 shares of Anaconda. The deal is subject to CDNX
approval.
Platinum and Palladium have been the subject of significant price
rises in the past few months and new sources of supply are
urgently required in both the short and long term. Its importance
is emphasised by the interest being focussed on the area by
others, in particular major South African producers. It has the
possibility of being the source of future long term PGM
production.
The main uses of Platinum and Palladium are in the field of
cleaner combustion engines emissions via catalytic converters and
in the future, fuel cell motive units. With the world focus on a
cleaner atmosphere, the growth potential is immense. It is
considered that this new PGM focus by Anaconda fits with the
original focus on uranium, which is a fuel source for electric
power as a clean alternative to fossil fuels. As is the case with
uranium there is a primary supply shortfall for PGM. There is a
significant difference in that there are no stockpiles overhanging
the market.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
John Cook - President
(416) 864-1012
facsimile (416) 864-1369
E-mail: jfcook@concentric.net
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