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May 5, 1997
Larder J.V. Agreement With Kinross On Mathoson Township
INTERNATIONAL LARDER MINERALS INC ("LRDR-Z")
KINROSS GOLD CORP. ("K-T;KGC-BDNPQX")
- Larder J.V. Agreement With Kinross On Mathoson Township
R. Brian Murray, President of International Larder Minerals Inc. ("Larder") is pleased to announces that it has signed a letter of intent to enter into a joint venture agreement with Kinross Gold Corporation ("Kinross") with respect to its property in Matheson Township in Ontario. Larder owns or has an option to acquire an interest in excess of 100 claims in the Matheson Township area of Ontario, which is near to the recent gold discovery at Hoyle Pond by Kinross. A previous agreement on this property with BHP Minerals Canada Ltd. ("BHP") , was allowed to lapse due to budget constraints.
Under the terms of the agreement between Kinross and Larder, Kinross may earn up to a 70 percent interest in the Matheson property by incurring a total work expenditure of $3,000,000 over a seven year period, commencing with $100,000 to be spent in the first year.
In addition, Kinross is to make annual option payments over 7 years totalling $350,000 commencing with a $30,000 payment on the execution of the agreement.
Previous work funded by Larder consisted of three diamond drill holes which intersected visible gold within grey zones and porphyry on an ultramafic contact. These horizons are similar to the geology hosting the nearby Hoyle Pond Mine (175,000 ounces production scheduled for 1997). The attached geological map prepared by Kinross Gold Corporation shows the favourable volcanic-sedimentary sequences extending towards the Larder properties in Matheson Township.
BHP had spent in excess of $250,000 doing line cutting, magnetometer and electromagnetic surveys on the property. BHP also completed reverse circulation drilling that uncovered pristine gold in the till.
Kinross anticipates commencing a diamond drill program within 90 days.
TEL: (416) 864-0237 R. Brian Murray, President FAX: (416) 864-0567
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