News Release Int'l Taurus to increase Fenelon interest
International Taurus Resources Inc ITS
Shares issued 28,530,403 May 3 close $0.17
Thu 4 May 2000 News Release
Mr. Robert Blakestad reports
International Taurus has negotiated an agreement with Fairstar Explorations
Inc. of Montreal to acquire the operatorship and an additional
39.5-per-cent interest in the Fenelon gold project joint venture in
northwest Quebec. Taurus will pay Fairstar $400,000 on closing for the
option to purchase the additional interest. Taurus currently controls a
27.2-per-cent joint venture interest in Fenelon and will hold a
66.6-per-cent interest with this agreement.
The option agreement requires Taurus to undertake a bulk sample program at
Fenelon and complete a feasibility study within 18 months of closing. The
cost of the bulk sample will be borne by Taurus and all proceeds derived
from the sample will be entirely for Taurus's account. If Taurus elects to
exercise its option, it will make additional payments to Fairstar from
production.
Taurus intends to complete the bulk sample and place the project into
production as soon as possible. A 1997 prefeasibility study, supported by
engineering studies and 41,000 metres of drilling, has established a
potentially minable open pit resource of 137,000 tonnes grading 17.5 grams
of gold per tonne (77,000 ounces of gold). Subsequent work by Taurus
indicates that an underground operation, using well-established selective
mining techniques, could recover more than 100,000 ounces from high-grade
veins which occur between the surface and the 110-metre level of the
deposit.
Taurus has designed a surface bulk sampling program for Fenelon that will
remove approximately 7,100 tonnes from two veins. The estimated grade of
this sample is projected to be more than 30 grams of gold per tonne.
Information from this bulk sample will form the basis of a feasibility
study and a recommendation for mine development. Taurus is in the process
of raising the required funds to complete this work, which will include an
in-fill drilling program of 15 to 20 holes to be used for final design of
the bulk sample.
Taurus has signed an agreement with J. Wayne Marsden where Mr. Marsden will
provide the company with investor and public relations services for a
period of six months, with an option to renew. Mr. Marsden will receive
$1,500 per month and stock options to purchase 150,000 common shares of the
company at a price of 15 cents per share.
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com |
