DD, Did you see this on MDN--the 30% partner of Pangea in
Tulawaka?
<<<<<Northern Mining Explorations Ltd -
Northern Mining acquires land in Tanzania
Northern Mining Explorations Ltd MDN
Shares issued 26,547,296 2000-05-08 close $1.3
Tuesday May 9 2000
Mr. Paul Girard reports
The company has acquired 90 square kilometres in the heart of the Lake Victoria Goldfields district in Tanzania, thus adding a new property geologically very promising and well located strategically.
The Karumwa property is owned 100 per cent by Minieres du Nord. It is located within the greenstone belt known to contain resources of nearly 35 million ounces of gold, including Bulyanhulu, Geita, Golden Ridge and the emerging Tulawaka deposits (1.1 M oz gold at surface); the latter deposit is held 30 per cent by Minieres du Nord and 70 per cent by Pangea Goldfields.
Karumwa, easily accessible by road, hosts east-west oriented banded iron formation (BIF) and two intersecting quartz vein systems present in both sedimentary rocks and granodiorite intrusives. Moreover, a major north-south fault structure crosses the property in its full length. Gold values were recently obtained near the southwestern part of the property in a similar geological context as that of Karumwa, which corresponds essentially to the context of the other discoveries in the district.
A regional airborne magnetic survey clearly shows numerous anomalies on Karumwa. MDN will proceed shortly with soil geochemistry, geological mapping and additional magnetic survey followed by a drilling program.
The agreement signed with a private Tanzanian company grants 100 per cent of the mining rights to MDN (already transferred to MDN) in exchange for annual payments and a 5-per-cent (net profit interest) royalty, purchasable for a total amount of $1-million (U.S.).
The agreement clearly specifies that Minieres du Nord has the right to appoint a partner or to transfer the present acquisition to a third part, at any time. >>>>>>>>>>>>>>>
How do you read this-Is MDN getting discouraged about a takeover ever happening on the Tulawaka property and therefore gone out and done the aboue totry to attract a
Major to buy MDN out?
rgds |
