Midas:
Thanks, I saw it, here it is, and another release on a JV with Pall and Pelangio/Franco, that is included also below.
G
Prospectors Alliance lists on the CDNX
Prospectors Alliance Corp PALL
Shares issued 18,981,121 2000-09-20 close $0.11
Wednesday Sep 27 2000 Symbol Change
See Prospectors Alliance Corporation (YRP) New Listing
Effective at the opening Monday, Oct. 2, 2000, the shares of the company will commence trading on the Canadian Venture Exchange on Tier 3. The company is presently quoted on the Canadian Dealing Network and will be transferred to the newly created Tier 3 on the CDNX. Effective at the close of business on Friday, Sept. 29, 2000, the company will no longer be quoted on the CDN. The Cusip No. is 743971103.
CDNX symbol: YRP
CDN symbol: PALL
Release
Pelangio/Franco option portions of Detour Lake JV
Prospectors Alliance Corp PALL
Shares issued 18,981,121 2000-09-20 close $0.11
Thursday Sep 28 2000 News Release
See Pelangio Mines Inc (PELM) News Release
Ms. Ingrid Hibbard reports
Pelangio Mines and Franco-Nevada Mining Corporation have entered into an exploration option agreement with Explorers Alliance Corporation for certain mineral claims within the southern portion of their Detour Lake area landholdings. Explorers Alliance Corporation is the merger partner of Prospectors Alliance Corporation.
Pelangio and Franco-Nevada are currently 50:50 joint venture partners on the Detour Lake joint venture (DLJV); this project is located approximately 220 kilometres northeast of Timmins, Ont. The DLJV consists of the wholly owned exploration lands and the mine option lands covering the former Detour Lake mine, which produced in excess of 1.76 million ounces of gold during its 17-year history. This project was obtained from Placer Dome in December, 1998. The DLJV landholdings cover a 52-square-mile expanse of the prolific Abitibi greenstone belt.
Under the terms of the recent agreement between Explorers Alliance and the DLJV, Explorers' has the option to earn an interest in two claim blocks that have been designated blocks C and E, located on the southern portions of the DLJV landholdings. Blocks C and E cover approximately 3,552 hectares or approximately 14 square miles. Explorers Alliance has the option to expend $500,000 to earn a 50-per-cent interest in the claim blocks over a four-year period. Upon being vested at 50 per cent Explorers may expend a further $500,000 over three years to obtain a further 30-per-cent interest, or 80 per cent of blocks C and E. Should Explorers Alliance not meet the minimum expenditure of $500,000 Explorers Alliance would not retain any interest whatsoever.
In the event that Explorers Alliance obtained an 80-per-cent interest in the block C and E landholdings, Franco-Nevada and Pelangio would each retain a 10-per-cent participating interest. Franco-Nevada reserves the right to convert its 10-per-cent interest to a 4-per-cent net smelter return on gold production and a 1.5-per-cent net smelter return on all other minerals. Should Franco-Nevada elect to convert to a royalty interest Pelangio would retain a 20-per-cent participating interest.
The recent compilation work completed by the DLJV has shown that blocks C and E have excellent potential for copper-zinc volcanogenic massive sulphide deposits and/or polymetallic copper-zinc, gold deposits. Previous exploration programs documented numerous significant occurrences of copper and zinc sulphides in drill core; associated with altered felsic volcanics. Further evidence to support the potential for base metal mines in this area is the presence of the Selbaie mine located approximately 50 kilometres east of the project. The Selbaie mine processes 10,000 tonnes a day of copper-zinc, gold, and silver ore.
Explorers Alliance intends to focus its exploration work on the base metal potential of the project at Detour Lake. At present a program of relogging, assaying and litho-geochemical sampling of known base metal mineralization in drill core from previous exploration programs is currently under way.
The first option of a portion of the DLJV holdings at Detour denotes the start of the DLJV's initiative to reactivate exploration and development at Detour Lake. The DLJV is currently considering future sole risk exploration and/or further joint ventures on its remaining 38 square miles of land. The remaining landholdings which have not been farmed out host all of the previously reported gold resources; these resources in all categories currently stand at 1.76 million ounces. |
