Placer Dome to Proceed at Claude's Madsen Red Lake Project
CALGARY, Dec. 15 /CNW/ - Placer Dome, after due diligence, has elected to
proceed with the option agreement with Claude Resources on Claude's 10,000
acre, 100% owned Madsen Red Lake and adjoining exploration property.
Placer Dome can earn a 55% interest in the property by spending CDN $8.2
million in the first three years and delivering a positive bankable
feasibility study over the following 2 years.
Placer Dome is planning an aggressive program of surface drilling in two
phases to evaluate the No. 8 zone both along strike and at depth. A total of
36,000 feet of drilling is envisaged in 2001. The initial phase of drilling,
comprising approximately 15,000 feet, is planned to begin in early January,
2001.
As a result of electing to participate, Placer Dome has subscribed for
1,000,000 treasury shares of Claude at CDN $0.75 per share.
%SEDAR: 00000498E
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For further information: Neil McMillan, President, Phone: (306)
668-7505 |
