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Gold/Mining/Energy : Wolfden Resources YWO.CDNX

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To: Pete who started this subject	1/16/2002 2:53:55 PM
From: Pete	of 83

Here is the latest press release from Wolfden- They are basically getting out of the agreement with Newmont by paying $500,000.00, but allowing Newmont to keep some profit upon development of production. This allows Wolfden to move forward with another company, and get things going. Mr. Ewan Downie reports WOLFDEN -- NEWMONT AMEND MONUMENT BAY AGREEMENT Wolfden Resources has reached an agreement with Newmont Canada Limited, a subsidiary of Newmont Mining Corporation (NYSE-NEM), regarding the back-in clauses associated with the Monument Bay Gold property located in northeastern Manitoba. Pursuant to an agreement dated Jan. 5, 1999, Newmont held back-in rights to the Monument Bay property. Newmont has now agreed to waive all back-in rights to the property in consideration of Wolfden making $500,000 payments to Newmont at feasibility and upon commercial production. In addition, Newmont will retain a 2-per-cent net smelter return royalty (NSR), increasing to 3 per cent following the production of one million ounces of gold equivalent from the property. "This agreement with Newmont completes a critical phase of our strategic plan to enhance Wolfden's position in the exploration and development of superior gold properties," stated Ewan Downie, president of Wolfden. "We are convinced that the Monument Bay property is a premier undeveloped gold prospect and this agreement will accelerate our evaluation and development of the project. We expect the Monument Bay project to contribute to the diverse growth of Wolfden's mineral portfolio that contains exceptional properties."

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