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Gold/Mining/Energy : Houston Lake Mining [HLM-ASE]
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To: JUNIORSPECULATOR who wrote (350)3/11/2002 8:17:49 AM
From: Dan P   of 364
 
News Release: HLM and Agnico finalize deal.

Agnico-Eagle to acquire half of Houston's Tib Lake

Houston Lake Mining Inc HLM
Shares issued 14,848,695 Mar 8 close $0.50
Fri 8 Mar 2002 News Release
See Agnico-Eagle Mines Ltd (AGE) News Release
Mr. E. Grayme Anthony reports
AGNICO-EAGLE AND HOUSTON LAKE REACH AGREEMENT ON THE TIB LAK ...
Agnico-Eagle Mines and Houston Lake Mining have reached formal agreement on
Houston Lake's 100-per-cent-owned, 1,632-hectare (4,030-acre) Tib Lake
property which is located in the Thunder Bay mining district of
Northwestern Ontario. The property interest has an underlying 2.5-per-cent
net smelter royalty.
Under the Tib Lake option agreement Agnico-Eagle has the right to earn a
50-per-cent interest by making cash payments of $650,000 and expending
$3.6-million over four years. Agnico-Eagle would have the right to earn an
additional 10 per cent upon delivering a positive bankable feasibility
study and will be the operator. The companies would form a 50/50
partnership upon earn-in of the option interest. Both parties are protected
from dilution past a 30-per-cent interest level.
The Tib Lake property is located in the Lac des Iles area just 15
kilometres (nine miles) from the Lac des Iles mine of North American
Palladium Ltd. Resources at the Lac des Iles mine at Dec. 31, 2000, were
estimated to be 145.6 million tonnes averaging 1.57 grams per tonne,
containing 7.4 million ounces of palladium. The Tib Lake gabbro is the
second largest intrusion of the Lac des Iles suite of rocks and, as such,
is a prime target for palladium-platinum-gold exploration. The first year
of the option agreement has an exploration budget of $500,000. Agnico-Eagle
has the right to accelerate the option schedule.
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