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Gold/Mining/Energy : Newmont Mining(NEM) & Newmont Gold(NGC)
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To: Broken_Clock who started this subject6/21/2002 2:36:05 PM
From: Pete  Read Replies (1) of 587
 
Newmont and jv partner YWO.CDNX are exploring the Skinner Gold property in the Red Lake district-
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Wolfden agrees to option Skinner interest to Newmont

Wolfden Resources Inc
YWO
Shares issued 15,112,171
Apr 9 2002 close $ 0.82
Wednesday April 10 2002
News Release
Mr. Ewan Downie reports
WOLFDEN - NEWMONT TEAM UP IN RED LAKE AREA
Wolfden has signed an agreement with Newmont Canada, a subsidiary of
Newmont Mining Corporation, whereby Newmont will have the option to earn up
to a 75-per-cent interest in the Skinner gold property located in the Red Lake
mining district, Ontario.
Newmont can earn up to 75 per cent of the property in two stages. The initial 65
per cent can be earned by spending $700,000 in exploration by Dec. 31, 2006,
and making annual cash payments owing to the vendor of the property pursuant to
the Wolfden option. An additional 10 per cent can be earned by incurring
additional expenditures of $400,000 on or before Dec. 31, 2007.
The Skinner gold property covers favourable Balmer assemblage volcanic rocks
located on the west side of the Birch-Confederation greenstone belt. Ultramafic
(serpentinite) rock is also documented on the property. Balmer assemblage rocks
and associated ultramafics are host to the large gold mines in the Red Lake area
including the prolific Campbell (Placer Dome) and Red Lake (Goldcorp) mines.
The gold mines of Red Lake are world renowned for their high grades --
Goldcorp currently produces gold at an average grade of about two ounces/ton.
A significant gold grain in basal till anomaly outlined by the Geological Survey of
Canada occurs down ice from the Skinner gold property.
In addition to the Skinner gold property, Wolfden has recently acquired by staking
an additional 1,200-acre claim block to the south of the Skinner property. These
claims also cover the favourable Balmer/Confederation assemblage contact.
WARNING: The company relies upon litigation protection for "forward-looking"
statements.

Awesome gold article:
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Message 17626601
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