'Raglan Update' - Anglo American Joins NovaWest Resources Inc. In Search For Ni-PGMs At Raglan
TSX Venture Exchange Listed - Canada
Trading Symbol - NVE Standard & Poors Listed
Website - novawest.com Dun & Bradstreet Listed
DUNS Number 25-539-0528
VANCOUVER, July 23 /PRNewswire-FirstCall/ - NovaWest Resources Inc. (the "Company") Symbol "NVE" on the TSX Venture Exchange (CDNX) is pleased to provide its shareholders with the following update on the Raglan Project. A confidentiality agreement between NovaWest and Anglo American Exploration (Canada) Ltd. (herein "Anglo American") has made it possible for NovaWest to provide Anglo American with a considerable amount of proprietary data that is specifically relevant to the geology and structure of the Raglan/Cape Smith Ni- PGM-Cu-Co Belt in northern Quebec.
It should now be noted, that NovaWest has been advised by Anglo American that Anglo American has recently acquired an extensive Raglan land package by staking approximately one thousand and five hundred exploration cells (1,500 cells) immediately west of Novawest's 600 sq. km. (150,000 acre) Raglan Assemblage. The Company is pleased to have another of the world's largest mining companies joining NovaWest as a neighbour at the Raglan Belt. NovaWest believes these new developments provide further credibility to the excellent Ni-PGM-Cu-Co exploration potential of the Raglan Belt. These new acquisitions have resulted in Anglo American being one of the largest property holders in the Raglan camp along with Novawest Resources and Falconbridge Limited.
Also of note, is that it was AMPLATS, the world's largest platinum producer and also a subsidiary of Anglo American's parent company, that assayed one of Novawest's Raglan samples and returned a result of 20.4 g/t PGMs. Falconbridge Limited's extensive Raglan holdings are contiguous to Novawest's east, north and northwest boundaries and host numerous high-grade world class Ni-PGM-Cu-Co deposits, including the recently opened $1 billion Raglan Ni-PGM-Cu-Co mining operation.
Novawest's expansive Raglan Assemblage is now strategically situated between two of the world's largest metal producers. It would appear from the data available to the Company that the west, central and east horizons of the most important stratigraphies of the main Raglan belt are now covered by the extensive holdings of Anglo American to the west, Novawest Resources in the centre, and Falconbridge Limited to the east and north. Collectively these three companies now encompass in excess of one thousand, four hundred and fifty sq. kms or alternatively three hundred and sixty thousand (360,000) acres at Raglan.
A new map will have to be commissioned outlining the holdings of the three companies within the Raglan/Cape Smith Belt. Those individuals that are interested in receiving a copy of the map, once it is available, should contact the Novawest offices by telephone at 1-800-663-8990 or by e-mail at novawest@novawest.com and reserve a copy.
Novawest Resources Inc. has recently initiated a program whereby its large Raglan permits are being converted into new exploration cells under the Quebec Mining Act in order to extend their viability. The conversions of a number of the large permits are either complete or in progress and it is expected that the remaining permits will be completed within the year. The company's exploration team, with the inclusion of Mr. C. Tucker Barrie, PhD. (see Novawest's June 26, 2002 press release), will be moving as expediently as possible to formulate and assess all data now on hand, and to move Novawest's Raglan project ahead as quickly as possible. This will be accomplished by either a joint venture(s) or a series of staged equity financings.
Those readers wishing to review details on results and assays that have been reported from the Raglan camp are referred to Novawest's press releases of June 29, 2001; February 14, 2001; February 7, 2001; June 26, 2000 and October 2, 1997 copies of which are available for viewing on NovaWest's website at novawest.com.
NovaWest is a Canadian exploration company with projects in northern Quebec (600 sq km/150,000-acre Raglan Ni-PGM-Co-Cu Project), southeastern Ontario (Nickel-Royale 32,000 acre Ni-PGM-Co-Cu Project), northwestern Quebec (Lac Rocher Ni-PGM Project), and northeastern Ontario (Lone Eagle Gold Project, GoldenPoly Zinc-Polymetallic Project, Bucke Pipe Diamond Project and GoldStock Gold Project). Shares of Novawest Resources Inc. trade on the TSX Venture Exchange in Canada under the trading symbol "NVE". NovaWest invites the public to visit its website at novawest.com or e-mail us at novawest@novawest.com to be added to the Company's e-mail list for press releases and updates.
ON BEHALF OF THE BOARD OF DIRECTORS OF
NOVAWEST RESOURCES INC.
"Patrick D. O'Brien"
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Patrick D. O'Brien - Chairman |
