WOLFDEN RESOURCES INC. WOLFDEN - KINROSS TEAM UP AT RAPSON BAY
IMMEDIATE PRESS RELEAE
THUNDER BAY, ONT. SPETEMBER 4, 2002
Shares Issued: 15,504,421
WOLFDEN RESOURCES INC. (TSX-V:YWO) is pleased to announce that it has signed
an agreement with KINROSS GOLD CORPORATION (TSX:K) where Kinross will have
the option to acquire up to a 70% interest in Wolfden's 100% owned Rapson
Bay Property.
Kinross can earn an initial 60% interest by paying to Wolfden $15,000 on
signing, additional cash payments of $15,000 per year on the subsequent two
anniversary dates, and performing $1,500,000 in exploration on the Property
over a four year period. Kinross will have the option to earn an additional
10% interest in the Property by funding a feasibility study on the Property.
The Rapson Bay Property is located in the Stull Lake greenstone belt in the
Red Lake Mining District. The Property was staked by Wolfden to cover
favourable geology on the interpreted eastern extension of the Twin
Lakes/Monument Bay deformation zone which, to the west in Manitoba, is host
to the Monument Bay Property currently being explored by the Wolfden-Bema
Gold joint venture. The Monument Bay Property is host to the Twin Lakes and
Seeber River gold deposits which host an inferred resource of over 600,000
ounces of gold including 500,600 tonnes grading 18.5g/t gold in the B-Zone.
Exploration at Rapson Bay is expected to begin in the near future with
drilling planned during the winter drill season. This exploration will
focus primarily on an area where sericite schist rocks and gold showings
have been identified.
High Lake Property
At Wolfden's 100% owned High Lake Property in Nunavut, an airborne
geophysical survey has been initiated to identify potential VMS targets in
the High Lake area. A diamond drill program using two drill rigs is
currently under way and has recently identified significant down-plunge
potential in the main B-Zone at High Lake. |
