Canadian Company Press Releases
YWO 2002-10-01 (provided by Filing Services Canada)
WOLFDEN RESOURCES INC. WOLFDEN - KINROSS TEAM UP IN RED LAKE
IMMEDIATE PRESS RELEASE
THUNDER BAY, ONT. OCTOBER 1, 2002
Shares Issued: 23,788,493
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 51% interest in Wolfden's Nova-Co and
Newman-Heyson properties, located in the heart of the Red Lake gold camp.
Kinross can earn a 51% interest by paying to Wolfden $40,000 on signing,
additional cash payments of $35,000 on the six month anniversary, $35,000 on
the twelve month anniversary, and $75,000 per year on the subsequent three
annual anniversary dates, and by performing $5,000,000 in exploration on the
Properties over a five year period. Wolfden will be operator for the first
year and Kinross will have the option to become operator thereafter.
The Nova-Co and Newman-Heyson Properties are located in the prolific Red
Lake greenstone belt. The Red Lake belt is world reknowned for high grade
gold - Goldcorp is currently producing from its Red Lake mine at a grade of
more than 2 ounces gold per ton. The main high grade zones at mines in Red
Lake tend to occur at folded ultramafic/mafic rock unit contacts. Key
ultramafic trends occur on both properties, these trends were not the focus
of previous exploration on the properties.
The partners have initiated an aggressive exploration program on the
properties that is expected to result in drilling starting in November. The
focus of the current program will be to define the ultramafic trends with a
detailed ground magnetic geophysical survey. A subsequent soil geochem
(gold and arsenic) survey will be used to prioritise drill targets.
In conjunction with this program, Wolfden has also started exploration on
the My-Ritt Property which adjoins the Nova-Co and Newman-Heyson properties
to the north. The target of this exploration will be the same.
Wolfden is a Canadian based mineral exploration and development company
engaged in the exploration of economic mineral deposits.
For further information, please contact:
Ewan Downie, President
Phone: 807-346-1668
Fax: 807-473-1977
e-mail: wolfden@baynet.net
Web Site: www.wolfdenresources.com
4283 Loch Lomond Rd., Thunder Bay, Ontario P7J 1H1 Tel. (807) 473-6723 or
346-1668 Fax (807) 473-1977
The statements made in this Press Release may contain forward looking
statements that may involve a number of risks and uncertainties. Actual
events or results could differ materially from the Company's expectations
and projections. |
