Wolfden - Kinross Begin Drilling in Red Lake
11:00 EST Monday, November 18, 2002
WOLFDEN RESOURCES INC.
FSC / Press Release
Thunder Bay: November 18, 2002.
Shares Issued: 24,858,058
WOLFDEN - KINROSS BEGIN DRILLING IN RED LAKE
WOLFDEN RESOURCES INC. (TSX-V:YWO) is pleased to announce that it has initiated a diamond drilling program on the Nova-Co and Newman-Heyson Properties, located in the Red Lake gold camp. The Properties are currently under joint venture to KINROSS GOLD CORPORATION (TSX:K) where Kinross has the option to acquire up to a 51% interest by making cash payments to Wolfden 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 heart of the prolific Red Lake greenstone belt between the past producing Madsen and Hasaga Gold Mines. The Red Lake belt is world renowned 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 and were not the focus of previous exploration on the properties.
Linecutting, a detailed ground magnetic geophysical survey, and a soil geochem (gold and arsenic) survey have been completed on the Properties. The magnetic survey has identified several trends that are interpreted to be ultramafic rock units, and also several potential "D2" fault structures which are believed to be primarily responsible for gold emplacement in the Red Lake District. Preliminary assay results from the soil geochem program have identified several areas of anomalous gold and arsenic, with individual assays returning up to 4215ppb gold.
WOLFDEN is a Canadian based mineral exploration and development company with a diversified portfolio of advanced stage properties and several ongoing exploration programs in Canada. Wolfden is debt free and has a strong treasury.
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. |
