Thx Mac- Sea.v looks good- YWO just did deal with Placer Dome- 105 land claims in Red Lake, drill results from earlier drilling will be coming out-
--------Here is the press release----------
Wolfden to acquire interest in East Bay from Placer
Wolfden Resources Inc YWO
Shares issued 24,883,058 Dec 19 2002 close $ 1.07
Thursday December 19 2002 News Release
Also Placer Dome Inc (PDG) News Release
Mr. Ewan Downie reports
WOLFDEN TO ACQUIRE INTEREST IN THE EAST BAY GOLD PROPERTY IN ...
Wolfden Resources has signed a letter of intent with Placer Dome (CLA) Ltd., a subsidiary of Placer Dome, whereby Wolfden will have the right to earn an interest in the East Bay gold property, comprising 106 mining claim units (1,696 hectares), located in the Red Lake greenstone belt, in Ontario.
Subject to the signing of a binding agreement, Wolfden can earn a 50-per-cent interest in the property by spending $2-million in exploration on the property over a three-year period and will be the operator during the earn-in stage. The exploration will be carried out under the supervision and guidance of Placer Dome which operates the high-grade Campbell gold mine in Red Lake. A first-year work commitment of $500,000 is firm, while the remaining expenditures are optional. Upon completion of the Wolfden earn-in, Placer Dome will have 60 days to elect to participate in a 50/50 joint venture, with Placer Dome as operator. For a three-year period following the formation of the 50/50 joint venture, Placer Dome will have the right to increase its interest to 65 per cent by electing to bring the property to a production decision. Should either party elect not to participate in an approved program following the formation of the joint venture, the interest of the non-participating party will be subject to dilution based on a standard formula. Should either party dilute to a 10-per-cent interest, its interest will automatically convert to a 2-per-cent net smelter return royalty (NSR). Half of the NSR, namely a 1-per-cent NSR, can be purchased at any time for $1-million.
The East Bay property is located approximately 10 kilometres from the producing Campbell (Placer Dome) and Red Lake (Goldcorp) gold mines, and covers several kilometres of strike length along the favourable East Bay deformation zone. The property is surrounded by claims owned by Rubicon Minerals Corporation, Rubicon/AngloGold and Goldcorp Inc. There has been previous drilling on the property, the results of which will be released at a later date. The East Bay deformation zone consists primarily of ultramafic rocks, similar to those that host the producing high-grade Campbell and Red Lake mines. Several significant gold prospects and mines occur along the East Bay trend, including the past-producing Cochenour mine (past production of 1.2 million ounces gold at 0.56 ounce/ton) now owned by Goldcorp, the Abino and Chevron gold zones (Goldcorp), and Rubicon's McFinley gold project.
An aggressive exploration program will begin on the property in the new year.
Wolfden has elected not to proceed with the acquisition of an interest in the Redaurum property from Sabina Resources as was contemplated in a new release in Stockwatch on July 15, 2002.
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