WOLFDEN RESOURCES INC. WOLFDEN - BUYS OUT MY-RITT, RED LAKE GOLD PROPERTY
IMMEDIATE PRESS RELEASE
THUNDER BAY, ONT. JANUARY 2, 2003
Shares Issued: 24,883,058
WOLFDEN RESOURCES INC. (TSX-V:YWO) is pleased to announce that it has signed
an agreement to acquire the remaining 30% interest to hold a 100% interest
in the My-Ritt Property from Explorers Alliance Corporation by paying
$50,000 cash and 40,000 shares of Wolfden.
The My-Ritt Property is located immediately north of the Newman-Heyson and
Nova-Co Properties that are currently being explored under a joint venture
with Kinross Gold Corporation. The My-Ritt Property is host to one of the
most significant, untested, hinge folds in ultramafic rocks in the Red Lake
area. Folded ultramafic rock units, and associated fault (shear) structures
are believed to be the key controlling factor of the main high-grade zones
in Red Lake (Goldcorp) and Campbell (Placer Dome) gold mines in Red Lake.
Wolfden recently completed a Phase I exploration program which consisted of
linecutting, a ground magnetics geophysical survey, and soil geochem
sampling. Several gold-in-soil anomalies have been identified on the
Property, which will be drilled this winter.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release. |
