SLT-v...in the news:
Solitaire gives Horizon JV option on Chukuni River
Wed 26 Feb 2003
News Release
Mr. Charles Desjardins reports
SOLITAIRE MINERALS OPTIONS CHUKUNI RIVER CLAIMS TO HORIZON GOLD
Solitaire Minerals and Horizon Gold have signed a letter of intent, which
will be formalized by way of an option agreement subject to due diligence
being completed by Horizon. The letter of intent lays out the parameters
with respect to Horizon's intended involvement as a partner with Solitaire
on its Chukuni River claims.
The Chukuni River claims refer to certain claim units totalling 1,500 acres
in Byshe township in the prolific Red Lake mining district. Two of the
claims are contiguous with Goldcorp's Red Lake mine claim group. Goldcorp
recently announced that it would be sinking a new shaft (shaft No. 3) to a
depth of 7,150 feet, with a total hoisting capacity of 4,000 tonnes per
day. According to information from Goldcorp, shaft No. 3 is due south from
shaft No. 1. The Chukuni River claims are on trend and south of Goldcorp's
shaft No. 1 and shaft No. 3.
Solitaire previously entered into an option agreement with 1304850 Ontario
Ltd., (the licensee/optionor) referred to as the "Byshe option agreement,"
which grants Solitaire the exclusive option to acquire up to a 100-per-cent
undivided interest in the Chukuni River claims.
To earn a 50-per-cent interest in the Chukuni River claims, Horizon will be
required to incur exploration expenditures on the project to the sum of
$1-million over a three-year period, of which $250,000 will be committed in
the first year, $350,000 year two and $400,000 year three.
Horizon will also be required to issue up to 120,000 common shares to
Solitaire over the three-year period, pay $20,000 to Solitaire upon
completion of a formal option agreement and pay 50 per cent of the property
payment fees required to be paid to the original licensee/optionor under
the Byshe option agreement between Solitaire and 1304850 Ontario Ltd. The
original vendor will retain a 2-per-cent net smelter return royalty,
1-per-cent of which can be purchased by Solitaire for $600,000. The formal
option agreement between Solitaire and Horizon will be subject to
regulatory approval.
About Horizon Gold Corp.
Horizon Gold Corp. is a private gold exploration and development company
headquartered in Toronto, Canada. The company is strongly committed to
returning wealth to its shareholders by applying strong management
discipline, instituting cost-cutting measures, leveraging new technology
and accelerating revenue by bringing each of its assets to commercial
production. |
