March 4, 2003
Wolfden Resources Inc. (TSX-V:YWO) is pleased to announce that it has signed an agreement to acquire a 100% interest in the Marathon Red Lake Property, which consists of 5 Patented Mining Claims in the Red Lake Mining District, Ontario.
For the acquisition, Wolfden is required to pay to Marathon Canada Limited ("Marathon") $60,000 cash. Marathon will retain a 2.0% Net Smelter Return Royalty ("NSR"), of which Wolfden can purchase one-half, namely a 1.0% NSR, for $1,000,000.
The Marathon Red Lake Property adjoins the Campbell Gold Mine (Placer Dome) and is located within two kilometers of the Red Lake Gold Mine (Goldcorp). Importantly, the Property is located in a down-dip direction from, and within hundreds of meters of the DC Zone, currently being developed at the Campbell Mine. Furthermore, the Property hosts the interpreted eastern extension of the ultramafic rock unit that is important to the main gold-bearing zones at the mines.
"This is perhaps the most strategically located Property in the Red Lake Camp" stated Ewan Downie President of Wolfden. "Given its proximity to the zones currently being mined at both the Campbell and Red Lake gold mines, the Marathon Property is in a prime location for identifying gold mineralization that can be accessed via existing infrastructure."
An exploration program consisting of linecutting, magnetics, and drilling is expected to begin in the next two weeks with drilling to follow.
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. |
