Hello jrhana
Keep an eye on ITF.V
Freegold Ventures Limited Enters into a Joint Venture with LONMIN PLC, Union Bay Platinum Project, Ketchikan, Alaska
Toronto Stock Exchange Trade Symbol: ITF
OTCBB: FGOVF
Highlights:
- Joint Venture signed with Third Largest Underground Platinum Producer
- 2003 Budget US$ 815,000
- Work Programs to begin May 2003
- Platinum currently trading US$674
VANCOUVER, May 21 /CNW/ - Freegold Ventures Limited (Freegold) and
Pacific North West Capital Corp. (PFN) are pleased to announce that a joint
venture agreement has been signed with LONMIN PLC (the world's third largest
underground producer of platinum group metals, which produced approximately
1.5 million ounces of platinum group metals and gold in 2002) regarding the
Union Bay Platinum Project, Alaska.
The Union Bay prospect is located in southeast Alaska approximately 35
miles northwest of Ketchikan. Six zones of multi-gram platinum values have
been identified to date. A diamond drill program (4 holes, 356 metres) was
completed in September 2001. Values up to 11.2 g/t platinum over 0.5 metre
were intersected. Only limited exploration has been completed on the project
to date.
In 2003, LONMIN will fund a US$815,000 exploration program slated to
begin immediately, which will include drilling on several known outcropping
targets. Systematic surface exploration will be carried out with the objective
of defining additional drill targets.
LONMIN has the option, to continue to fund the Union Bay Project, by
expending a minimum of US$1 million per year in 2004, 2005, and 2006 and US
$750,000 for each year thereafter. PFN is the Operator of the project during
the exploration phase.
Under the terms of the agreement, LONMIN may earn up to 70% interest in
the project by delivering a full feasibility study.
Upon the decision, by the JV Management Committee to proceed to place the
project into commercial production, LONMIN will arrange 100% of the required
financing on terms acceptable to all parties. Following commencement of
commercial production, PFN and Freegold will each repay their share and
contribute pro rata to operating costs.
Under an earlier agreement between Freegold and PFN dated October 1,
2002, and subsequently amended April 2, 2003, PFN has the right to earn 50% of
Freegold's interest in the project.
About Freegold Ventures Limited
Freegold Ventures (TSX.ITF) is a North American precious metals
exploration company with several gold projects in various stages of
development, more specifically, the Golden Summit project Fairbanks, Alaska,
the Rob Project in GoodPasture Mining District, Alaska as well as the Almaden
Gold Project in Idaho. Freegold is currently in negotiations with major and
mid-tier mining companies in an effort to further explore and develop its gold
properties.
On behalf of the Board of Directors
"Harry Barr"
Harry Barr, Chairman & CEO
The Toronto Stock Exchange has neither approved nor disapproved the
contents of this news release.
DISCLAIMER
This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the Toronto
Stock Exchange, British Columbia Securities Commission and the United States
Securities & Exchange Commission
More importantly, they also have some very interesting PGM claims in River Valley (near Sudbury) being explored with the backing of a major and gold claims proving up some significant numbers in Alaska, et all. ITF is part owned by Barrick.
Regards
Vaughn |
