Hi Tom, so what do you think of my little SRL-V....Up $0.27 and on the way for more:SKN Resources deals for land near Boka
2003-10-02 14:11 ET - News Release
Mr. Rui Feng reports
SKN RECEIVES CHINESE GOVERNMENT APPROVAL ON TUOBUKA GOLD PROJECT, SOUTH EXTENSION OF SOUTHWESTERN'S BOKA GOLD PROJECT, YUNNAN, CHINA
SKN Resources has struck a co-operative joint venture contract with Kunming Gold Exploration Engineering Co. Ltd. governing the Tuobuka gold project in Yunnan province, China. The contract has been approved by the Yunnan province people's government, the department of foreign trade and investment of Yunnan province, the development and planning committee of Yunnan province, and the department of land and resources of Yunnan province, an agency authorized by the ministry of land and resources of China to issue exploration and mining permits in Yunnan. The approvals authorize the creation of Yunnan Jin-Chang-Jiang Mining Co. Ltd. (YJCJM), the co-operative company in which SKN will have an 80-per-cent interest during the first phase and KGEE will have a 20-per-cent interest by contributing the mineral right and exploration permit covering the Tuobuka project. After SKN has earned its 80-per-cent interest, cash contributions to the co-operative company will be made pro rata, 80 per cent by SKN and 20 per cent by KGEE. KGEE's interest may be diluted to not less than 10 per cent if KGEE elects not to make cash contributions.
The Tuobuka project covers an exploration permit of 24.62 square kilometres, located approximately two kilometres south of the Boka 7 zone of Southwestern Resources' Boka gold project. A map detailing the location of the Tuobuka project is available on the company's Web site -- www.sknresources.com. Continuing geological mapping on the Toubuka project has identified two mineralized horizons, which are consistent with those in the Southwestern Resources' Boka gold discovery and are apparently the extension of the gold mineralization system from Boka. Areas with extensive mining activities by small-scale illegal miners were also identified. Panning of samples from the tunnels has shown the presence of both coarse native gold and fine native gold.
With clearance of these critical regulatory approvals in China, SKN can now move quickly on an exploration and drilling program on the Tuobuka gold project. The exploration is being carried out by YJCJM, which has commenced an exploration program involving detailed surveying of the mining tunnels, systematic sampling of the tunnels, mapping at a scale of 1:10,000, soil geochemical and topographic surveys, and organization of drilling contractors. It is anticipated that this first phase of exploration will take two months to complete. A drill program will then be carried out. L.D.S. Winter, who has completed a National Instrument 43-101 technical report for Southwestern Resources on its Boka gold project, has been engaged by SKN to prepare a qualifying report. He has just completed a field visit to the Toubuka property and his report is expected shortly.
The acquisition of the Tuobuka gold project remains subject to final regulatory approvals. |
