News Release (CWQ-TSX-V) (CWLXF.PK Pink Sheets)
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Langley, BC, Canada, 4 March 2008. Curlew Lake Resources Inc. is pleased to announce its participation in a second well on the Minard area oil prospect in S.E. Saskatchewan. The operator of the project, Propel Energy Corp., has taken advantage of well availability and spudded a second well on the prospect. To provide funding for this well and another 3 wells proposed for this project, the Company has entered into an agreement with a private Ontario company. The agreement provides for 100% funding by the private company for the second well and for loans to Curlew to cover its share of funding of the following proposed 3 wells. In return the private company will be granted 50% of Curlew’s interest in all 5 wells on the prospect. This arrangement will allow Curlew to participate with a 12.5% working interest in 5 horizontal wells in the Frobisher zone on the Minard project with no requirement for further equity financing. More detailed results will be available on these wells in a month or two when stabilized production rates are established. We expect this project to ensure a positive cash flow to Curlew for some time.
Testing is underway on the second well on the Fosterton project in Saskatchewan, in which Curlew holds a 15% working interest. The first well on this project has been producing for about a year.
The Company is still awaiting a final report on the exploration program on its Typhoon gold prospect in the Yukon. The report has been delayed by an exceptionally long delay in receiving assay results. This is what is known as a grass roots exploration project, as no known gold had previously been discovered “in place” on the lands. Over several years the Company has acquired, by purchase and staking, claims covering approximately 9 square miles (about 24 sq. kms} over an area where substantial gold has been recovered by placer miners from creeks on 3 sides and in the center of the property. We have now been informed that placer miners plan to be active again on our lands in 2008. Although no definitive results were obtained in the 2007 program, we have now established that gold occurs “in place” in the geological system, as anomalous gold, along with significant sulphide mineralization, was encountered in several drill holes. One particularly encouraging result was a sample over 1 metre that ran 1.66 grams gold per ton, but when rerun using a metallic screening method, gave a 1.74 grams per ton result after averaging a higher value in the coarse fraction and a lower value in the finer fraction. We intend to rerun additional samples using this method as it indicates the possibility of a nugget effect. We note that other companies are using metallic screening assay methods in similar geological environments. We are encouraged by the exploration results to date and will be studying the new data and planning further work to test more of the target areas remaining on the property that have been established by geological, geochemical and geophysical surveys.
In order to conserve cash for other projects, the Company has negotiated payment of a portion of the funding for the 2007 Typhoon exploration in shares. A total of $58,000 will be paid to 2 contractors by the issue of 580,000 common shares at a price of $0.10 per share, subject to regulatory approval.
For additional information or to be added to the corporate mailing list please visit the following page
curlew-lake.com
On Behalf of the
Board of Directors
Robert B. Pincombe
President.
For more information contact:
Curlew Lake Resources Inc.
David D. McKee, Chief Financial Officer
Tel: (647) 722-3454
Fax: (647) 722-4337
Email: david.mckee@curlew-lake.com |
