Knick Exploration Acquired Property in Timmins Mining Gold Camp
Thu Jun 11, 4:02 PM
ca.news.finance.yahoo.com
Val-d’Or, Quebec, June 11, 2009 – Knick Exploration Inc. (TSX-V: KNX.V)
Knick Exploration Inc. (the “Company”) is pleased to announce the acquisition of the Ogden property from North American Exploration Ltd. (the “Vendor”)
The Ogden property is located in the Timmins Mining Camp 12km southwest of the city of Timmins. Ontario. It consists of 8 claims (70 claim units) covering 2,767 acres in Ogden Township.
In consideration of the purchase, the Company has paid six thousand two hundred and six ($6,206) in cash and by the issuance of three-hundred thousand (300,000) Common Shares of the Company.
The Vendor shall be entitled a production royalty consisting of a two per cent (2.0%) Net Smelter Return royalty on all smeltable minerals or metals extracted from the Claims and a two per cent (2.0%) Gross Overriding Receipts royalty on all diamonds extracted from the Claims.
The Company has at any time the right to buy back one per cent (1%) of the Royalty for one million dollars ($1,000,000). The Company also has the right of first refusal to purchase the remaining one per cent (1%) royalty, in whole or in part, within thirty (30) days from the date of receipt of a written notice from the Vendor to exercise its right of first refusal.
The Ogden property lies 5km east of the producing Lake Shore Gold Corp. property which hosts the Timmins West gold deposit having a indicated reserve of 3,268,000 @ 8.62g/t (905,000 ounces gold).
On the Ogden property a historic intersection of 9.1m of 6.0g/t gold (0.17oz/ton Au) was found by Tex-Sol Exploration Ltd. in 1965.
The Ogden property geology appears to be the mirror image of the Lakeshore Gold Property and the Bristol Creek fault, related to the Timmins West gold deposit, extends eastward from the Lake Shore Gold property onto the Ogden property.
Proximal to the Ogden property along with Lake Shore Gold Corp. LSG-(TSX), West Timmins Mining Inc. WTM-(TSX.V) and Melkior Resources inc. MKR-(TSX.V) have recently released news of significant gold intersections in their project areas.
President’s Report:
The Ogden property’s geology invites discovery. Geological patterns repeat themselves as do discoveries. We are excited by this acquisition since it lies in one of the world’s richest gold areas, the Timmins Mining Camp and is now part of the company’s portfolio.
About Knick Exploration:
Knick Exploration is engaged this year on its flagship East-West property to test the known gold zones and explore their potential extents along strike and at depth. Most previous drilling has been limited to “shallow holes”, mainly less than 200m and we are very excited about the property’s “blue sky “ potential at mid depth plus. An expenditure budget of 1.1M has been slated for 2009 East-West exploration program.
The East-West property, situated in the Val d’Or mining camp, is located along strike between Wesdome Mining Ltd. WDO-(TSX) producing Kiena Mine and Niogold Mining Corp. NOX-(TSX.V) past producer Marban Mine.
Knick’s Vice president Gordon N. Henriksen, P.Geo., is the company’s qualified person and has reviewed and approved the contents of the press release.
We seek Safe Harbor.
This Press Release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. ”Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.”
FOR INFORMATION, PLEASE CONTACT:
Jacques Brunelle
President & CEO
Knick Exploration
536 3rd Avenue
Val-d’Or, Quebec
J9P 1S4
819-856-1387
Sean F. Budnik
Investor Relation
Dresden Capital
1155 Rene Levesque Blvd. West, Suite 2500
Montreal, Quebec
H9B-2K4
514.397.0110 |
