ure Gold Minerals Inc PUG
Shares issued 24,870,966 Jan 2 close $1.30
Mon 5 Jan 98 News Release
Also Caribgold Resources Inc (CG)
Also Reclamation Management Ltd (RMLL)
Mr Nelson Baker reports
A high resolution magnetic survey has just been completed over a large
block of mineral permits straddling the Sweetgrass Arch which trends
through the Lethbridge property in the southeast part of Alberta. The
purpose of the survey, which totalled approximately 39,000 line kilometres,
was to define a number of high priority magnetic targets which may reflect
diamond bearing kimberlitic intrusions.
Pure Gold Minerals has retained the services of a consultant geophysicist
who will analyze the HRAM data for magnetic anomalies with characteristic
kimberlite signatures. The analysis of the HRAM data is expected to be
completed by mid-January 1998. Detailed ground follow up is scheduled to
begin immediately following the HRAM data analysis.
Pure Gold has a 75% interest in the property and 25% is held by Reclamation
Management. As a first option, CaribGold can earn a 25% undivided interest
pro rata from Pure Gold and Reclamation. To exercise its option, Caribgold
will make a cash payment of $125,000 on signing and another payment of
$125,000 before the first anniversary of the agreement and spend $1,000,000
on exploration expenditures within the first two years of the option. A
minimum of $500,000 is to be expended within the first six months.
By spending an additional $2,000,000 by the fourth anniversary of the
agreement and issuing 100,000 shares CaribGold can earn an additional 15%
interest in the property. |
