(Full text of press release from Canadian Corporate News)
FEBRUARY 23, 1998
Mirandor - Kinross: Joint Venture Deal Finalized
VAL-D'OR, QUEBEC--Exploration Mirandor Inc. is pleased to
announce that the agreement with Kinross Gold Corporation USA
for the joint exploration, development and operation of the
Railroad project in the Carlin Trend of Nevada, has been
finalized and signed by all parties.
Mirandor has been advised that Kinross expects to mobilize
and begin on site field work on March 1, 1998.
The agreement calls for the expenditure by Kinross of $7
million US ($10 million CAN) over a 48 month period to earn 50
percent on a joint venture basis. During this period, Kinross
will be responsible for all property and assessment payments
to maintain the project in good standing. Kinross may elect
to carry out a private placement between $250,000 US and
$500,000 US as part of their commitment during the initial 12
months of the agreement.
Kinross may earn an additional 10 percent by expending $5
million US ($7 million CAN) on a positive feasibility study
consistent with the requirements necessary to obtain project
financing.
Upon completion of a positive feasibility study, Kinross
and Mirandor will jointly seek project financing and Kinross
will furnish, if necessary, the necessary completion guarantee
on Mirandor's behalf.
The Company is very excited about this outstanding
agreement, as it now allies itself with a serious mining
company, who are now, following the proposed merger with AMAX
Gold, the fifth largest gold producer in North America.
Kinross has a proven track record in mining and exploration,
who firmly believe in the potential of the Railroad project as
evidenced by this agreement.
The Railroad project consists of over 600 patented and
unpatented claims in addition to approximately 15 square miles
of fee (private) land located adjacent to and south of Newmont
Gold Inc.'s producing Rain Gold Mine and their new Emigrant
Springs Mine. The South Bullion and Trout Creek deposits are
located adjacent to the south boundary of the project.
The Railroad project contains 15 past producing mines
(copper, lead, gold, silver), largely located within a
"Carlin" erosional window exposing lower plate sedimentary
rocks outcropping along the Pinon anticline structure. The
majority of the gold deposits in the Carlin Trend are
contained within Carlin windows of lower plate sedimentary
rocks.
Mirandor began drilling on the property in August of last
year. Even over this short period of time, the drill program
has resulted in three new gold zone discoveries on the
project, at LT East, EHR and Bunker Hill (gold, copper and
zinc) while at the same time expanding the potential at the
POD gold deposit.
Among the results we may cite 0.44 oz/ton gold over 20
feet with 0.30 percent copper and 0.55 percent zinc; 0.165
oz/ton gold over 45 feet with .761 percent copper and 0.15
percent zinc all at Bunker Hill; 0.023 ounces per ton gold
over 335 feet at EHR; 0.107 ounces per ton gold over 15 feet
at LT East; and 0.101 ounces per ton gold over 55 feet at POD.
This agreement, subject to regulatory approval, allows
Mirandor to accelerate the development of the Railroad project
in the Carlin Trend which is one of the most prolific gold
mining areas in the world, with 10 active gold mines, 30 known
gold deposits, over 80 million ounces of gold reserves in all
categories, and producing over 3.5 million ounces per year,
and is home to such companies as Newmont and Barrick Gold
Corporation.
FOR FURTHER INFORMATION PLEASE CONTACT:
Exploration Mirandor Inc.
Mr. James L. Speros, President
Washington Office
(703) 525-2482
or
Val-d'Or office
(819) 825-9065
(819) 825-1199 (FAX)
or
Montreal office
(514) 285-8565
(514) 285-1617 (FAX)
REUTERS
Rtr 14:39 02-23-98
Copyright 1998, Reuters News Service |
