Subject: Here we go ?? I hope - Mirandor Exploration Inc. (MIQ-ME)
Date:
Mon, 23 Feb 1998 13:43:25 -0800
From:
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EXPLORATION MIRANDOR INC.
PRESS RELEASE February 23, 1998
MIRANDOR - KINROSS: JOINT VENTURE DEAL FINALIZED
Exploration Mirandor Inc. (MIQ-ME) 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% 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% 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%
copper and 0.55% zinc; 0.165 oz/ton gold over 45 feet with .761% copper
and 0.15% 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 more information, please contact:
Mr. James L. Speros, President
Washington office
Tel.: (703) 525-2482 |
