Company Press Release: Laramide To Acquire Bilbao Base Metal Property, Zacatecas State, Mexico
Monday February 23, 9:30 am Eastern Time
TORONTO--(BUSINESS WIRE)--Feb. 23, 1998-- Laramide Resources L (TSE:LAM. - news; OTC Bulletin Board:LMRXF - news) Laramide Resources Ltd.
(LAM - TSE) is pleased to announce that it has entered into an agreement with a private company, Portree Inc., to acquire approximately 7,100 hectares of mineral claims (the Bilbao base metal property) located approximately 56 kilometres south-east of the city of Zacatecas, Mexico, and approximately ten kilometres northwest of the recent Western Copper/Teck discovery at San Nicholas.
The Western Copper/Teck joint venture has discovered a significant copper-zinc-silver, massive sulfide deposit which is potentially economic and may become a major producer in the state of Zacatecas, a mineral province renowned for its abundant silver and base metal production for over 500 years.
The Bilbao property contains a measured zinc-lead-copper-silver resource which was mined primarily for lead during and succeeding the first World War. Studies conducted by Portree Inc., and supported by independent reports from ACA Howe and Kilborn Engineering, suggest that this former mine may be operated as an open pit and may host economic mineralization below the water table where the former mine workings stop. In addition, reconnaissance geologic work and
geophysical studies carried out by Portee indicate that the Bilbao group of claims have potential for the discovery of new base metal and silver deposits. Portree has been active in the area since 1989 and is one of the largest landholders in the district. In spite of its past production history, the Bilbao property - like many Mexican mineral properties of merit - has never been the subject of a drilling program.
The terms of the Portree agreement require Laramide to pay Portree CDN $2,500,000 in cash and stock over a thirty four month period in order to earn a maximum 75 percent interest in the project. There is no defined work commitment. The agreement, which is subject to regulatory approval, calls for an initial cash payment of $250,000 within 60 days. Portree intends to subscribe for a CDN $150,000 private placement of units in Laramide at $0.20 per unit. Each unit consists
of one common share and one common share purchase warrant exercisable at $0.35 per share. Laramide may issue up to $250,000 of such units. A location map of the property is available by contacting the Company or visiting our website at laramide.com.
There is a map available by contacting the company at the number below or by accessing CCN's Internet Website at cdn-news.com or by accessing Laramide's Internet Website gold@laramide.com.
The Toronto Stock Exchange has neither approved nor disapproved the contents of this release.
Contact:
Laramide Resources Ltd.
Marc Henderson, 416/ 599-4133 |
