International Larder Minerals Incorporated
LRDR CDN
November 12, 1996
Larder Acquires Option To Earn Interest In Significant Base Metal Property In Maine
INTERNATIONAL LARDER MINERALS INC ("LRDR-Z")
PROSPECTORS ALLIANCE CORP. ("PALL-Z;PRAIF-L")
- Larder Acquires Option To Earn Interest - In Significant Base Metal Property In Maine
International Larder Minerals Inc. ("Larder") is pleased to announce that it has entered into an
agreement with Prospectors Alliance Corporation("PAL") to acquire 50 percent of PAL's interest
in the Alder Pond project in Maine. Larder will earn its interest by funding the initial $300,000
U.S. of a work program on the Alder Pond property and by contributing its milling assets to a joint
venture with PAL. The milling assets, which are owned outright by Larder, include a 650 ton per
day flotation mill, plant and site at East Broughton, Quebec, which is 85 miles west of the Alder
Pond deposit.
PAL has entered into an agreement for the acquisition of a 50 percent mineral interest in the Alder
Pond deposit, which is a significantly advanced base mineral project on approximately 1,796 acres
in Somerset County, Maine and is currently in negotiations to acquire the remaining 50 percent
interest in this property.
PAL entered into a binding agreement with BHP Minerals International Inc. in which the parties
agree to negotiate a definitive option agreement by December 31, 1996 which will grant PAL the
right to acquire 50 percent interest in the Alder Pond property held by BHP in consideration of
$3,500,000 U.S. on or before June 30, 2000. If the option is exercised, $500,000 of the
purchase will be due within 30 days and the balance in quarterly instalments out of production from
the property, provided the purchase price must be paid in full on the fifth anniversary of the date on
which commercial production commences.
The remaining 50 percent mineral interest and 100 percent surface interest of the Alder Pond base
metal prospect is held by GCO Minerals Company Inc. ("GCO") , the mineral lands unit of the
International Paper Company, and is the subject of current negotiations between PAL and GCO.
The basic terms upon which PAL will option GCO's interest have been settled and a formal
agreement is being prepared with a view to early execution.
Recent surface exploration by previous optionees has outlined potentially mineable reserves in
diamond drill holes totalling approximately 1.44 million tons of near surface material averaging 13.3
percent zinc, 0.8 percent lead and 2.7 percent copper (with gold and silver credits) per ton in two
separate massive sulphide zones. The Main Zone, which is closest to surface beneath shallow
overburden and caprock, contains a high grade core of 473,000 tons averaging 18.5 percent zinc,
1.0 percent lead and 3.5 percent copper (with gold and silver credits) per ton.
PAL/Larder are planning to commence a surface diamond drill program in the near future to
confirm present reserves and to further delineate the deposit especially the upper limits which are
presently not defined. In addition, excellent potential exists to expand the near surface reserves
along strike from the presently known reserves.
International Larder Minerals Inc. is a junior exploration company with several other mining
exploration projects in Canada. Larder also has a 50 percent interest in 9 claims in Denton
Township which is north-west of and adjoining the Battle Mountain/Go-West/Band-Ore
Resources joint venture. Larder is carrying on an IP survey and trenching. Assay results from the
sampling on this property are due within 2 weeks and the company is very encouraged by
preliminary results to this date.
In addition, Larder's Matheson Township property, east of Timmins, is currently subject to a joint
venture agreement with BHP Minerals International Inc. Larder also has an interest in 160 claims
in Capriquet, Souart and Urban Townships in Quebec, which are the subject of a joint venture
agreement with Blue Emerald Resources Inc. (press release dated October 31, 1996). The
Company also has an 80 percent interest in 639 mining claims in the Voisey's Bay area of
Labrador.
TEL: (416) 864-0237 R. Brian Murray, President of FAX: (416) 864-0567 International Larder
Minerals Inc.
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