Canadian Company Press Release
LRDR 1998-05-13 (provided courtesy of ISDN Wire Service)
INTERNATIONAL LARDER MINERALS INC. ANNOUNCES PLANS
TO ACQUIRE EXPLORERS ALLIANCE CORPORATION ARE
PROCEEDING AND COMPLETI
TORONTO, ON--
International Larder Minerals Inc. ("Larder") announces that its previously
announced (January 21, 1997) letter of intent to acquire all of the
outstanding shares of Explorers Alliance Corporation ("EAC") will still
proceed however, some modifications to the terms of the acquisition are being
negotiated due to the successful execution of a new joint venture agreement
by EAC as noted below.
EAC together with its equal co-venturer Prospectors Alliance Corporation
("PALL") announces today that they have entered into a definitive joint
venture agreement with Falconbridge Limited ("Falconbridge") and Hudson Bay
Exploration and Development Company Limited ("Hudson Bay") respecting an Area
of Interest north of the city of Timmins, Ontario and involving the whole or
parts of 9 townships, situated to the west of Kidd Township which hosts the
presently producing Falconbridge Kidd Creek Mine site.
Within the Area of Interest the joint venturers currently own or hold under
option approximately 496 claims containing 1,196 units comprising an area of
approximately 48,000 acres. As part of its contribution to the joint venture,
Hudson Bay has caused the Area of Interest to be flown by the new deep
penetrating SpectrEM survey technology developed to identify anomalies to
depths of 1,000 feet.
Under the terms of the joint venture Hudson Bay and Falconbridge can
"earn-in" in specific target areas on these properties by the expenditure of
$1 million on each target area within a five year period. If the earn-in is
completed, EAC (and PALL) will hold a 20% interest and Falconbridge and
Hudson Bay 40% interests, each. Properties on which the earn-in is not
completed will revert to the Kamiskotia Joint Venture between Falconbridge
and EAC and PALL. After earn-in, each party must participate or dilute. EAC
regards this as an excellent way for it to acquire significant interests in
new exploration discoveries in this highly prospective area for VMS (base
metal) deposits.
The target areas are now being selected for ground follow-up work and diamond
drill testing where warranted.
This new joint venture is an off-shoot of EAC/PALL existing Kamiskotia Joint
Venture with Falconbridge which involves an Area of Interest affecting 15
townships and covering a 30 km strike length of both the Kamiskotia and Kidd
Creek volcanic belts which host the area's most important base metal
deposits. PALL remains operator of the Kamiskotia Joint Venture outside
the Hudson Bay SpectrEM target areas. Exploration work including further
assessment of the Half Moon Lake base metal deposit in Robb Township, 3 km
west of the past producing Kam Kotia Mines will commence shortly to assess
the economic potential of this base metal mineralization discovered in 1995
by Falconbridge and tested by four drill holes. The best hole to date
returned 19.5 metres of 1.47% zinc, 0.19% copper and related minor precious
metal values (including 2.2 metres of 7.13% zinc and 1.55% copper) in a
felsic volcanic hosted sulphide environment.
International Larder Minerals Inc. currently has 44,769,406 shares
outstanding and in addition the company has outstanding convertible
debentures valued at $2,325,363 which if converted would result in the
issuance of an additional 15,502,420 shares as at April 30, 1998.
For further information please contact:
R. Brian Murray, President:
Ph. (416) 864-0237
Fx. (416) 864-0567
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