Apparently Echo Bay had budgeted 1.5 Million US for drill program , based on the results of the second discovery hole at Kilgore.
Following is the latest news about Kilgore.
LATITUDE MINERALS CORP.
SUITE 612, 475 HOWE STREET, VANCOUVER, BC. V6C 2B3
Tel: (604) 688-2010; Fax: (604) 688-2015; Toll-free: 1 800 668-0071
e-mail: mineral @ mineweb.com
trading symbol: LTU.V
KILGORE DRILLING UNDERWAY
VANCOUVER, BC, October 08, 1998: Latitude Minerals Corp. (LTU.V) is pleased to announce that drilling is now underway at the Kilgore Gold Deposit in eastern Idaho. The Kilgore Gold Deposit is a 417,000 ounce mineable reserve discovered and developed by Placer Dome, Pegasus and Echo Bay Mines. The deposit is an epithermal hot-spring disseminated gold deposit.
In late 1996 Echo Bay drilled what appears to be a new discovery hole encountering 100 meters of gold mineralization on the north side of the Bear Cat fault approximately 4,000 feet west of the main body of the deposit. The drill programme of up to 6,000 feet is designed to test a portion of a two square mile sinter blanket which overlays the host rock. Holes will be drilled at 200 foot intervals to depths of approximately 600 feet stepping out from the 1996 discovery hole.
The Company has also closed the private placement which was announced on September 02, 1998. Proceeds from the placement are to be used to fund the drilling programme at Kilgore as well as corporate working capital.
Additionally, the Company has agreed to grant incentive stock options consisting of 150,000 common shares of the Company to Directors, Officers and employees at C$0.46 per share for two years subject to regulatory approval.
On Behalf of the Board of Directors,
LATITUDE MINERALS CORP.
"John R. Carden"
John R. Carden
President
THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE INFORMATION CONTAINED HEREIN
|
