Ownership of Darkstar to increase to 41%
Mirandor Exploration Inc
MIQ Shares issued 18,630,406 Nov 10
close $0.32 Wed 11 Nov 98
News Release Mr. James Speros reports Mirandor has entered into an
agreement with King Valley Resources, a private Nevada company,
to purchase its 20 per cent interest in the Darkstar gold property
at the southern end of the Carlin Trend, Nevada. The Darkstar property
consists of 30 claims at the southeastern part of the Railroad project.
Presently a resource of approximately 100,000 ounces of gold occurs in
this surface gold deposit at grades ranging from 0.02-0.03 ounces per
ton (geological report by Gaudreault, 1997). The geological
structures trend northwards onto Mirandor's Elliot High Ranch section
of the Railroad project. With the above transaction, Mirandor's
ownership of Darkstar increases to 41 per cent. The claims are
subject to the Kinross joint venture agreement whereby Kinross can earn
a 50 per cent interest in the Railroad project by expenditures of $7
million (U.S.) in exploration and an additional 10 per cent by spending
another $5 million (U.S.) on a positive feasibility study. The
transaction calls for the issuance of 1.6 million shares, and a cash
payment of $300,000 (U.S.) payable on or before Dec. 31, 1999.
Mirandor shall also transfer ownership of the Pine property, consisting
of 20 claims on the western edge of the Pilon range, Nevada. Exploration
work on the Railroad project with drilling and geological work managed
by Kinross Gold is presently continuing. (c) Copyright 1998 Canjex
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