Monday November 16, 1:10 pm Eastern Time
Company Press Release
Noveder inc.
New Acquisition in Newfoundland
MONTREAL, QUEBEC--Noveder is pleased to announce the acquisition of a new gold property in Newfoundland. Noveder
has the option to earn a 100 percent interest in the Avalon property located near the Trans Canadian highway at less than two
hour drive from St John's. This acquisition is made through cash payments totaling $9,000 and a maximum of 153,000 shares
of Noveder and work commitments over a three year period. When the option is fully exercised, the vendor will retain a royalty
equivalent to 1 percent NSR and Noveder will be the sole owner. The interest of the property mainly resides in a newly
discovered gold showing along a bush road.
Regionally, the property is found within the Apalache-Avalon gold belt which extends from South Carolina to Newfoundland
and which hosts the Hope Brook mine (Nfld). Locally, the property is hosted by the Upper Proterozoique Burin-Bonavista
belt. The latter was recently recognized as being the host of multiple gold occurrences of epithermal type and large scale
alteration zones.
The mineralization on the Avalon Property is found within a hydrothermal breccia made up of fragments of gabbro and
sedimentary rocks. The matrix of the breccia contains a variable amount of sulphides (traces to 10 percent pyrite and
arsenopyrite) which appear to be directly related to the gold. Regional scale north- south and north-north-east faults, to the
west of the property, could have played an important role in the localization of the gold.
Other than limited stripping around the showing area, no exploration work was ever done on the property. Our preliminary
channel sampling over the showing returned: 6.13 g/t Au over 4.7m (north-south) and 4.91 g/t Au over 3m (east-west). Most
samples are 1m long and values range between 1.8 g/t Au and 11.6 g/t Au. The company intends to start field work soon.
All samples were prepared and assayed by fire assay/ICP at Eastern Analytical limited of Springdale, Newfoundland
NOMINATION
In other news, Noveder is pleased to announce the nomination of Mr. Pierre O'Dowd, professional geologist, as
Vice-President, Exploration. Mr O'Dowd cumulates more than 20 years of experience in exploration, including six years with
Falconbridge Copper and six years with Noranda. His experience is varied having worked in North and South America for
base and precious metals. Mr. O'Dowd also participated in several discoveries in Abitibi and South America.
Corporate information
Listing: Montreal Exchange (ME)
Symbol: NED
12 months trading:
High $1.01
Low $0.17
Current $0.23
Shares:
outstanding 29 775 350
fully diluted 34 938 153
Liquidity: 2 400 000$
Track record
NED developed the Nugget Pond project to the pre-feasibility stage.
The mine is now operated by Richmont Mines Inc.
- 488,000 short tons at an average grade of
0.357 oz/t Au (172,000 oz of gold)
- production costs: US$143 / oz
Summary of major projects
Betts Cove Ophiolitic Complex:
425 claims-150 km2
- Values up to:
8.81 g/t Au over 1.0m
0.38 percent Cu over 34m
1.33 percent Zn over 1.5m
Cabot:
- Copper and cobalt Stringer mineralization followed laterally for
450m and to a vertical depth of 300m.
- Open in all directions
Abitibi: located in the Val d'Or mining camp, near the Kiena,
Siscoe, and Sullivan mines.
- All drill holes from 97-06 to 97-23 (17 consecutive holes)
intersected massive sulfides (gold-copper)
- Values up to:
12.89 g/t Au over 2.5m
- 275m zone, open to the west
- Zone open at depth below 320m
- Average of 11.64 g/t Au (1.04m)
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