Nice going stevieD!!!...Here's the ****NEWS RELEASE****
Valerie to acquire Alaska property
Valerie Gold Resources Ltd VLG
Shares issued 12,070,107 Jan 22 close $0.79
Fri 22 Jan 99 News Release
Mr. Arthur Troup reports
The company has entered into an option agreement with David Johnson and
Mike Raible of Fairbanks, Alaska, whereby Valerie can earn a 70 per cent
interest in the Octo gold prospect 140 kilometres east-southeast of
Fairbanks. The Octo property is comprised of 17,760 acres located near the
headwaters of Shaw Creek, Alaska.
The property is five kilometres northwest and along strike of the recently
discovered important and large high grade Pogo gold property currently
under exploration by Teck Corp. and Sumitomo Metal Mining Co. In 1998, Teck
delineated a 10-million ton deposit containing 5.2 million ounces of gold
at an average grade of 0.52 ounce per ton. The resource remains open to the
northwest and to the southeast.
Government airborne geophysical maps show that the Pogo deposit is
associated with a prominent magnetic low situated along a northwest
trending magnetic linear. A similar magnetic feature occurs on the Octo
gold property.
The company can earn a 70 per cent interest in the property from the
vendors by making cash and share payments over 36 months and incurring
exploration expenditures of $200,000 (U.S.) over 12 months. The property is
subject to a 30 per cent carried interest and a 3 per cent net product
royalty. Valerie can purchase the 30 per cent carried interest in the
property for 200,000 shares at any time up to commercial production and has
the right to purchase 1 per cent of the net product royalty for $1,000,000.
A finder's fee is payable to an individual.
The company is presently incorporating an Alaskan subsidiary to hold and
explore the Octo property. A 1999 work program is planned to begin in April
and will involve geological mapping, prospecting, geophysical and
geochemical surveys and diamond drilling.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
