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Gold/Mining/Energy : Champion Resources - CHL.vse
CHL 27.510.0%Sep 27 5:00 PM EST
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To: rdww who wrote (30)3/3/1999 12:15:00 PM
From: rdww  Read Replies (1) of 176
 
Champion restructures agreements into formal JV at Takatu

Champion Resources Inc CHL
Shares issued 16,746,940 Mar 2 close $0.46
Wed 3 Mar 99 News Release
Mr. John Hiner reports
The company has fully vested its interest in the Takatu gold project in
northwest Guyana. The company successfully restructured the underlying
agreements into a formal joint venture, which has an effective date of Jan.
1, 1998. Champion retains its majority interest (41.82 per cent) and acts
as operator of the joint venture, which includes partners TNR Resources
(40.18 per cent) and 474013 BC Ltd. (18.0 per cent).
The Takatu gold project comprises in excess of 48,000 acres near Matthews
Ridge, Guyana. Exploration on the project has delineated multiple
gold-bearing shear zones in Precambrian rocks. Drilling conducted on the
Takatu shear zone confirmed gold in saprolite and the underlying
unweathered bedrock. The zone drilled to date is 700 metres long by 150
metres wide, and is open along strike and to depth. Other shear zones with
anomalous gold mineralization on the property have been delineated, but
have yet to be tested.
The company was approached recently by another mining company regarding the
venture's potential interest in an earn-in agreement, which the venture
partners are considering.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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