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Gold/Mining/Energy : GEOMAQUE -- Ignore unavailable to you. Want to Upgrade?

To: Braincramp who wrote (197)	11/7/2000 11:20:09 AM
From: Edmund Lee	Respond to of 260

Tuesday November 7, 8:01 am Eastern Time Press Release SOURCE: Geomaque Explorations Ltd. Geomaque Options Advanced Palladium Project Open-pittable polymetallic deposit contains 1.6 million ounces of platinum & palladium TSE Symbol: GEO (In US$, except as indicated) TORONTO, Nov. 7 /CNW/ - Geomaque Explorations Ltd. today announced the signing of an option agreement with a subsidiary of PolyMet Mining Corp. on its advanced Marathon Project, located 10 kilometres north of Marathon, Ontario. The Marathon Deposit was previously estimated to contain a resource of 37 million tonnes averaging 1.1 g/t palladium, 0.27 g/t platinum, 0.21 g/t gold 1.85 g/t silver, 0.38% copper and 0.032% nickel. The total contained metal in this resource is 1.3 million ounces of palladium, 320,000 ounces of platinum, 250,000 ounces of gold, 2.2 million ounces of silver, 310 million pounds of copper, and 26 million pounds of nickel. The deposit also contains recoverable amounts of rhodium and cobalt. The Marathon Project is situated along the eastern edge of the Port Coldwell mafic igneous complex, one of the largest igneous intrusions in Ontario. The deposit has a strike length of two kilometres, and has been delineated by diamond drilling carried out on 60 metre spacings. Anaconda American Brass Ltd. did the majority of drilling, with the balance completed by Fleck Resources Ltd. A pre-feasibility study was compiled in 1989 by BHP Engineering, which determined the Marathon deposit was amenable to open pit mining and conventional milling methods. Operating costs, based on a two million tonne per year mining operation, were estimated at approximately $11 per tonne of ore and smelter revenues at approximately $18 per tonne of ore, based on 1989 metal prices. The price of palladium used in the study was $143 per ounce. "At current metal prices, the Marathon deposit is a tremendously attractive project," said John Paterson, President and CEO. "The project allows Geomaque to leverage its experience in reserve development, mine development and open pit mining, and a deposit of this size represents a great opportunity to dramatically increase cash flow for many years to come." Under terms of the option agreement, Geomaque can earn a 60% interest in the property in exchange for work commitments totaling $1.8 million and a cash payment of $650,000 within the next four years. Expenditures will be focused on producing a bankable feasibility study. Initial work will include assessing the economics of the deposit under current market conditions and evaluating existing geological and metallurgical data. PolyMet Mining Corp. (CDNX: POM, OTCBB: POMGF) is a Golden, Colorado- based exploration and development company. Its primary focus is the NorthMet Project, a large-scale polymetallic deposit located in northeastern Minnesota. Geomaque Explorations Ltd. is an international mining company which is producing gold from its 100% owned San Francisco Mine in Mexico, developing the Vueltas del Rio gold project in Honduras and exploring for precious metals in the Americas. For further information please visit our website at www.geomaque.com, or contact: Sean Stokes, Manager, Investor Relations, (416) 956-7470, e-mail sstokes@geomaque.com To request a free copy of this organization's annual report, please go to www.newswire.ca and click on reports@cnw.