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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: gold$10k who wrote (12403)	6/15/2003 9:53:02 AM
From: Gord Bolton	Respond to of 39344

Anybody following the Red Lake Drills? A small item came to my attention recently that I found interesting. I have been following Claude Resources for a long time. Claude Resources has the Madsen Mine property optioned to Placer Dome who are spending about $3 million dollars on drilling this year. Another company very active in the Red Lake area this summer is Wolfden Resources. wolfdenresources.com Click on press releases. interesting map. wolfdenresources.com One property that everyone seems very interested in is Sabina Resources Redaurum Property. stockhouse.com The Redaurum Property is immediately north of Claude's property where Placer has been drilling. Last summer Wolfden made a preemptive move on the Redaurum property which included a private placement in Sabina and the president of Wolfden,Mr. Ewan Downie, becoming the Chairman of Sabina. www2.ccnmatthews.com stockhouse.com EWAN S DOWNIE: - President and C.E.O. Since 1989, owner and founder of Vytyl Exploration Services, a contracting business in mineral development and exploration for a wide variety of clients including Placer Dome Canada Inc., Noranda Mining and Exploration Company Ltd., Canmine Resources, and many others. Vytyl has conducted exploration and geophysical contracts on advanced projects such as the Musselwhite and Campbell Mines (Placer), Eagle River Mine (River Gold), GECO-Manitouwadge (Noranda), and Werner Lake (Canmine). wolfdenresources.com Claude Resources aquired a 20% interest in the Redaurum Property and an option on the property when they aquired the Madsen properties. It would appear that Claude waived it's right of first refusal in favour of Placer Dome. It would further appear that the JV will not waste any time in putting the drill to the property. "The Redaurum Property is located within one of the major Red Lake deformation corridors and in close proximity to the past producing Madsen Gold Mine (2.6 million ounces produced). Claude and Placer Dome recently announced the discovery of a gold bearing zone immediately south of the Redaurum Property, described as a broad corridor of quartz carbonate tourmaline veining with visible gold. The current phase of drilling will include 4 holes (approx. 2000 m, NQ) drilled close to the boundary with the Madsen Property (Anomaly #1 Area). A second stage of drilling will be commenced later this summer after compilation of the historical and current data, and surface mapping work is completed." stockhouse.com Ewan Downie remains as Chairman of the Board of Sabina. Sabina has less than 10 million shares out which appear to be closely held and infrequently traded. A good hit on Redaurum would mean significant demand for Sabina shares(V.SBB) table.finance.yahoo.com