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Strategies & Market Trends : Ride the Tiger with CD -- Ignore unavailable to you. Want to Upgrade?

To: Condor who wrote (17590)	10/28/2004 12:35:43 PM
From: loantech	Read Replies (1) \| Respond to of 312633

condor it looks like a wild and wooly one. But if they hit you get a 100 bagger. Not a bad return. Tom

To: Condor who wrote (17590)	12/13/2004 7:52:39 PM
From: Condor	Read Replies (2) \| Respond to of 312633

North American Gem options Louise Lake mineral project 2004-12-13 17:18 ET - News Release Mr. Charles Desjardins reports NORTH AMERICAN GEM SIGNS LETTER OF INTENT TO ACQUIRE LOUISE LAKE COPPER/MOLYBDENUM/GOLD/SILVER PROJECT North American Gem Inc. has signed a letter of intent with Firestone Ventures wherein North American Gem can acquire an interest in the Louise Lake project. The agreement consists of a five-year term where North American Gem can earn up to a 75-per-cent interest in the Louise Lake project by committing to work expenditures, issuing common shares and paying cash to the property vendor, and issuing common shares to Firestone Ventures. North American Gem will be the operator for the project. About Louise Lake project The Main zone of the Louise Lake project is located 35 kilometres west of Smithers, B.C., Canada, with excellent road access to major rail, highway and electrical infrastructure and services based at Smithers. First discovered in 1968, the Main zone underwent several phases of diamond drilling and surface exploration culminating in 1992 with a geological resource estimate by Equity Silver Mines Ltd. of 50 million tonnes grading 0.3 per cent copper, 0.3 gram per tonne (g/t) gold and 0.02 per cent molybdenum (established prior to National Instrument (NI) 43-101). The Metallurgy Department of Equity Silver reported copper and gold recoveries of 95 per cent and 90 per cent respectively. Early in 2004, Firestone Ventures Inc. entered into an option agreement to earn a 100-per-cent interest in the property over four years. Firestone then conducted a six-hole, 1,675-metre diamond drilling program focusing on expansion of the Main zone along strike to the east, west and downdip to the north, and on infill drilling. All six holes returned long intercepts of high copper-gold plus/minus molybdenum values, increasing the known extent of the zone and indicating the system remains open in all directions. The best intercepts include: 0.337 per cent copper, 0.0181 per cent molybdenum and 0.344 g/t gold across 150 m from DDH LL-04-02, a northern downdip step-out hole; and 0.366 per cent copper, 0.0118 per cent molybdenum and 0.354 g/t gold across 204 metres, open at depth, from infill drilling in DDH LL-04-03. Metal values per tonne compare with those of many current advanced projects and some producing mines within British Columbia. The Main zone, located along the north limb of the regional-scale east-northeast trending Coal Creek lineament, hosts a highly unusual mineralogical setting. Copper mineralization occurs almost exclusively as tetrahedrite-tennantite, indicating formation toward the top of a porphyry system. This system displays many characteristics of epithermal as well as porphyry deposits, suggesting known mineralization may represent a comparatively small portion of a much larger porphyry system at depth. Induced polarization surveying conducted in 1969 revealed a high-chargeability anomaly coincident with the Main zone. A second anomaly having a similar signature occurs under Louise Lake along the south limb of the Coal Creek lineament, suggesting a potential fault-offset portion with a 1.0-kilometre displacement of the Main zone. This provides an additional exploration target for bulk tonnage porphyry and/or epithermal mineralization. The following table summarizes the terms: Year Property Firestone vendor 1 150,000 shares 125,000 shares 2 150,000 shares 125,000 shares 3 $80,000 cash 150,000 shares 4 - 250,000 shares 5 - 250,000 shares Year Work Interest expenditures earned (%) 1 $300,000 - 2 $300,000 - 3 400,000 60 4 $500,000 5 $500,000 75 The terms of the agreement also call for the company to pay both the original vendor and Firestone Ventures 100,000 common shares each upon approval of a formal agreement. A finder's fee of 100,000 common shares of the company will be payable in accordance with TSX Venture Exchange policies. The agreement is subject to TSX-V approval. Carl Schulze, PGeol, will be the qualified person on the project.