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Gold/Mining/Energy : MARUM RESOURCES ON ALBERTA -- Ignore unavailable to you. Want to Upgrade?

To: Jesse who wrote (1156)	1/21/1999 7:55:00 PM
From: bill	Read Replies (1) \| Respond to of 2514

Int'l Tower Hill Mines and Marum form Alberta diamond JV Marum Resources Inc MMU Shares issued 23,627,616 Jan 21 close $0.115 Thu 21 Jan 99 News Release See International Tower Hill Mines Ltd (ITH) News Release Mr. Anton Drescher and Mr. Richard Boulay report International Tower Hill Mines and Marum Resources have formed a joint venture to explore for diamonds in the Chinchaga area of northern Alberta. The area under agreement consists of three townships, comprising 70,000 acres in an area of demonstrated geological interest. In March 1998 a reconnaissance drill program based on coarse 600-metre aeromagnetic data, was undertaken using a light reconnaissance auger coring drill. Volcanic ash layers with diamond indicators were encountered. Subsequently, during April, a 200-metre high-resolution aeromagnetic survey was conducted over 12 townships and revealed an entirely new population of magnetic anomalies. Three sampling programs conducted during 1998 recovered indicator minerals and unusual volcanic fragments with probable kimberlitic or ultramafic pedigrees from streams draining the new anomalies. Marum on behalf of the joint venture has applied for drill permits. A core drilling program using HQ rods (about 2.5 inches diameter core) is to begin as soon as possible. Overburden is expected to be thin, between one to five metres for most targets. Approximately one week will be required to construct access roads and to perform final ground magnetometer surveys on seven to 10 initial targets. The project will be managed by Apex Geoscience of Edmonton. The agreement provides for International Tower Hill to expend $300,000 to earn a 50 per cent interest in two townships (T99,100R3W6) under permit to Marum and a 25 per cent interest in one township (T98R3W6) in which Marum holds a net 50 per cent interest. International Tower Hill agrees to spend $150,000 by June 30, 1999 to earn a 25 per cent interest in the joint venture and an additional $150,000 by Dec. 31, 2000 to earn an additional 25 per cent interest. International Tower Hill will subscribe for a $75,000 private placement in Marum and this amount will be credited to International Tower Hill's exploration contribution. The private placement will consist of 750,000 units at 10 cents. Each unit will consist of one share and one warrant to purchase one share at 12 cents for two years. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com