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Home Ventures Ltd - Home Ventures Ltd. is a publicly traded Canadian resource company active in the exploration and development of precious metal and rare earth properties. Management has recently revitalized the company and has developed a group of partners with complimentary expertise and a wide variety of exploration and development experience. Management's goal is to enhance shareholder value through the acquisition and development of high potential exploration projects. Home Ventures acquisitions to date include: Hoidas Lake (Northern Saskatchewan -Rare Earths) Buck Lake (Thunder Bay, Ontario - Palladium/Platinum) Bay Claims (Northern B.C.-Massive Sulphide) Home Ventures represents an opportunity for investors to participate in high potential exploration projects at the ground floor stage of a public company's development. Rare Earths Acquisition - Platinum/Palladium Update Home Ventures Ltd HMV Shares issued 13212516 1998-04-24 close $0.2 Friday Apr 24 1998 Mr Clive Brookes reports, Home Ventures Ltd is pleased to announce it has entered into a Letter of Intent with Daren Resources Ltd of Vancouver, BC, to earn up to a 70% interest in the Hoidas Lake Rare Earths project. The Hoidas Lake project currently encompasses 72 hectares located in Northern Saskatchewan, 35 air miles north-east of Uranium City. Rare earth elements are used in a broad variety of applications including automotive catalytic converters, permanent magnets, rechargeable batteries, petroleum fluid cracking catalysts, glass polishing, ceramics, metallurgical additives, alloys, phosphors for television tubes, x-ray intensifying and fluorescent and incandescent lighting. Trenching and a ground radiometric survey on the Hoidas Lake property in the 1970's showed the apatite veining and related allanite (a rare earth bearing mineral) mineralization ranges from 2 to 5 meters wide over a known minimum strike of 425 meters. A composite of grab samples taken in 1996, estimated to contain 60% allanite, was assayed at Chemex Labs in North Vancouver and yielded over 17% rare earths including: Rare Earth Grade Some Examples of Industry Uses ---------- ------ -------------------------------------- Cerium 7.882% Automotive industry, catalytic converters Europium 0.034% Color televisions Gadolinium 1.139% Super conductors, electronics Lanathanum 4.100% Electronics; Pharmaceuticals, Ceramics Neodymium 2.727% Permanent magnets, Disc drives, electronic motors Praseodymium 1.926% Alloy used in jet engines Yttrium 0.020% Color TV's, super conductors For the purposes of understanding the potential value of rare earth deposits, below are example selling prices of (processed) rare earth oxides as reported by Elements Monthly in February 1998. Prices are in US dollars per kilogram. Price Rare Earth Purity range/kilo ------------- --------------- ------------ Cerium Oxide 98.0% to 99.99% $ 7 to $ 20 Europium Oxide 95.0% to 99.99% $360 to $400 Gadolinium Oxide 95.0% to 99.99% $ 15 to $ 40 Lanathanum Oxide 99.9% to 99.99% $ 14 to $ 36 Neodymium Oxide 96.0% to 99.99% $ 14 to $150 Praseodymium Oxide 96.0% to 99.50% $ 7 to $ 18 Yttrium Oxide 99.0% to 99.99% $ 17 to $ 40 The Hoidas Lake agreement provides for a payment of $10,000 and a $200,000 work commitment in the first year, a $20,000 payment and $300,000 work in the second year, a $30,000 payment and $400,000 work in the third year and the issuance of 200,000 shares in 4 tranches of 50,000. Daren will be the operator until Home has earned a majority interest. To fund the first year of this project Home has negotiated a private placement of 2,000,000 units at $0.15 for a total of $300,000 of which 1,666,667 units will be flow through. Each unit will consist of a common share and a 2 year warrant to purchase an additional share at $0.15 in the first year and $0.20 in the second year. A finder's fee will be payable in cash on a portion of the private placement. The option agreement and the private placement are subject to regulatory approval. Clark-Everleigh Geological Consultants of Thunder Bay, Ontario has been retained to conduct Home Ventures' summer 1998 exploration program on the Buck Lake platinum/palladium project. The Buck Lake project is approximately 25 kilometres west of the Lac des Iles palladium mine which is reported to process over 2500 tons of ore per day and is the largest primary producer of palladium in Canada. During April 1998, North American Palladium Ltd, the owner of the mine, staked claims surrounding Home's Buck Lake land package. Home's current claims cover the known extent of the Buck Lake intrusive where grab samples assayed at Chemex Labs in Mississauga returned values up to 1900 ppb Palladium (1.90 grams/ton), 1440 ppb Platinum (1.44 grams/ton), 276 ppb Gold (0.276 grams/ton), 5650 ppm Copper (0.56%) and 5220 ppm Nickel (0.52%). For further information please contact us at: Toll free: 1-888-822-2209 Tel: (604) 801-5441 Fax: (604) 801-5499 Website: canvest.com mailto:homeventures@usa.net Clive Brookes President The Vancouver Stock Exchange has neither approved nor disapproved of the contents of this new release. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com All comments welcome. Mr Metals | ||||||||||||||
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