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This is an unmoderated forum for Rockwell Ventures. Here is one of their latest news releases: ROCKWELL TO EXPLORE FOX RIVER BELT NICKEL - PGM - DIAMOND PROJECT WITH FALCONBRIDGE June 6, 2001, Vancouver, BC - Ronald W. Thiessen, President, CEO and Director of Rockwell Ventures Inc. (CDNX: RCW; OTC-BB:RCKVF) is pleased to announce that the Company has been assigned from Hunter Dickinson Group Inc. ("HDG"), a private company which is related by virtue of certain directors in common, its option to earn from Falconbridge Limited a 60% participating joint venture interest in the 314,000 hectare (3,140 km2) Fox River property located 250 km east of Thompson, Manitoba. Consideration for the assignment, subject to Canadian Venture Exchange approval, is reimbursement to HDG of its actual costs to date of approximately $800,000, ($625,000 of these costs were incurred by Falconbridge or their third party contractors on behalf of HDG and are part of year one expenditures) and 2.0 million Rockwell common share purchase warrants exercisable at $0.40 per share for two years. Rockwell management believes that the Fox River Property has excellent potential to host large scale nickel-copper-PGM and diamond deposits. Work programs completed to date include ground geophysical surveys, drill target confirmation and prioritization, fuel mobilization and kimberlite target definition. Presently, 17 Thompson-Voisey's Bay-type nickel-copper targets, 4 Raglan-type nickel-PGM targets, 8 stratabound PGM-type targets, and 14 kimberlite targets are identified for drilling by Rockwell. The Fox River property comprises four Special Exploration Permits, comprising two Special Exploration Permits (SP98-2, SP98-3) owned 100% by Falconbridge, and two Special Exploration Permits (SP98-1, SP2000-1), which are subject to an option agreement between Falconbridge and W. Bruce Dunlop Limited NPL. Falconbridge has the right to earn a 75% interest in the Dunlop property. If exercised, Dunlop would retain a 1.5% Net Smelter Return Royalty ("NSR"), of which 0.5% NSR can be purchased for $500,000, and in addition, could maintain a 25% participating interest in the 28,500 hectare (285 km2) Dunlop property. There are no other underlying agreements pertaining to the Property. Rockwell will have the option to earn a 60% participating joint venture interest in the Falconbridge property and 60% interest in Falconbridge's interest in the Dunlop property. To earn its 60% participating interest, Rockwell will incur expenditures of $12.5 million within 5 years with a minimum annual expenditure of $2,500,000. Rockwell will be the initial operator of the Fox River project. Falconbridge will have the right to become operator and convert its 40% participating interest to a 60% participating interest (thereby reducing Rockwell's participating interest to 40%) by Falconbridge completing and funding a bankable feasibility study, in which case, Falconbridge shall arrange financing and completion guarantees for mine development. The Fox River Belt is a 300 km long, 10 - 25 km wide sequence of Proterozoic rocks equivalent in age and composition to the Thompson and Raglan Belts which are located along the same Superior Boundary of the Canadian Shield (see Location Map attached). The Thompson Belt hosts one of Canada's major nickel camps with mineral reserves of 42 million tonnes grading 2.3% nickel. The Raglan Belt hosts mineral reserves of 20 million tonnes grading 2.9% nickel and 3 g/t combined platinum group metals (PGM's). The Fox River Belt host a suite of well preserved komatiitic basalts and one of the world's largest, layered, mafic to ultramafic intrusions - the Fox River Sill. The sill has been traced over a 250 km strike length and has a thickness in excess of 2 km. It intrudes a complex sequence of komatiitic basalt flows and two sulphidic sedimentary sequences. The property offers high potential for the discovery of Thompson, Raglan and Voisey's Bay-type nickel (" PGM) deposits in the volcanco-sedimentary package as well as layered (Stillwater) and disseminated (Sandsloot) PGM deposits within the sill (see Schematic Geological Map attached). In addition, the Fox River property is located in the centre of the new Manitoba diamond play and is surrounded by over 17,000 km2 of mineral claims staked by diamond explorers, including the majors, Kennecott, BHP and DeBeers. The Manitoba Geological Survey has defined a well developed kimberlite indicator mineral dispersal train in the area (see Manitoba Diamond Play attached). A major exploration program, including substantial drilling is currently being planned for the Fox River property. Details of the exploration plan are expected to be announced over the next several weeks. For further details on Rockwell Ventures Inc. please visit the Rockwell website at www.hdgold.com or contact Investor Services at (604)684-6365 or within North America at 1-800-667-2114. ON BEHALF OF THE BOARD OF DIRECTORS Ronald W. Thiessen President and CEO No regulatory authority has approved or disapproved the information contained in this news release. | ||||||||||||||
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