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This new company has acquired the rights to explore the Darnley Bay gravity anomaly located in the high arctic region of Canada near the Inuvialuit community of Paulatuk. The gravity anomaly covers an area of approximately 1.5 million acres, but just over 1.0 million acres are available for exploration - part of the anomoly is under the Arctic Ocean, part of it is contained in a proposed national park. A mineral assessment by the Geological Survey of Canada in 1993 assigned a moderate to high rating for the anomaly to contain nickel, copper and/or platinum group elements (PEG's). (1993 GSC Open File 2434) Discovered in 1969 by the Department of Energy, Mines & Resources (EMR), the anomaly has been described by EMR staff as the strongest isolated gravity anomaly in North America. At 130 mgals it is almost 50% stronger than the anomaly associated with the Bushveld Complex in South Africa, which is the largest known body of mafic-ultramafic rocks in the world (and estimated to contain 70% of the world's PEG reserves). It is more than 4 times as strong as the anomaly over the Sudbury Basin in Northern Ontario, host of the world's laregest nickel-copper sulphide deposits. Some parts of the anomaly were previously included in a land claim settlement made between the Gov't of Canada (Crown) and the Inuvialuit of the area. The company has sucessfully negotiated a working agreement with the Inuvialuit (the 1995 Inuvialuit Concession Agreement) that provides access to approx. 450,000 acres of Inuvialuit owned lands over a 10 year period at a graduated total cost of $10 million. The company has also obtained prospecting permits for the 562,211 acres of Crown lands in the anomaly area. The Crown still retains surface and sub-surface rights to a portion of the anomaly. The company recently went public with an initial share offering of 6-7 million common shares priced at CAN $.85. Net proceeds of between $4.69 and $5.5 million were raised for exploration purposes, working captial, and to make necessary payments to the Inuvialuit. Directors of the company are: Leon F. La Prairie, President & CEO Gordon R.P. Bongard, Chairman William P.G. Allen Peter Laipnieks, Vice-President, Public Relations Richard T. La Prairie, Treasurer & CFO Directors and close friends hold approximately 4.5 million shares issued as founding shares. In addition, Directors of the company also have approximately 1.15 million share options priced at $.85, to be exercised between March 10, 2000 and March 10, 2002. | ||||||||||||||
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