Wed Aug 21, 2002 Geological Reports on Jackson--Manion and Gander River Properties
The Company announces that it has commissioned Geological Reports on its Jackson--Manion North Gold Property located in the Birch-Uchi Volcanic Belt, in the Province of Ontario (the "Jackson-Manion North Property") and on its Gander River Property located in the Province Newfoundland (the "Gander River Property").
Jackson Manion North Property
The Company entered into an option agreement dated June 3, 2002 with Mr. Perry English ("English") of Souris, Manitoba whereby the Company acquired an option to earn up to a 100% interest in 47 Units (approximately 2000 acres) located in the Birch-Uchi Lake Greenstone Belt Area, Red Lake District, Kenora Mining Division, Ontario. Consideration is $85,000 and the issuance of 100,000 common shares of the Company over a four-year term. The claims are subject to a 2% net smelter return royalty in favour of English. The TSX Venture Exchange ("TSX") accepted the agreement on June 11, 2002. By subsequent Agreement dated July 10, 2002 the Company granted an option to West Hawk Development Corp. to acquire a 60% interest in the Jackson-Manion North Property. The transaction is subject to TSX acceptance.
Mineralization production in the Birch-Uchi belt has been gold, copper and zinc. No mineral reserves or production are known on the Jackson-Manion North Property.
An Evaluation Report dated July 8, 2002 on the Jackson-Manion North Gold Property was prepared by David J. Busch B.A. B.Sc., PGEO. The report recommends a Phase I exploration program consisting of a mobile metal ion soil survey and follow-up sampling and prospecting at an estimated cost of $110,000. Depending on the results of the Phase I program, a Phase II program consisting of diamond drilling has been proposed at an estimated cost of $231,000.
Gander River Property
The Company entered into an option agreement dated May 8, 2002 with Mr. Perry English ("English") of Souris, Manitoba whereby the Company acquired an option to earn up to a 100% interest in 195 Units (approximately 8,000 acres) located in the Gander River Project Area, Botwood Basin, Province of Newfoundland. Consideration is an initial payment of $16,000, the issuance of 100,000 common shares of the Company and the payment of $125,000 over a four year period. The TSX Venture Exchange ("TSX") accepted the agreement on May 14, 2002.
No mineral reserves or production are known on the Gander River Property.
A Geological Report dated August 3, 2002 on the Gander River Property was prepared by Christopher Hutchings, P. Geo. of Kiex Consulting Limited. The report recommends a cautious basic grassroots program consisting of geological mapping, prospecting, geophysics and geochemistry, costing approximately $100,000.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
You can view the Next News Releases item: Mon Aug 26, 2002, Consolidated Abaddon amends Option Agreement with Mr. Perry English
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