Acquisition Agreement Completed by NovaWest Resources for Platinum Group Mineral Property in the Raglan Area of Quebec, Canada.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 12, 2001 NovaWest Resources Inc. (http://www.novawest.com)(CDNX CDNX See Canadian Venture Exchange (CDNX). :NVE NVE see no visible estrus. )(Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) ) announces the Company has signed an agreement to acquire a 100% interest in the Checkmate checkmate end of game in chess: folk-etymology of Shah-mat, ‘the Shah is dead.’ [Br. Folklore: Espy, 217] See : End property situated in the Raglan PGM-Ni-Cu-Co Camp, Quebec. The Checkmate property encompasses 12,600 acres which strategically joins both the Company's existing Delta East and Delta West properties. This acquisition will bring the total Raglan properties owned by NovaWest to 94,100 acres. The Raglan Cape Smith Belt, traditionally known for its large nickel-copper deposits is an important exploration target for platinum group The platinum group (alternatively, the platinum group metals or platinum metals) is a collective name sometimes used for six metallic elements clustered together in the periodic table. elements (PGMs) in Canada. Under the terms of the agreement NovaWest Resources Inc. may option-purchase a 100% interest in the Checkmate Property by paying Dumont Nickel nickel, metallic chemical element; symbol Ni; at. no. 28; at. wt. 58.69; m.p. about 1,453°C;; b.p. about 2,732°C;; sp. gr. 8.902 at 25°C;; valence 0, +1, +2, +3, or +4. Inc. fifty thousand dollars cash and one hundred and fifty thousand NovaWest shares over the four year option term. NovaWest's extensive Raglan holdings (94,000 acres) are in the immediate vicinity of Falconbridge Limited's new Raglan (Ni-PGM-Cu-Co) Mine. The Raglan Mine is presently an important world source of Nickel, Palladium palladium, chemical element palladium [Gr. Pallas, goddess of wisdom], metallic chemical element; symbol Pd; at. no. 46; at. wt. 106.42; m.p. 1,554°C;; b.p. 2,970°C;; sp. gr. 12.02 at 20°C;; valence +2, +3, or +4. , Platinum, Cobalt, and Copper. NovaWest has a 100% interest in its Raglan properties and has invested over $2 million in the project to date. Some of Canada's most significant Palladium and Platinum values are from the Raglan camp. NovaWest has reported values from its Raglan properties of up to 26.76 g/t Palladium and 9.3 g/t Platinum from 1997-1998 surface samples. In spring 2000, AMPLATS, the world's largest platinum producer tested a representative sample of an extensive outcropping area on NovaWest's Raglan properties at their South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. laboratory. AMPLATS reported identifying three Palladium-Telluride (Pd-Te) phases in the samples and confirmed that chemical analysis gave a value of 20.4 g/t Platinum Group Elements+Gold. The zone for which this independent third party assay was rendered has a strike length of approximately 2000 feet. Other values from the Raglan camp were reported from a Falconbridge property adjacent to NovaWest's Raglan properties where drilling on Falconbridge's D-8 and D-9 zones yielded values including 6.45 g/t Palladium, 6.42 g/t Palladium, 5.8 g/t Palladium 3.9 g/t Palladium, 2.7 g/t Palladium, 5.48 g/t Platinum and 2.26 g/t Platinum. It is understood that these holes are placed approximately 200-300 meters from NovaWest's boundaries. The Raglan Cape Smith Belt, traditionally known for its large nickel-copper deposits, will continue to be the focus of NovaWest for PGM-Ni mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. as the area becomes an important platinum exploration target for platinum-group-elements (PGMs) by other companies. NovaWest is continuing to assemble and expand its portfolio of properties at Raglan. With current Palladium and Platinum prices at record highs, the Raglan area has attracted the attention of numerous mining companies. In order to expedite ex·pe·dite tr.v. ex·pe·dit·ed, ex·pe·dit·ing, ex·pe·dites 1. To speed up the progress of; accelerate. 2. its Raglan exploration, NovaWest is considering joint venture partnerships. The Company has been approached by a number of parties and is considering the merits each. ON BEHALF OF THE BOARD OF DIRECTORS OF NOVAWEST RESOURCES INC. Patrick D. O'Brien - Chairman NovaWest Resources, Inc. S.E.C. Exemption 12(g)3-2(b) File No. 82-3822 Standard & Poors Listed The Canadian Venture Exchange has neither approved nor disapproved the information contained herein. |
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