AntOro Resources Inc.: Gold Properties Update.MONTREAL -- AntOro Resources inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:ORE) wishes to inform its shareholders that in light of the recent increase in the price of gold, the company plans to re-activate exploration activities on its gold properties in the next months. White Lake The White lake property is located on the eastern shore of White Lake in Ontario an dis approximately 50 km west of the town of White River. The property is accessible year round by means of the Trans-Canada highway Trans-Canada Highway, c.4,800 mi (7,700 km) long, S Canada; dedicated 1962; completed 1970. The world's longest national highway, it traverses North America from St. John's, N.L., to Victoria, British Columbia. the runs 1 km south of the property's limits Following the 2002 reconnaissance survey, the company executed various follow-up field work in order to validate the previous results obtained on the Carroll-McDougall showing (1 168 g/t or 37,55 on Troy /t, reference: Ontario Ministry of Mines and Northern Development) and to investigate the gold potential of the property. A 23 linear-km exploration grid was cut and magnetic and induced polarisation (I.P.) surveys followed during the summer of 2003. The magnetic survey confirmed the presence of the extension of the mafic-felsic contact that seem to host the gold mineralisations and also highlighted structural lineaments. The I.P. survey highlighted three (3) chargeability anomalies (please refer to the February 28th 2005 and the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial for the 2004 annual financial statements). Subject to available funds, the company intends of drilling these three I.P. anomalies to evaluate their gold potential during the winter or spring of 2006. Golden Hemlo This property, located within northern Ontario's Hemlo mining camp is 1.5 km north-east of the David Bell David Bell may refer to:
Following the 2002 reconnaissance survey, the company executed various follow-up field work in order to validate the property's gold potential. To this effect, a 42.53 linear-km exploration grid was cut and magnetic and induced polarisation (I.P.) surveys followed during the summer of 2003 The I.P. survey detected the presence of two (2) chargeability anomalies in the center of the property (please refer Management's Discussion and Analysis for the 2005 annual financial statements. Subject to available funds, the company intends of drilling these two I.P. anomalies to evaluate their gold potential during the winter or spring of 2006. Serpenphior The Seprpenphior property consists of 6 map-designated claims (CDC's) covering a total area of 181.49 hectares in the Weir Township in the southern Gaspe peninsula Gaspé Peninsula A peninsula of eastern Quebec, Canada, between Chaleur Bay and the mouth of the St. Lawrence River. Mountainous and heavily wooded, the peninsula is known for its picturesque coastal villages as well as its hunting and fishing. of Quebec. In the summer of 2004, AntOro executed a 27.8 linear-km exploration grid in the summer of 2004, this was the followed by an I.P. survey and the results are still pending. A series of manual trenches that were performed by the company only returned marginal mineralisation values but previous results obtained on the property graded up to 3.9 g/t Au.Trenching and sampling work on zone C did confirm its gold potential and a possible extension of the mineralisation over 20 m to the south-east. Furthermore, the company executed an I.P. survey on the exploration grid as to highlight the disseminated 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. , the results of which are still pending and will be announced by press release upon reception of these results. The company wishes to pursue its exploration efforts on the property by the execution of a systematic magnetic survey on the entire exploration grid during the winter of 2006 Share-for-debt conversion In the summer of 2005, the company has received the results of the Canadian Exploration Expenses verification covering the period from 1999 to 2004. This verification, executed by the Canadian Customs and Revenue Agency without adjustment to the fiscal deductions of the shareholders that subscribed flow-though shares from 2000 to 2004. Some 57 individual investors that participated in the 1999 flow-though financing were re-assessed by the same agency because AntOro used some CEE cee n. The letter c. funds for the company's working capital instead of exploration expenses. As per the CCRA's decision, all the investors had fiscal deductions disallowed and were therefore re-assessed by the CCRA CCRA Canada Customs and Revenue Agency CCRA Common Criteria Recognition Arrangement CCRA Campus Computer Resellers Alliance CCRA Certified Clinical Research Associate CCRA Commercial Credit Reference Agency CCRA California Court Reporters Association . The company forecasted these re-assessments as per provisions taken in the 2001 to 2005 annual financial statements. The sum of the disallowed expenses by CCRA plus the interest and penalties are of $210,867. In order to compensate the investors for the disallowance dis·al·low tr.v. dis·al·lowed, dis·al·low·ing, dis·al·lows 1. To refuse to allow: "[The government] , the company has offered them a treasury share-for-debt settlement by the issuance of 4,217,232 treasury shares at a nominal value Nominal Value The stated value of an issued security that remains fixed, as opposed to its market value, which fluctuates. Notes: When referring to fixed-income securities, the nominal value is also the face value. of 0.05$ per share.Fifty-five (55) re-assessed investors accepted the settlement offered by the company and is subject to the approval form the regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . These shares will have a hold period of four (4) months from the issuance date as per TSX Venture regulations. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for adequa cy or accuracy of this release. ANTORO RESOURCES INC. (TSX VENTURE:ORE) |
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