Atna Options Alaskan Base Metal Project From Rubicon.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 11, 1998--Atna Resources Ltd. (ATN ATN Acute tubular necrosis, see there .T) and Rubicon Minerals Corporation (RMX RMX Remix (music) RMX RockMan X (video game) RMX RetailersMarketXchange RMX Reverse Mail eXchange RMX Remote Mail Exchange RMX Realtime Multitasking Executive RMX Reverse Mx RMX Real Music Jukebox .V) are pleased to announce that, subject to regulatory approval, they have executed a letter agreement whereby Atna has an option to earn a 50% interest in Rubicon's 99-year mining lease agreement on the 340 claim Palmer property. In order to exercise its option, Atna must spend a total of $2 million on the property on or before October 10, 2001 and has a firm commitment to spend $400,000 on or before October 10, 1998. During the option period, Rubicon will be responsible for maintaining the underlying lease agreement by paying applicable advanced royalty payments, BLM BLM n abbr (US) (= Bureau of Land Management) → les domaines claim fees and by issuing shares of Rubicon to the underlying owners. Atna will be Operator and has appointed Rubicon to manage project exploration for the years 1 and 2 of the option. Once Atna has earned its 50% interest, a joint venture will be formed (Atna 50%/Rubicon 50%) with subsequent project expenditures shared according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. each parties respective interest. Atna will have the right to be Operator during the joint venture. The Palmer project is located in "elephant country" within rocks that are the same age as the Greens Creek (greater than 20Mt) and Windy Craggy crag·gy adj. crag·gi·er, crag·gi·est 1. Having crags: craggy terrain. 2. Rugged and uneven: a craggy face. (greater than 250Mt) deposits. The project is remarkably accessible and close to tidewater tidewater, in U.S. history, that part of the Atlantic coastal plain between the shoreline and the farthest upstream points in rivers reached by oceanic tides. In many cases the fall line is given as the western boundary. ; the Haines highway
The Haines Highway or Haines Cut-Off (and still often called the Haines "Road") is a highway that connects Haines, Alaska, in the United States, with Haines Junction, Yukon, Canada, passing through the province of passes within two miles and active logging roads access the eastern part of the property. Both Atna and Rubicon are recognized in the mining industry for their skills in massive sulphide exploration. The respective Presidents, Peter DeLancey and Garfield MacVeigh, agree that this is the most significant under-explored property they have seen in their many years exploring for and discovering base metal deposits. MacVeigh states "...the Palmer project is ripe for drilling by an experienced massive sulphide team -- Atna, with its proven discovery record, focus on massive sulphide exploration and strong cash position, is an ideal partner to rapidly advance exploration and development of the project." The companies believe that the documented showings on the property attest To solemnly declare verbally or in writing that a particular document or testimony about an event is a true and accurate representation of the facts; to bear witness to. To formally certify by a signature that the signer has been present at the execution of a particular writing so as to the presence of a very large, extensive mineralizing system that has the potential to host multiple, large, rich deposits. Over 25 high-grade base metal and/or barite barite (bâr`īt), barytes (bərī`tēz) [New Lat., from barium], or heavy spar, a white, yellow, blue, red, or colorless mineral. showings occur on the property over a trend of 5.7 miles. Significant results from past work on the property are as follows: -0- SHOWING INTERVAL Zn %Cu %AuAg oz/ton ------------------ ------------------- ---- ---- ---- --- Little Jarvis(1) 15 foot chip 13.0 7.0 0.02 7.0 Main Zone(1) 20 foot chip 8.0 1.4 0.03 9.5 MHC(2) Boulder 6 foot chip 33.0 2.5 Nil 1.6 MHC(2) 26 boulders (avg.) 19.3 1.0 <0.01 1.1 HG(2) 2.5 foot chip 9.5 0.4 0.03 1.9 Boundary(1) Grab <0.1 6.5 0.06 0.4 Cap(3) 43 foot channel 0.3 <0.1 0.01 8.0 1 Kennecott 2 United States Bureau of Mines 3 Newmont -0- Despite the presence of high-grade showings and spectacular mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. boulders, previous exploration on the project has been limited and sporadic. A US$400,000 budgeted program including mapping, sampling, ground geophysics and diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral will commence in July. CONTACT: Atna Resources Ltd. Peter DeLancey/Michael Williams, 604/684-2285 Toll Free: 800/789-ATNA www.atna.com info@atna.com or Rubicon Minerals Corp. Michael Gray/David Adamson, 604/623-3333 www.rubiconminerals.com rubicon@rubiconminerals.com |
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