Cathedral Acquires 100 Percent of the Lady Property, Honduras Covering 56 Square Kilometres.VANCOUVER, British Columbia--(BUSINESS WIRE)--May 6, 1996--CATHEDRAL GOLD CORP. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CAT) Cathedral has acquired a 100 percent interest in the Lady Property, covering 56 square kilometres Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
The Lady Property is located along a paved pave tr.v. paved, pav·ing, paves 1. To cover with a pavement. 2. To cover uniformly, as if with pavement. 3. To be or compose the pavement of. highway with excellent access. The property was acquired in exchange for a 3 percent NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there royalty with a complete buyout option of US$6.5 million. Initial prospecting and geological mapping by Cathedral geologists have confirmed excellent potential for disseminated hotsprings type gold deposits. Sampling work by Cathedral during the initial property examination resulted in the discovery of a through-going northwest trending structure. Initial surface assay values included a 4.5 metre (15 feet) section across the structure averaging 0.3 ounces gold per ton (10.2 gm/t) and 2.0 ounces silver per ton (78 gm/t). Anomalous gold-silver values in surface rock sampling extend for more than 500 metres along strike. Several geological features were mapped during the initial property examination which indicated a widespread hotsprings deposit geological environment across the 56 square kilometer property. An extensive surface sampling program has commenced on the Lady Property. The Lady Property lies along a major regional northwest trending structural set which extends from the Cerro Crucitas Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. discovery in Costa Rica Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. through Nicaragua into Honduras. The location of the Lady Property along major through-going structures, the initial gold-silver values and the widespread hotsprings geology is considered very favourable for a disseminated gold-silver target. The Government of Honduras is taking positive steps towards improving the taxation and foreign investment climate to encourage responsible mining development. A revised mining code has been tabled which provides a highly competitive mining investment environment. As a result of the potential for large scale discoveries and the improving investment climate Cathedral is planning to advance the Lady Property as quickly as possible and is evaluating several other property acquisitions in Honduras. Cathedral Gold Corporation (CAT-TSE) is a junior gold producing gold company owning 90 percent of the Sterling Mine Nevada, U.S.A. and a large exploration project underway, on 26,000 acres, near the Omai Mine, Guyana, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . -0- R. Michael Jones Mike or Michael Jones may refer to: In sports:
CONTACT: Cathedral Gold Corporation R. Michael Jones, 604/684-4659 |
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