Citadel and Goldbrook Sign Agreement On Jubliee-Surluga Gold Mine Property.WESTON, ONTARIO--(BUSINESS WIRE)--Dec. 3, 1996--Citadel Gold Mines(CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. CIGD CIGD Copper Indium Gallium Diselenide .) Citadel Gold Mines Inc. and its subsidiaries have signed an agreement with Goldbrook Explorations Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. : GDK GDK Graphics Developers Kit GDK Gimp Drawing Kit GDK Gnu Drawing Kit GDK Game Development Kit ) that grants Goldbrook the option to earn a 50 percent interest in Citadel's 5,968 acre Jubilee-Surluga gold mine property near Wawa, Ontario Wawa, Ontario is a community in Northern Ontario, Canada, located in Michipicoten Township in the Algoma District. The community is known for its 28-foot-tall metal statue of a Canada goose, which was built in 1963. . The Citadel-Goldbrook agreement supersedes a letter of intent signed on September 28th, 1996. It grants Goldbrook the option to earn a 50 percent interest in the mineral rights to the property by spending $3,000,000 on exploration over a period of four years. Upon fulfilling this first option, Goldbrook will have a second option to earn a 50 percent interest in the surface rights and installations, including a headframe and hoisting facility, as well as a 700 t.p.d. mill, by spending a further $3,000,000 over an additional four years. The Citadel gold property includes at least 12 former producing gold mines with an aggregate historical production of 188,400 ounces of gold from 1902 to 1989. Two of these former mines, the Jubilee mine (1929-39) and the Surluga mine (1968-69 and 1989-90) we developed on the Jubilee Shear, a 50-150 ft. wide zone of shearing, alteration, veining vein·ing n. Distribution or arrangement of veins or veinlike markings. and low-grade gold 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. . Attempts to selectively mine higher-grade sections at the Surluga mine were not successful. Goldbrook intends to evaluate the Jubilee Shear, which extends across the property for a length of 6 km, as a large-tonnage, low-grade bulk mining prospect. Goldbrook's initial re-evaluation of previous surface diamond drilling records indicates a resource of between 425,000 and 525,000 ounces of gold at grades between 0.05 and 0.06 ounces per ton in the Jubilee Shear, to a depth of about 1,000 feet. An independent reserve estimation study is under way utilizing data from over 1,600 surface and underground diamond drill holes. Goldbrook intends to commence diamond drilling on the Citadel property during the first quarter of 1997. CONTACT: Citadel Gold Mines Inc. John Sadowski, 416/401-0120 |
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