Columbia Yukon signs letter of intent for Liberty Bell Property.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--March 21, 1997-- Columbia Yukon Resources Ltd. (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CYR CYR Colonia, Uruguay (Airport Code) .) wishes to announce that it has signed a letter of intent to acquire a 20 percent interest in gold claims of the Liberty Bell Mining Company, located 60 miles southwest of Fairbanks, Alaska Fairbanks (IPA: /ˈfɛərbæŋks/) is a Home Rule City in Fairbanks North Star Borough, Alaska, United States. , known as the Liberty Bell Property. The company will acquire its interest by paying $200,000.00 within 3 days of receipt of regulatory approval, and issue a further 350,000 common shares (at a deemed price of $0.67 per share) within 6 business days of receiving receipts issued by the Alberta and British Columbia Securities Commission The British Columbia Securities Commission (BCSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of British Columbia. External links
A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. qualifying, amongst other distributions, the issuance of the common shares. A drill indicated resource of over 250,000 ounces has been identified in two areas in close proximity on the claims. Another seven 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. targets have been identified on the 42 sq km (16.5 sq mile) property and each are of sufficient size to host comparable or better 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 Liberty Bell property has the potential for reserves in the 1 million ounce range or better. 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 in late 1996 confirmed grades substantially higher than had been returned by earlier reverse circulation. Further drilling is planned in 1997 which will test the extensions of the Mine Zone and the Northwest Copper Zones. Three of the other targets are a priority for drilling this season, the East Adit adit (ăd`ĭt), in mining, underground passage excavated nearly horizontally, with one end open to the earth's surface, usually used to service a mine. The adit end is the furthermost end from the surface, i.e., the location where miners work. , the Breccia breccia: see conglomerate. breccia Coarse sedimentary rock consisting of angular or nearly angular fragments larger than 0.08 in. (2 mm). Breccia commonly results from processes such as landslides or geologic faulting, in which rocks are fractured. Hill and Sara-Old Lace. Alaska has been the focus of vigorous gold exploration during the past few years. Several very large gold deposits have been discovered such as the new Fort Knox gold mine of Amax Gold (4 million ounces), the Donlin Creek property of Placer Dome (over 4 million ounces), and the Truenorth joint venture of Newmont and La Teko Resources (over 2 million ounces). The Liberty Bell mine mineralization has some similarities to that seen on these major lode mines. It is located in a state that is miner friendly and infrastructure such as rail, road and electrical utilities are within 15 miles of the minesite. The company also wishes to announce that it has entered into a letter of intent to acquire a 100 percent interest in 4 unpatented mining claims (64 units) known as the Dakota property, located in Lamport Township, Thunder Bay, Ontario. To earn its 100 percent interest in the property the company is to issue a total of 100,000 shares and expend $308,000 in exploration and cash payments over a period of four years. The vendor will retain a 3 percent net smelter return royalty which shall be subject to a 1 percent buyback for $1,000,000. Further, the company has entered into a separate letter of intent to acquire a 100 percent interest in 2 unpatented mining claims (12 units) known as the Goldie property, located in the township of Goldie, Thunder Bay, Ontario. To earn its 100 percent interest in the property the company is to issue a total of 100,000 shares and expend $300,000 in exploration and cash payments over a period of four years. The vendor will retain a 3 percent net smelter return royalty which shall be subject to a 1 percent buyback for $1,000,000. The Goldie and Dakota properties are located in the Matawin Gold Belt where over 100 gold discoveries have been reportedly found in the past decade. The properties are underlain un·der·lain v. Past participle of underlie. by the favourable gold bearing Timiskaming metasediments. The Goldie property is on strike with the newly discovered Battle Mountain gold zone. The Dakota property is on strike with the Green Ice Corp., Castle Rock Exploration Corp, and United Compass Resources Ltd. Moose Calf Property. Recently released diamond drilling results on the Moose Calf Property yielded a range of .02 oz gold/ton over 20.66 feet up to .19 oz gold/ton over 9.84 feet. CONTACT: Columbia Yukon Resources Ltd. Douglas L. Mason, 604/683-3070 604/ 683-2308 (FAX) 1-888-888-9122 (Canada) 1-888-888-9123 (USA) http://www.columbia-yukon.com/columbia-yukon/ |
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