Donner Participates in Anglo's West Raglan.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 24, 2003 Mr. Harvey Keats, President and Mr. David Patterson David Patterson could refer to:
TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:DML A 4GL programming language from Ross Enterprise, the ERP division of CDC Software, Atlanta, GA (www.rossinc.com). DML is the primary scripting and form definition language for its GEMBASE runtime engine. ) (FRANKFURT:DNL DNL Day-Night Average Sound Level DNL Differential Non-Linearity DNL Daily News Live DNL Department of National Lotteries (Ghana) DNL Delete to New Line ) are pleased to announce that the Company has subscribed for, through a private placement, 8,000,000 units of Knight Petroleum Corp at a total cost to the Company of $800,000. Each unit is comprised of one common share of Knight and one non-transferable share purchase warrant entitling the holder to purchase one additional common share of Knight at a price of $0.15 for two years. The Company has taken this interest in Knight in order to have a significant exposure to, and indirect interest in, Anglo American (Canada) Limited's West Raglan Project. Knight has recently entered in to a Framework Agreement with Anglo American to earn a 49% interest in the West Raglan Project (see Knight news release dated January 24, 2003 for terms of the option earn-in). The West Raglan Project (the 'Project'), located in Northern Quebec, is comprised of 1,646 contiguous map-staked claims covering approximately 68,000 hectares of the western part of the Cape Smith Belt. The northern portion of the Cape Smith Belt, known as the Raglan Horizon, hosts Falconbridge's Raglan deposits, which are estimated to contain a total of 25 million tonnes averaging 2.8% nickel nickel, metallic chemical element; symbol Ni; at. no. 28; at. wt. 58.69; m.p. about 1,453°C;; b.p. about 2,732°C;; sp. gr. 8.902 at 25°C;; valence 0, +1, +2, +3, or +4. , 0.8% copper and significant platinum group The platinum group (alternatively, the platinum group metals or platinum metals) is a collective name sometimes used for six metallic elements clustered together in the periodic table. elements and cobalt Cobalt, town, Canada Cobalt (kō`bôlt), town (1991 pop. 1,470), E Ont., Canada, NE of Sudbury, near Lake Timiskaming. Once a center for cobalt and silver mining, the area is now economically depressed. . The southern portion of the Cape Smith Belt, referred to here as the Expo-Ungava Horizon, hosts the Expo-Ungava deposit and the Mesamax occurence. The eastern edge of the West Raglan Project is located approximately 80 kilometers west of Falconbridge's Katinniq mine. The West Raglan Project covers over 60 kilometers of both the prospective Raglan and Expo-Ungava horizons, as confirmed by Anglo American's 2002 field program. The West Raglan Project has never been surveyed with a deep penetrating airborne electromagnetic survey, and there is no evidence of any prior 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 on the Project. The 2003 program will begin in April with Anglo American's deep penetrating SPECTREM airborne electromagnetic and magnetic survey totaling some 3,500 line kilometers and costing approximately $400,000. The airborne survey will be followed up by ground geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. , geological mapping, prospecting and geochemical surveys. The main focus of the 2003 program will be approximately 3,000 metres of diamond drilling. A diamond drill rig and sufficient fuel was mobilized to the coastal town of Salluit by Anglo American in the fall of 2002 in preparation for the 2003 drill program. As a result of the Company's private placement subscription in Knight, and a second private placement that Knight has announced, it is anticipated that the Company will hold approximately 29% of Knight's then issued and outstanding common shares and will be deemed a control person. Accordingly, Knight will be seeking shareholder approval of the creation of a control block at its Annual General Meeting to be held on March 5, 2003. The Company and Knight have common directors and officers. The private placement is subject to the approval of 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. and the approval of the shareholders of Knight. Knight's Framework Agreement with Anglo American is subject to the approval of the TSX Venture Exchange. ON BEHALF OF THE BOARD OF DONNER MINERALS LTD. David Patterson, Chief Executive Officer Harvey Keats, President The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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