Duncan Park and Randsburg Sign Joint Venture Agreement for Elephant Gold and Silver Project, Nevada. Drilling Set to Begin on Phase 2.TORONTO -- Randsburg International Gold Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:RGZ RGZ Radio Ground Zero RGZ Recommended Ground Zero RGZ Reorganize )and Duncan Park Duncan Park is a stadium in Spartanburg, South Carolina. It was primarily used for baseball and was most recently the home of the Spartanburg Spinners. The ballpark has a capacity of 3,000 people and opened in 1926. Duncan Park Stadium hosted its first game on July 8, 1926. Holdings Corporation (TSX VENTURE:DPH DPH Diploma in Public Health. DPH abbr. 1. Diploma in Public Health 2. Doctor of Public Health 3. Doctor of Public Hygiene ) announced today that they have entered into an agreement whereby Randsburg can earn up to a 50% interest in Duncan Park's Elephant Gold and Silver project situated within the heart of the Battle Mountain mining district, in the northwest part of the Battle Mountain-Cortez-Eureka Trend, Nevada. The Elephant Property is located three kilometres southeast of Newmont's Copper Canyon The Copper Canyon (Spanish: Barranca del Cobre) is a canyon system in the Sierra Tarahumara in the southwestern part of the state of Chihuahua in Mexico. This canyon system is larger and deeper than the Grand Canyon in the neighboring United States, although the Grand - Fortitude porphyry/skarn gold deposits, which are part of Newmont's large open pit Phoenix project, which recently received final approval of its mine construction permit. Elephant is also located six kilometres south of Newmont's now-closed open pit Copper Basin copper-gold mine. In addition, Duncan Park's Elephant property partly surrounds, on three sides, a major unreported Newmont gold placer and skarn skarn In geology, a metamorphic zone developed in the contact area around igneous rock intrusions when carbonate sedimentary rocks are invaded by and replaced with chemical elements that originate from the igneous rock mass nearby. gold resource named the Peninsula deposit. Peninsula is located in Section 1, T. 30N, R. 43E, and contains approximately 1,400,000 ounces of gold at an approximate grade of 0.014 oz/ton Au, 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. Mr. David C. Mathewson, the former Peninsula exploration manager for Newmont. Newmont reportedly made ore estimation analyses for Peninsula, and "floated cones" in formulating the design of an open pit for the Peninsula gold deposit. In addition, ex-Newmont geologists confirmed that gold values of approximately 0.25 oz/ton Au over 3 metre vertical thicknesses occur at the placer - bedrock interface at Peninsula. Exploration drilling by Barrick in 1999-2000 discovered a second gold-bearing skarn "finger" along the west side of the Elephant property. The Copper Basin and Phoenix mines have demonstrated Mineral Reserves of in excess of 9.4 million ounces of gold, 62 million ounces of silver, and 460,000 tons of copper metal. The nearby, world class Cove-McCoy (ex- Echo Bay) porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. replacement gold-silver mine complex produced more than 4.4 million ounces of gold and 166 million ounces of silver. Elephant is situated within a world class mining district, and has several large Au-Ag-Cu targets untested or minimally tested by drilling. Property Location and Land Status Duncan Park controls 253 lode mining claims covering 6.5 square miles, at its Elephant property in Lander County, Nevada Lander County is a county located in the U.S. state of Nevada. As of the 2000 census, the population is 5,794. Its county seat is Battle Mountain6. History Lander County was one of the original nine counties created in 1861. Named for Frederick W. . Duncan Park also controls 3,591 acres (5.8 square miles) of additional private lands at Elephant, which border the Elephant claims at Peninsula on its east side. Duncan Park holds a 100% interest in the Elephant claims, net of a 3% Net Smelter Return (NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there ). The private lands are subject to a 3.25% NSR on precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. and a 1% NSR on base metals. Duncan Park has received approval from the Battle Mountain office of the U.S. Bureau of Land Management to drill up to fifty holes at Elephant. Five holes have been drilled to date with another five holes planned for the Phase two drilling. Target Concepts The 4 main exploration targets on the Elephant Property are: 1) Porphyry-related Gold-Copper-Silver intrusive-hosted deposits, similar to Copper Canyon, Copper Basin, and McCoy; 2) Skarn-related Gold-Silver-Copper deposits similar to Newmont's nearby world class Fortitude Mine, 3) Replacement Gold-Silver-(Copper) bodies in Paleozoic limerocks such as the Battle Conglomerate, Antler antler: see horn. Limestone and Edna Mountain Formation, similar to the nearby, world-class Cove Mine, and 4) Debris Flow Debris flows are often referred to as mudslides, mudflows, jökulhlaups, or debris avalanches. There is also a debris flow type that has rocky front called 'the head' and a 'tail' like wet concrete. This debris flow has been well reported in the scientific literature. Alluvial Gold deposits contiguous with or peripheral to Newmont's Peninsula resource. The Peninsula target area at Elephant presently has two well-defined skarn/porphyry target areas, both of which have been delineated by the exploration drilling of three vertical reverse circulation holes PE3, PE4 and PE5 through alluvial cover. Hole PE3 intersected 100 metres of sulphide bearing gold tungsten skarns at a depth of 110.7 metres. A gold intercept of 1.848 grams per ton was present between 201.2 to 204.3 metres. Local high tungsten values can be indicative of close proximity to the mineralizer 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. intrusive. The distribution of alluvial gold deposits on the property has not yet been determined adequately by drilling. Terms of the Agreement To earn a 25% interest in the property, the agreement calls for, in the first year, the payment by Randsburg to Duncan Park of 100,000 common shares of Randsburg and 100,000 two year share purchase warrants exercisable to purchase an additional share at $1.60 each, and for Randsburg to spend $200,000 U.S. on an exploration program on the Elephant project which will include a drill program of 4-5 drill holes. Duncan Park will grant to Randsburg 100,000 share purchase warrants exercisable at $.60 per share. To earn an additional 25% interest within the next two years, Randsburg must pay Duncan Park additional cash or stock with a value of $250,000 U.S. and fund additional exploration expenses of $500,000 U.S. on the Elephant project. "This is a wonderful opportunity for Randsburg shareholders to be involved in an exploration project in one of the top gold producing areas in the world," stated Randsburg President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael Opara. "Duncan Park has assembled a highly competent and experienced gold exploration team and we are pleased to be associated with them." "We are pleased to have Randsburg as partners in our Peninsula projects," stated Len Taylor, President and CEO of Duncan Park. "With the new perspective, we hope to have further success on our Nevada projects." The agreement is subject to 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. . Randsburg International Gold Corporation is a Canadian exploration company listed on the TSX Venture Exchange (Symbol:RGZ). The Company is engaged in exploration for base metals, Platinum Group Metals (PGMs) and diamonds in Canada and Brazil. The Company's premiere project is its Titan iron-titanium project in Ontario. The Company has a strong management team in place with substantial experience in the exploration, discovery and delineation of mines as well as a Diamond Advisory Board comprised of a world-class team of individuals with a proven track record in diamond exploration, mining and marketing to add to the strength of its Board of Directors and management. To find out more about Randsburg International Gold Corp. (TSX-V: RGZ), please visit our website at www.randsburgdiamonds.com. To find out more about Duncan Park Holdings Corporation (TSX-V: DPC DPC Department of Premier and Cabinet (Victoria, Australia) DPC Dutch Power Cows DPC Deferred Procedure Calls (Microsoft Windows NT 4. ), please visit our website at www.duncanpark.com FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding forecasts, plans and objectives of Randsburg International Gold Corp - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Duncan Park Holdings Corporation (TSX VENTURE:DPH) |
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