Greater Lenora Franco-Nevada Finalize Strategic Alliance.KIRKLAND LAKE Kirkland Lake, mining town, E Ont., Canada. An important gold-mining center, gold was discovered there in 1911 and again in the 1980s at Harker. The mining of iron ore and tourism are two other important industries. , ONTARIO--(BUSINESS WIRE)--April 7, 1997--R.J. Kasner, President of Greater Lenora Resources Corp., "GEN", (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : GEN.) makes the following release. GEN has successfully completed the buy out of Inco's 50 percent interest in the Company's Harker-Holloway Township Property and as such, has subsequently entered into a Strategic Alliance with Franco-Nevada Mining Corporation. "Franco", to explore this highly prospective Property. The Strategic Alliance will include: -Franco paying to GEN, 1 million dollars and spending a further $500,000.00 on exploration, which on completion, will establish a 50/50 Joint Venture on the Property, -GEN issuing 1 million share purchase warrants to Franco at $1.00, which on being exercised, will add an additional 1 million dollars to GEN's working capital, -GEN relinquishing re·lin·quish tr.v. re·lin·quished, re·lin·quish·ing, re·lin·quish·es 1. To retire from; give up or abandon. 2. To put aside or desist from (something practiced, professed, or intended). 3. to Franco, its 2 percent NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there held on certain claims owned by Barrick Gold Barrick Gold Corporation TSX: ABX NYSE: ABX is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units (RBU's) located in Australia, Africa, North America and South America. Corp. The Harker-Holloway Property consists of 166 leased and staked mining claims (6,700 acres) adjacent to Barrick Gold's Holt McDermott Gold Mine. The mine is located 30 miles north-west of Kirkland Lake, Ontario Kirkland Lake is a town located in Timiskaming District in northeastern Ontario, Canada. The 2006 population, according to Statistics Canada, was 8,248. The lake nearby was named after Winnifred Kirkland, a secretary of the Ontario Department of Mines in Toronto. . The Kirkland Lake area has produced over 37 million ounces of gold in its long history of gold mining. A major 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. gold zone (south zone) has recently been identified at this mine. Indications are that the south zone continues into GEN's Property at depth. Exploration drilling by GEN in 1985 and 1987, also intersected at depth, significant gold values some 1,500 meters (4,900 ft.) west and 1,000 meters (3,300 ft.) east of the south zone. Exploration work funded by Franco will commence on the Property during the up coming summer season. GEN is a Canada based Exploration Company with several gold properties in its portfolio with the most advanced being the Goldfield's Project, situated in Northern Saskatchewan. This Project consists of two open pittable gold deposits containing an estimated 750,000 mineable ounces of gold. CONTACT: Greater Lenora Resources Corp. Robert Kasner Jr, 705/567-5351 705/567-5557 (FAX) E-mail:kas@onlink.net |
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