Indocan Resources Inc. - Description of Mining Claims.TORONTO--(BUSINESS WIRE)--May 11, 1998--Robert P. Salna, president reports; Indocan Resources Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:IDCN IDCN Infodomestic Developer Connection Network IDCN Impreza Drivers Club Norway IDCN Interior District California Nevada ) was in the mining business with property in Indonesia and joint venture partners for various properties in Canada. The company vended-out the assets in exchange for all liabilities being paid. Existing with no assets or liabilities, management went on a search for suitable properties to acquire. On April 29, 1998, the company entered in to an agreement to acquire all the outstanding shares of Prodigy Resources Incorporated of Toronto, Ontario. Tony Papa of Prodigy Resources Inc. reports that Prodigy holds acreage in Northern Ontario Northern Ontario is the part of the province of Ontario which lies north of Lake Huron (including Georgian Bay), the French River and Lake Nipissing. Northern Ontario has a land area of 802,000 km² (310,000 mi²) and constitutes 87% of the land area of Ontario, although it with over 5,000,000 metric tons of garnet garnet, name applied to a group of isomorphic minerals crystallizing in the cubic system. They are used chiefly as gems and as abrasives (as in garnet paper). valued at more than $420,000,000 (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) and two gold mine properties with an estimated 250,000 ounces of recoverable gold. The River Valley, Ontario Garnet Property of Prodigy Resources Inc. is located in Dana Township, about 40-km north of Sturgeon sturgeon, primitive fish of the northern regions of Europe, Asia, and North America. Unlike evolutionarily advanced fishes, it has a fine-grained hide, with very reduced scalation, a mostly cartilaginous skeleton, upturned tail fins, and a mouth set well back on the Falls and 10-km north of the village of River Valley. The property is between the cities of North Bay and Sudbury. River Valley is 70-km from North Bay and 88-km from Sudbury. A railroad passes through River Valley. The property is reached by traveling 3-km west from the town of River Valley then 10-km north on a gravel/bush road. The property consists of three mining claims, each being approximately 40 acres for a total area of 120 acres. The mining claim numbers are 1076837, 1077279, 1076849. Work was performed intermittently for a number of years during World War II. The Niagara Garnet Company operated the deposit from 1943 to 1949. By 1949, camps had been erected and equipped with compressor drills, a crusher elevator and picking table. A mill was erected at Sturgeon Falls. The Niagara Garnet Company sank an 18-foot deep and 75-foot long pit. The Industrial Garnet Company mined the deposit in 1950. Cubar Uranium Mines Uranium mining is presently carried out in more than 25 countries around the world. An estimated 100 or more uranium mines in different stages of development are reported. Major uranium mines are located in Canada, Australia and Kazakhstan that contribute more than half of world's uranium Limited acquired the property and performed overburden stripping, cleaning, test sampling of the deposit, and also did some market investigation of the product. In 1969, the Rivale Mining Company acquired the property from the successor to Industrial Garnet. Rivale explored the property by bulldozing off the overburden and then cleaning the bedrock surface with a high-pressure fire hose. Some 1,000 square feet of garnetiferous gar·net·if·er·ous adj. Containing garnets. bedrock was exposed and cleaned off. Rivale was in the process of preparing the site for mining operations. Their operations were halted due to Indian Land Claims. The area was enclosed within the Temagami Native Land Claim area that opened during September 1996 after being closed during a 23-year land freeze. The land freeze prevented mining exploration or development in a 617,500-hectare area between Sudbury and North Bay. The company acquired the property when the land reopened. CONTACT: Jeffrey Bruhjell (604) 929 7224 |
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