Intrepid Increases Ownership In Silver/Gold Properties In El Salvador.TORONTO--(BUSINESS WIRE)--Dec. 10, 1997--Intrepid Minerals (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :IAU IAU abbr. 1. International Association of Universities 2. International Astronomical Union .) Intrepid Minerals Corporation today reported that it has entered into a joint purchase/sale agreement on certain properties in Honduras, El Salvador El Salvador (ĕl sälväthōr`), officially Republic of El Salvador, republic (2005 est. pop. 6,705,000), 8,260 sq mi (21,393 sq km), Central America. and Nicaragua. In terms of principal properties, the net result of this agreement will be that Intrepid will increase its ownership to 100 percent of the Divisadero property and 95 percent of the Barrios Barrios is a name of Hispanic origin. The name may refer to: Persons
Aside from property exchange, Intrepid will pay Focal C$100,000 on closing of the agreement in addition to C$282,358 over an 18 month period with interest at 6 percent. Intrepid will also issue 500,000 shares to Focal for a total value of $210,000. The agreement is subject to Board and regulatory approval and is scheduled to close December 15th, 1997. This agreement consolidates Intrepid's position in the Morazan Silver/Gold District in eastern El Salvador. The properties controlled by Intrepid host six former producers, the most significant of which is the Divisadero silver/gold mine. This mine was de-watered and sampled in the eighties by Canadian Javelin Ltd. with the following results: - 444 panel samples were taken, averaging 113 g/t silver and 1.5 g/t gold in a stockwork zone 75 metres to 100 metres below surface. Contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. samples over one 30 metre true width zone assayed 90 g/t silver and 1.5 g/t gold. - The Divisadero target has never been drilled, has a surface expression in excess of 2 kilometres and has bulk mining potential. "This acquisition fortifies our silver/gold resource base in eastern El Salvador and provides significant opportunity to increase that resource through definition of a bulk tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. silver/gold deposit at Divisadero", said Intrepid President, Laurence Curtis Laurence Curtis was a United States Representative from Massachusetts. He was born in Boston on September 3, 1893. He graduated from Groton School in 1912 and from Harvard University in 1916. He served in the Foreign Diplomatic Service. . Intrepid is currently pursuing joint ventures on 3 of its properties with a view to initiating drill programs in early 1998 on 5 high priority silver/gold prospects. Intrepid is an exploration company focused in Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. . Intrepid's principal assets are its silver and gold properties. The joint ventures being negotiated will allow Intrepid to concentrate on exploration over its 95 and 100 percent owned silver/gold properties in El Salvador and its silver properties in Guatemala and Honduras. As of November 30, 1997, Intrepid had $1.47 million in working capital. -0- The Alberta Stock Exchange has neither approved nor disapproved the information contained in this press release. CONTACT: Intrepid Minerals Corporation Laurence Curtis, 416/368-4525 |
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