Moydow Mines International Inc.: Drilling Recommences at True Grit; Baie d'Espoir Property Optioned from Altius Minerals.Business Editors TORONTO--(BUSINESS WIRE)--March 25, 2004 Moydow Mines International Inc ("Moydow") is pleased to announce that drilling is now underway at its True Grit gold project which is located in the Baie d'Espoir region of Newfoundland. A total of 3000 metres is planned to test a number of gold anomalies which are located north of a broad zone of gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. identified in the drilling program in the 2003 field season. The True Grit project is a joint venture between Moydow and Cornerstone Capital Resources. Moydow has the option to earn up to an 80% interest in the True Grit project and is the operator of the property. Moydow is also please to announce that they have also entered into an earn-in/joint venture agreement with Altius Minerals Corporation concerning Altius' Baie d'Espoir gold project which is located north of the True Grit property. The newly optioned Baie d'Espoir property consists of 305 claims (7625 hectares) and is centred on a 15 kilometre long gold-tungsten-arsenic geochemical anomaly that is spatially associated with granite and granodiorite granodiorite Medium- to coarse-grained rock that is one of the most abundant intrusive rocks. It contains quartz and is distinguished from granite by having more plagioclase feldspar than orthoclase feldspar; its other mineral constituents include hornblende, biotite, and bodies that are Late Paleozoic in age. These intrude metasedimentary rocks including calc-silicate units and carbonaceous car·bo·na·ceous adj. Consisting of, containing, relating to, or yielding carbon. carbonaceous Adjective of, resembling, or containing carbon Adj. 1. schist schist (shĭst), metamorphic rock having a foliated, or plated, structure called schistosity in which the component flaky minerals are visible to the naked eye. and are an integral part of an under-explored 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. belt that measures more than 100 kilometres long. Moydow has the option to earn up to an 80% interest in the Altius Baie d'Espoir property by issuing 165,000 common shares of Moydow over a period of 24 months and by solely funding exploration expenditures for three years. Thereafter, Altius shall maintain a 10% carried interest and a further 10% contributing interest. Altius may also elect to convert both interests to a net smelter return royalty. Work to date has identified potential for extensive intrusion-related gold mineralization with features similar to other Late Paleozoic intrusion-related gold systems worldwide. Intrusion-related gold systems represent some of the largest gold resources in the world. For example, the Tien Shan belt in central Asia is reportedly endowed with 400 million ounces of gold. The Muruntau deposit accounts for approximately half of this amount and is currently the world's largest open pit gold mine. Moydow is engaged in the acquisition, exploration and development of 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. properties worldwide. Exploration continues on the True Grit project in Newfoundland. Given the strong success of Moydow in Ghana, Moydow will reactivate re·ac·ti·vate v. 1. To make active again. 2. To restore the ability to function or the effectiveness of. re·ac exploration at Kanyankaw and Hwidiem. The Hwidiem property is adjacent to the Ntotoroso project and is less than 3 kilometres from the E-Zone deposit. Corporation information is available on Moydow's website www.moydow.com. Moydow is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "MOY MOY Man of the Year MOY Minister of Youth ". CANADA Suite 1220 , 20 Toronto Street Toronto ON M5C 2B8 Tel: 416-703-3751 Fax: 416-367-3638 IRELAND 74 Haddington Road Dublin 4, Ireland Tel: 011 353 1 667-7611 Fax: 011 353 1 667-7622 GHANA Shankill House 21 5th Circular Road East Cantonments, Accra, Ghana Tel: 233-21-772516 Fax: 233-21-777247 www.moydow.com |
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