Printer Friendly

CONTINENTAL PACIFIC RESOURCES INC. SIGNS $5 MILLION DEAL WITH MINNOVA; MAJOR EXPLORATION PROGRAM TO COMMENCE THIS MONTH

 VANCOUVER, British Columbia, April 16 /PRNewswire/ -- Continental Pacific Resources Inc. has signed an agreement with Minnova Inc., a unit of the German mining and metallurgical conglomerate Metallgesellschaft A.G., on two of the company's twenty-one discoveries in the Anialik-High Lake Mineral belts adjacent to Coronation Gulf in the Northwest Territories. Minnova Inc. will earn a 60 percent interest in the two properties by spending $5 million on exploration-development and paying the company $400,000 over three years.
 In addition to the Minnova Inc. exploration programs, Continental Pacific will be conducting aggressive exploration programs on its other 100 percent owned discoveries in the area. The prime targets of these exploration programs are large tonnage polymetallic deposits with high precious metal content and shear related gold deposits capable of early production.
 The company was also a member of a joint industry/government consortium which confirmed the commercial shipping potential of Canada's most northern seas. The study concluded that commercial shipping is possible at least five months a year in and out of the Coronation Gulf to Europe and Japan. The support for this study included the Government of Canada, Continental Pacific Resources Inc., Echo Bay Mines Ltd., Homestake Canada Ltd., Minnova Inc., and BHP Minerals Canada Ltd.
 Continental Pacific Resources Inc. is a leading junior mining company in Canada's central Northwest Territories. Continental's properties, some 200 square miles, cover the largest area of the mineral rich Anialik-High Lake mineral belts and surround the Kennecott $2 billion deposit with twenty-one important discoveries to date.
 -0- 4/16/93
 /CONTACT: Charles N. O'Sullivan, president of Continental Pacific Resources Inc., 604-685-9255/


CO: Continental Pacific Resources Inc., Minnova Inc. ST: British Columbia IN: MNG SU: FNC

TM-LD -- NY005 -- 6601 04/16/93 08:30 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 16, 1993
Words:289
Previous Article:HOLD THE PICKLES, HOLD THE LETTUCE, HOLD THE PHONE... U S WEST AND JOURNAL GRAPHICS GET RECORD RESPONSE TO DONAHUE
Next Article:WORLD'S FIRST SHOE MADE FROM RECYCLED MATERIALS TO DEBUT AT EARTH DAY NEW YORK EVENT AT BRYANT PARK
Topics:


Related Articles
METALL MINING REPORTS SIX-MONTH RESULTS
METALL MINING REPORTS NINE-MONTH RESULTS
METALL PROPOSES TO ACQUIRE MINNOVA MINORITY
METALL AMENDS OFFER TO MINNOVA MINORITY
CONTINENTAL PACIFIC RESOURCES INC. COMMENCES EXPLORATION PROGRAM
CONTINENTAL PACIFIC RESOURCES REPORTS RESULTS FROM DRILL HOLE
CYPRUS AMAX MINERALS NAMES DAVID H. WATKINS AS EXPLORATION CHIEF
Royal Gold Terminates Agreement With Australian Investor Group and Assumes Full Responsibility for the Milos Gold Project
$30M exploration program targets Sudbury basin.
Shoreham acquires Guiana Shield Resources.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters