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NFX Signs Option Agreement with Gwen Resources to increase Interest in Barber Larder Property.

TORONTO--(BUSINESS WIRE)--Nov. 27, 1996--NFX Gold Inc. and Gwen Resources Ltd. (Alberta Stock Exchange GWC.) jointly announce the signing today of an agreement granting NFX a six month option to acquire an additional 25 percent interest in and the Operatorship of the Barber Larder property and joint venture consisting of nine patented mining claims in the Township of McGarry, Larder Lake Mining Division, Ontario, commonly known as the Barber Larder property. Subject to regulatory approval and after exercise of the option and payment of $50,000 together with the issuance of 150,000 common shares of NFX to GWEN, NFX will be the holder of a 75 percent interest and GWEN a 25 percent interest, respectively in the Barber Larder property and joint venture. Gwen has granted the Operatorship of the Barber Larder joint venture to NFX effective immediately.

CONTACT: NFX GOLD INC.

Thomas G. Larsen, 416/360-8006 or 1-800-360-8006,

(FAX) 416/361-1333 or

Jorge Estepa, 416/360-8006 or 1-800-360-8006,

(FAX) 416/361-1333

or

GWEN RESOURCES LTD.

John Perron, 705/567-3001, (FAX) 705/568-8844
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Publication:Business Wire
Date:Nov 27, 1996
Words:175
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