ONTARIO The operator of the Williams and David Bell gold mines in the famous Hemlo camp of northern Ontario, has reached a deal with NEWMONT MINING CANADA to explore, develop and potentially mine the Interlake property located immediately adjacent to the Williams mine. The Interlake property is the down dip extension to the northwest of the Williams orebody (which is currently being mined to the common boundary).
Exploration and development work, with a $6.7 million budget for 2007, will begin immediately on the Interlake property. The operating company will pay a net profits royalty to Newmont from any production. Newmont also retains a 3% NSR on the Interlake zone.
Notable intersections from previous exploration drilling in the mid 1980s and late 1990s include 6.9 m at 13.4 g/t Au, 10.8 m at 8.3 g/t and 10.8 m at 8.1 g/t (individual assays were capped at 40 g/t). It is too early to say what impact, if any, there will be on the life of the other Hemlo-area mines, say the owners.
The Williams and David Bell mines are operated by WILLIAMS OPERATING CORP., a company jointly owned by BARRICK GOLD and TECK COMINCO. Further information is available at either www.TeckCominco.com or www.Barrick.com. <br><br>