RED LAKE, Ont. FRONTEER DEVELOPMENT GROUP has earned options in three gold properties in the Red Lake-Birch Uchi belt to PLACER DOME. The properties covered by the option agreement are Balmer, Portage and Sandy Point. Placer Dome now holds a 65% interest in them. It may earn another 10% by completing a bankable feasibility study, arranging project depth financing, and loaning Fronteer the money for its portion of the project financing.
During the first phase of the 2003 exploration program, Placer Dome’s historical exploration data from the area will be integrated into Fronteer’s GIS database. Potential drill targets will then be refined and ranked. The main phase of the program involves investigating new targets and following up encouraging results from Fronteer’s 2002 program. This year’s program begins immediately and continues through this summer. After that, targets will be drilled.
Information on and pictures of the Balmer and Sandy Point properties can be found at www.fronteergroup.com.