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GOLD EXPLORATION NEWS Properties Across Canada Change Hands

CANADA-WIDE The shine is still on the yellow metal, thanks to strong prices. More than anything, the price is spu...


CANADA-WIDE The shine is still on the yellow metal, thanks to strong prices. More than anything, the price is spurring interest in gold deposits across the country.

Toronto-based WOLFDEN RESOURCES is acquiring a 100%-interest in the Ulu gold property in Nunavut from KINROSS GOLD. Wolfden will pay US$2 million and 2 million units (one common share and one-half share purchase warrant) of Wolfden. The Ulu deposit is located in the High Lake Greenstone belt, 55 km south of Wolfden’s High Lake property. The current geological resources is estimated at 1.37 million tonnes grading 12.91 g/t Au. There is a ramp and escapeway/fresh air raise plus a runway, camp, power generator, fuel farm, and mining equipment on site.

RICHMONT MINES of Montreal has concluded a deal with McWATTERS MINING to acquire the East Amphi and Fourax properties near Malartic, Que. Richmont is paying $7 million, but McWatters must complete a $6-million exploration program at East Amphi by the end of 2004. The East Amphi deposits contain measured and indicated resources of 1.85 million tons at 0.14 opt Au. The East Amphi and Fourax properties lie about 15 km from Richmont’s Camflo gold mill, which currently runs at only 60% of capacity. The proximity, shallow nature of the deposit, and 20-ft-wide ore zones at East Amphi may turn this project into a profitable mine, believes Richmont.

In Manitoba, Calgary’s MARUM RESOURCES has acquired a large property adjacent to HARMONY GOLD’S Bissett gold mine. The Strike Point property covers 2,223 hectares including a 500-ft-deep shaft which produced a limited amount gold in 1934. Marum can earn a 100% interest by paying $20,000 before the end of this year and performing $750,000-worth of work over the next three years.

KALAHARI RESOURCES of Vancouver has optioned two additional claims, known as the Lavoie prospect, south of the Lamaque property in Quebec. A third drill rig will be moved to the property in January to expand exploration. The company has also optioned nine claims in Bourlamaque Township, Quebec. Kalahari can earn a 100% interest in both properties.

In the Timmins area of Ontario, Toronto’s PROBE MINES has acquired two potential gold properties located between the Holmer Gold Mines showing and Tom Exploration’s Bristol property. The deal involves 27 claim units to the west of Timmins and straddling multiple shear zones and a deformation zone with two gold showings. Probe can earn a 100% interest in the claims, which are virtually unexplored.

Certain of the foregoing transactions are subject to regulatory approvals and net smelter royalties.


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