WAWA, Ontario VENCAN GOLD CORP. and CLINE MINING CORP. have created a strategic alliance that gives VenCan the opportunity to earn a 50% interest in Cline’s property adjacent to the former Edwards gold mine, which it also controls. VenCan has agreed to spend $300,000 over two years or Cline may elect to transfer a 100% interest in its property for 10 million VenCan shares. The agreement is subject to regulatory approvals.
The Cline Lake mine historically produced 65,000 oz of gold, which was extracted above the 150-m elevation. The property straddles the Edwards/Cline shear and contains rock types known to host high-grade veins at the former Edwards and Magino gold mines. An unnamed independent engineer has suggested that the initial goal at the Cline Lake property should be to outline a resource of 250,000 oz in high grade veins. The property also has potential below 350 metres and in its northwest area. More information about the Wawa Greenstone Belt and the former Edwards mine are available at www.vencan.com.
VenCan has reorganized its management team (see "Mining People in the News" below) and proposed a name changes to WAWA GOLDFIELDS INC.