BRITISH COLUMBIA - AGNICO-EAGLE MINES of Toronto will increase its position in the Jennings joint venture to 70% (from 50%) with the expenditure of $4 million over the next two years. The balance of the tungsten-molybdenum project, located 85 km west of Watson Lake, is owned by NORTH AMERICAN TUNGSTEN of Vancouver. The latter company has the option to convert its 30% interest to a 2.5% NSR within the next two months.
The Jennings joint venture was created in 2006 by North American Tungsten and CUMBERLAND RESOURCES, which was bought out by Agnico-Eagle. Two holes drilled in 2006 intersected moderate to strong stockwork quartz-scheelite-molybdenite veining at about 500 metres below surface. The best assays were 0.255% Mo over 15.1 metres and 0.147% W over 25.5 metres in separate sections of hole TR06-002.
North American Tungsten has launched a new website at www.NorthAmericanTungsten.com; however, the joint ventures portion was under construction this week.