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Saturday, July 04, 2009 • 08:38 pm |
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1 • POSTED ON March 21, 2005 Phoenix matachewan Mines Inc. announced that it has entered into an option agreement with Golden Gryphon Explorations Inc., of the Bottle Creek epithermal gold-silver property in Humboldt County, Nevada.
Phoenix
Matachewan Mines Inc. (“Phoenix”) announces today it has entered into
an option agreement with Golden Gryphon Explorations Inc. (“GGE”) a
private company incorporated in British Columbia with head office in
Roberts Creek, British Columbia whereby the Company has the option to
earn 60% of the Bottle Creek epithermal gold-silver property in
Humboldt County, Nevada. The property is located in the Bottle Creek mercury district of northwestern The
Sleeper Deposit, located 21km east of the Bottle Creek district,
exhibits the same host stratigraphy, displays similar geochemical
anomalies, structural controls, vein, breccia and stockwork
mineralization as encountered at Bottle Creek. Sleeper contained bonanza veins grading up to 160opt Au as well as stockwork ore generally grading less than 0.1opt Au. Subject
to PMM satisfactorily completing due diligence within 45 days the terms
of the agreement stipulate that PMM can earn a 60% interest in the
project by spending $US 2 million on exploration of GGE’s land position
over three years and paying GGE $US 450,000 before the third
anniversary. The current land position encompasses 15.95 km2 and consists of 197 claims, 53 of which were vended to GGE. Prior
to earn-in, PMM will be responsible for maintaining the claim group in
good standing including meeting the terms and conditions of the
underlying agreement between GGE and the vendors of the 53 claim block. Prior
land costs incurred by GGE, specifically 50% of the fall 2004 Bureau of
Land Management and county claim maintenance costs and the recording
costs for a block of 60 claims recorded in December of 2004 will be
reimbursed by PMM upon signing a definitive agreement. Exploration
will begin immediately, under the option, GGE will be operator of the
project until such time as PMM becomes vested with a 60% participating
interest. Paul Jones, P. Geo., President of Phoenix, is the Qualified Person responsible for the work programmes.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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