Eskay Provides Update on Operations
April 11 2011 - 11:32AM
Marketwired
ESKAY MINING CORP. ("Eskay" or the "Company") (TSX VENTURE:
ESK)(FRANKFURT:878 985)(BERLIN:878 985) is pleased to announce that
it has been advised by St Andrew Goldfields that it has earned a
70% undivided interest in the SIB Property at Eskay Creek, British
Columbia. This property encompasses 33,000 Hectares immediately
adjacent to the prolific Eskay Creek mine owned by Barrick Gold.
Combined with Eskay's 100% owned Corey Property to the south, we
control 46,000 Hectares or approximately 130,000 acres. Eskay has
posted the 2010 Geological Report relating to the results of the
2010 exploration program, announced in the press release issued
November 22, 2010, to our web site.
Further, Eskay has advised SAS that pursuant to the 2008 Option
Agreement between the two companies, it will increase its interest
to 80% this year. The Option Agreement called for expenditures on
exploration of $4 Million as well as cash and share payments to
SAS. Once Eskay has earned its 80% interest, the two companies will
operate an 80/20 joint venture with Eskay as the operator.
Operationally, Mira Geosciences has almost completed a full 3D
model to encompass the entire data base on both the SIB and Corey
Properties. This model uses all airborne geophysics together with
surface sampling and drill hole information. Diagnos Inc has
completed inputting all of this same data to work with their
proprietary Cards software program. Both companies are interfacing
to provide a complete picture of our opportunity. The past focus of
the Company has been on the pursuit of Eskay Creek style VMS
mineralization. While this continues to remain a priority for the
Company, Eskay is now exploring the possibility of a large bulk
tonnage low grade deposit much like other resource companies in the
area are defining.
To oversee the geophysical aspects of the Company's exploration
program, Eskay is pleased to announce that it has retained Mr. Tom
Weis. Tom was formerly the Chief Geophysicist at Newmont Mining
Inc. His experience is a welcome addition to the new geological
team constructed at Eskay Mining.
We lost a good friend and colleague in Dr. Art Ettlinger in
February. Art had joined our Geological Advisory Board in December
2010. He had vast experience in mining exploration including two
seasons at the Eskay Creek Mine during the early 1990's. We will
miss his friendship and counsel. However, Joanna Ettlinger, Art's
wife, is an experienced field geologist who recently completed a
Ph.D in Geology from the University of Western Australia and has
agreed to remain on our Geological Advisory Board and head up
logistics of our upcoming field season. To assist Joanna in our
planning, we have contracted P & E Mining Consultants of
Brampton. Their experience is utilized by many large mining firms
around the world. Their knowledge of our area stems from having
supplied a major 43- 101 report for one of our neighbour
companies.
As well, we have supplied our comprehensive data package to our
other Geological Advisory Board members, Chet Idziszek and David
Mallo. These men were credited with being the geologists who
uncovered the Eskay Creek Mine. Chet won the prestigious Mining Man
of the Year award for these efforts.
Mac Balkam, President and CEO stated: "It takes a great team of
people, large amounts of science and of course some luck to uncover
a major deposit. Eskay has put together a team of competent people,
who know our exploration area and have been involved in major
discoveries. Details of our upcoming field season will follow as
plans unfold."
Cautionary Note Regarding Forward-Looking Statements: This Press
Release contains forward-looking statements that involve risks and
uncertainties, which may cause actual results to differ materially
from the statements made. When used in this document, the words
"may", "would", "could", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect" and similar expressions are
intended to identify forward-looking statements. Such statements
reflect our current views with respect to future events and are
subject to such risks and uncertainties. Many factors could cause
our actual results to differ materially from the statements made,
including those factors discussed in filings made by us with the
Canadian securities regulatory authorities. Should one or more of
these risks and uncertainties, such actual results of current
exploration programs, the general risks associated with the mining
industry, the price of gold and other metals, currency and interest
rate fluctuations, increased competition and general economic and
market factors, occur or should assumptions underlying the forward
looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned,
anticipated, or expected. We do not intend and do not assume any
obligation to update these forward-looking statements, except as
required by law. Shareholders are cautioned not to put undue
reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Eskay Mining Corp. Mac Balkam CEO/ President and
Director 416-907-4020 info@kenrich-eskay.com
www.eskaymining.com
Eskay Mining (TSXV:ESK)
Historical Stock Chart
From Jun 2024 to Jul 2024
Eskay Mining (TSXV:ESK)
Historical Stock Chart
From Jul 2023 to Jul 2024