Full Metal and Kinross Enter Into Exploration Alliance in Alaska, Yukon
February 29 2008 - 9:00AM
Marketwired
VANCOUVER, BRITISH COLUMBIA and Kinross Gold Corporation (TSX:
K) are pleased to announced that they have entered into a Letter of
Intent to form an exploration alliance to explore for gold deposits
in Alaska and the Yukon Territory.
Kinross will make a one-time cash payment of US$50,000 to Full
Metal. Under an initial two year term, Kinross and Full Metal have
each agreed to budget in 2008, US$150,000 for compilation and
generative field work, targeting one or more regions in Alaska and
the Yukon, with an additional amount in 2009 to be determined by a
joint management committee.
Alliance projects will be funded on a 50/50 ownership basis for
the first US$1,000,000 in initial project expenditures. Following
completion of such initial work, Kinross would have an option to
increase its ownership to 75% by completing a Feasibility Study in
respect to each specific Project. At any time following the initial
expenditures, Kinross may terminate its earn-in right for a 2% NSR
royalty. Full Metal will have the right to pursue any non-gold
targets within the target areas on a 100% basis.
Full Metal and Kinross are planning an exploration program
consisting of surface mapping, sampling, geophysics and mechanical
trenching for 2008. Full Metal's exploration team will utilize
Kinross' extensive historical database to generate new targets and
Kinross will be able to access Full Metal's exploration expertise
in the partnership.
Full Metal is a generative exploration company with over $17
million in exploration planned for Alaska and the Yukon Territory.
The 2008 drill programs will include the 40 Mile Project, Lucky
Shot Property, Mt. Andrew Property, Moore Creek Property, CJ
Property, Pebble South Property, and OG Property. The Company has
Joint Venture Agreements with Freeport McMoRan, BHP Billiton,
Metallica Resources, Triex Minerals, Altair Ventures, Highbury
Projects and Millrock Resources.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Williams, President and Director
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Full Metal Minerals Ltd. Jeff Sundar Manager, Investor
Relations (604) 484-7855 (604) 484-7155 (FAX) Email:
info@fullmetalminerals.com Website: www.fullmetalminerals.com
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