White Pine Resources Acquires Option for Gold Property South of Kirkland Lake
December 14 2009 - 1:35PM
Marketwired
White Pine Resources Inc. (TSX VENTURE: WPR) ("White Pine"), is
pleased to announce it has signed a letter of agreement for the
acquisition of an option to acquire the MZ Gold Property located in
the Boston Creek gold mining district south of Kirkland Lake,
Ontario. Recent grab samples from a newly discovered
silicified-pyritized gold-bearing zone on the property have yielded
gold values from 0.014 g/t Au to as high as 67.1 g/t Au (1.96 oz/t)
and 49.4 g/t Ag. The six grab samples were taken from a trenched
area measuring approximately 10x20m by Mike Kilbourne, P.Geo,
President of White Pine Resources.
To view a Property Map and a Location Map of the MZ Gold
Property, please visit the following link:
http://media3.marketwire.com/docs/property_location_maps_white_pine.pdf
The MZ Gold Property, consisting of 608 hectares, can be
acquired from two local prospectors for consideration of cash,
shares and exploration expenditures in the following timetable:
TO ACQUIRE AN INITIAL 50% INTEREST IN THE PROPERTY:
On Signing $20,000 cash plus 50,000 shares, $100,000 in
exploration
Year 1 Anniversary $20,000 cash plus 100,000 shares, $150,000 in
exploration
Year 2 Anniversary $20,000 cash plus 100,000 shares, $150,000 in
exploration (earns 50%)
AT THE OPTION OF WHITE PINE, TO ACQUIRE AN ADDITIONAL 50% INTEREST IN THE
PROPERTY (FOR AN AGGREGATE 100% INTEREST):
Year 3 Anniversary $20,000 cash plus 100,000 shares, $500,000 in
exploration
Year 4 Anniversary $120,000 cash plus 400,000 shares, $500,000 in
exploration (earns 100%)
Total $200,000 plus 750,000 shares, $1.4 million in
exploration
A 2% net smelter return royalty has been retained by the
prospectors with the option of 1% being purchased by White Pine for
$1 million. The acquisition remains subject to the approval of the
TSX Venture Exchange.
The Boston Creek gold mining district has had sporadic gold
production from 5 gold mines dating back to 1918. The MZ Gold
Property lies adjacent to and in between two former producers, the
Cathroy-Larder Mine and the Gold Hill Mine. The Cathroy-Larder
Mine, now owned by Mirado Nickel, has extensive underground
workings to the 500 vertical foot level and has had open pit
production in the past.
'The Boston Creek gold mining district is poorly understood and
has had limited exploration over the years' stated Mike Kilbourne,
P.Geo and White Pine's President. "White Pine has been looking to
acquire a promising gold property in a historic mining district for
the last 6 months. Exploration programs of line-cutting, ground
geo-physics, trenching and drilling are planned to commence
immediately upon receipt of all applicable regulatory
approvals."
Mike Kilbourne, P.Geo and President of White Pine, is a
qualified person and is responsible for the technical content of
this release.
Potential quantity and grade is conceptual in nature. There has
been insufficient exploration to define a mineral resource on the
MZ Gold Property and it is uncertain if further exploration will
result in the target being delineated as a mineral resource. All
scientific and technical disclosure contained in this press release
has been prepared under the supervision of, and verified by Mike
Kilbourne, President White Pine Resources Inc., a "qualified
person" within the meaning of National Instrument 43-101 of the
Canadian Securities Administrators.
Forward looking statements: Certain information set forth in
this news release may contain forward-looking statements that
involve substantial known and unknown risks and uncertainties.
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of White
Pine, including but not limited to the impact of risks associated
with mineral exploration activities, general economic conditions,
industry conditions, volatility of commodity prices, risks
associated with the uncertainty of resource and reserve estimates,
currency fluctuations, dependence upon regulatory approvals, the
unavailability of future financing and exploration risk. Readers
are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and as such, undue reliance
should not be placed on forward-looking statements.
Shares Outstanding: 17,592,660
NEITHER THE 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: White Pine Resources John Tait Chief Executive Officer
(416) 628-5905 jtait@347bay.com www.wprres.com
Canpr Technology (TSXV:WPR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Canpr Technology (TSXV:WPR)
Historical Stock Chart
From Jul 2023 to Jul 2024