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Bolero Options Arcadia Gold Deposit From NPN Investment Group Inc.
Bolero Options Arcadia Gold Deposit From NPN Investment Group Inc..
About this update from Canada Carbon, Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, BC, March 12 /CNW Telbec/ - United Bolero Development Corp.\n(the "Company" or "United Bolero") (TSX-V: UNB) announces it has entered into\na new Letter of Intent to acquire an option to purchase 50% of the Arcadia\nProperty, a 1,280-hectare area of Inuit-owned land located in Canada's Nunavut\nterritory from NPN Investment Group Inc. ("NPN"). The Company originally\nannounced a Letter of Intent to acquire an option to the purchase 50% of the\nArcadia Property from Mountain Capital Inc. on January 19th, 2007. The Letter\nof Intent with Mountain Capital Inc. has been terminated. Under the new option\nagreement with NPN, the Company will pay NPN the sum of $15,000 plus 75,000\ncommon shares of United Bolero as well as complete $600,000 worth of\nexploration work over the next two years at Arcadia. These are the same terms\nas in the Letter of Intent with Mountain Capital Inc. This acquisition is\nsubject to the approval of Nunavut Tunngavit Inc., the organization looking\nafter Inuit land claims, as well as the TSX Venture Exchange.\n\n\nThe Arcadia Property represents an Archean lode-gold deposit located on\nthe Arctic Ocean in Canada's Nunavut territory, west of Bathurst Inlet and\n140 kilometres west of Miramar Mining's Hope Bay greenstone belt. The Property\nhas a historic resource estimate of 640,650 tonnes averaging 7.2 g/t gold\n(containing about 148,000 oz. gold) in the North Central Vein and 139,524\ntonnes averaging 8.6 g/t gold (or 38,600 contained oz. gold) in the Fred Vein\nhave been reported. These resource estimates were completed prior to 2001 and\nwithout a compliant technical report and in a manner inconsistent with NI\n43-101 and other disclosure requirements. A qualified person has not done\nsufficient work on the Property to classify the historical estimate as current\nmineral resources or mineral reserves. The Company cannot state that there are\ncurrent mineral reserves or resources on the property and cannot state that it\nhas demonstrated economic viability. Investors are cautioned that they cannot\nrely upon these resource estimates.\n\n\nReference is made to the Company's news release dated January 19, 2007\nand filed on Sedar on January 19th, 2007 for further details of the historic\nwork carried out on the Arcadia Property.\n\n\nThe Company has proceeded...