Business
Champion Bear acquires a 100% interest in the Aubrey Gold property
Champion Bear acquires a 100% interest in the Aubrey Gold property.
About this update from Champion Bear Resources Ltd.
[{"type":"text","content":"\n\n\n\n\nCALGARY, Aug. 28 /CNW/ - (TSX Venture: CBA) Champion Bear Resources Ltd.\n(\"Champion Bear\" or the \"Company\") is pleased to announce that it has earned a\n100% interest in the Aubrey gold property from Teck Cominco Limited (\"Teck\nCominco\"), subject to Teck Cominco's back-in right and 2% net smelter return\n(NSR) royalty. Champion Bear earned the 100% interest in the Aubrey gold\nproperty, located near Dryden, Ontario, pursuant to an agreement with Teck\nCominco (see Champion Bear's press release dated August 19, 2004) whereby\nChampion Bear, as operator, spent $250,000 on the property. Following the\ncompletion of a preliminary feasibility study on the property by Champion\nBear, Teck Cominco may, within 90 days, elect to exercise a back-in right. To\nearn a 65% interest, Teck Cominco must fully fund, prepare and deliver to\nChampion Bear a feasibility study on the property. After exercising its\nback-in right, Teck Cominco shall have the right to acquire an additional 5%\ninterest in the property by providing notice to Champion Bear, within 120 days\nof the delivery of a production plan to Champion Bear, of Teck Cominco's\ncommitment to use its best efforts to arrange or provide project debt\nfinancing for not less than 60% of the projected capital costs to construct a\nmine on the property. Should Teck Cominco not exercise its back-in, it will\nretain a 2% net smelter return (NSR) royalty but will not retain any interest\nin, or further rights to, the property.\nThe Aubrey gold property, consisting of 18 unpatented mineral claim\nunits, extends by 1.6 kilometres to the west, the strike length of favourable\nstratigraphy, covered by Champion Bear's Plomp Farm gold property. Champion\nBear has recently completed a 5,000 metre drilling program on its Plomp Farm\nproperty with three of these holes collared on the Aubrey property optioned\nfrom Teck Cominco. The results of the exploration by Champion Bear to date has\nindicated that the gold mineralization is concentrated within a well-defined,\nup to 150 metre wide fault or deformation structure which Champion Bear has\nnow traced along strike for more than 4.6 kilometres. Gold and associated\nanomalous base metal mineralization concentrated within this structural zone\nappears to occur within a series of steeply southwestward plunging lenses. The\nrecent drilling ...