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NewWest Gold Corporation announces initiation of phase two drilling at Long Canyon
NewWest Gold Corporation announces initiation of phase two drilling at Long Canyon.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\n\nLAKEWOOD, CO, Nov. 14 /CNW/ - NewWest Gold Corporation (TSX: NWG)\n(\"NewWest\" or \"the Company\") today announced that it commenced the Phase Two\ndrilling program at its Long Canyon project on November 10, 2006. The program\nwas expanded to 13 holes from six holes based upon the positive results\nobtained by previous exploration programs at Long Canyon. The objectives of\nthe Phase Two program are to test for extensions along strike and down-dip\nfrom gold-bearing zones obtained in previous drilling and to confirm the\ngeologic interpretation developed from the Phase One drilling results and the\nroadcut sampling and mapping program. Total footage to be drilled during\nPhase Two is approximately 4,550 feet. Complete results from the Phase One\nprogram were reported on September 21, 2006 and are available on the Company's\nwebsite at www.newwestgold.com. The roadcut rock chip sample results were\nreported on October 31, 2006 and are also available on the Company's website.\n\nBackground\n\nNewWest and AuEx Ventures Inc. (\"AuEx\") agreed by way of a letter of\nintent to complete a definitive joint venture agreement for the Long Canyon\nproject whereby the two parties will combine their respective land positions\nin the Long Canyon Area. Under the terms of the letter of intent, the Company\nis the operator and may earn a 51% interest in the consolidated project if it\nspends $5 million on the project over a five year period. After completion,\nthe Company may elect to carry AuEx through feasibility, if warranted, thereby\nearning an additional 14%. The joint venture agreement is currently being\nnegotiated and is expected to be completed in the near future.\n\nQualified Person\n\nMichael Gustin, Ph.D., of Mine Development Associates, Reno, Nevada, is\nNewWest's qualified person as defined by NI43-101 and has reviewed and\napproved the technical data in this news release.\n\nForward-Looking Statements\n\nThis news release includes certain \"forward-looking statements\" within\nthe meaning of Canadian securities laws. Forward-looking statements involve\nrisks, uncertainties and other factors that could cause actual results,\nperformance, prospects and opportunities to differ materially from those\nexpressed in such forward-looking information. Forward-looking information in\nthis news release, includes but is not limite...