Business
Happy Creek's Eye property continues to attract Newmont Mining
(via Thenewswire.ca) June 18, 2012 - Vancouver, British Columbia - Happy Creek Minerals Ltd...
About this update from Fox Tungsten Ltd.
[{"type":"text","content":"\nHappy Creek's Eye property continues to attract Newmont Mining\n\n(via Thenewswire.ca)\n\n \nJune 18, 2012 - Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V: HPY, the \"Company\") announces that it has received the first anniversary option payment from Newmont Mining Corporation, one of the world's largest gold producers, for the Eye property.\n\n\n \nThe Eye property is located east of the Gold Fields-Woodjam JV project and is about four kilometres northwest of the company's 100% owned, 150 square kilometre Silverboss property, approximately 65 kilometres east of Williams Lake in south central British Columbia, Canada.\n\n\n \nAs announced in a news release dated July 20 2011, Newmont can earn a 100% interest in the Eye claim (1.2 square kilometres) by paying the company a total of $368,000 in cash ($13,000 received) and performing $280,000 of exploration in six annual stages. If Newmont elects to purchase the Eye property, it will grant to the company a net smelter royalty of 0.5 per cent, with payments up to a collective maximum of $1.5-million. In addition, Newmont will cover the underlying royalty obligations to the previous owner.\n\n\n \n\"We are pleased that Newmont continues to demonstrate their interest in one of our properties and it confirms our belief in the potential of this area.\" states David Blann, President and Chief Executive Officer of Happy Creek. \"The recent success at Woodjam has attracted Gold Fields, Newmont and Capstone Mining. On the Silverboss property, our work has already outlined new, large scale copper-molybdenum-gold targets that are the main focus of exploration in this area. During 2012, we look forward to advancing these targets to the drilling stage and continuing our reconnaissance of this large property.\"\n\n\n \nThe Company is making arrangements to conduct an induced polarization geophysical survey on the Silverboss property to finalize selection of its first drill sites.\n\n\n \nOn behalf of the Board of Directors,\n\n\n \n\"David E Blann\"\n\n\n \n____________________\n\n\n \nDavid E Blann, P.Eng.\n\n\n \nPresident\n\n\n \nFOR FURTHER INFORMATION PLEASE CONTACT:\n\n\n \nDavid Blann, President, CEO\n\n\n \nCorporate Office:\n\n\n \nPhone: 604.662.8310 \nEmail: [email protected]\n\n\n \nWebsite: www.happycreekminerals.com\n\n\n \nInvestor Relations:\nJames Be...