Business
Goldstake: Nickel property spin-off
Goldstake: Nickel property spin-off.
About this update from Greenridge Exploration Inc
[{"type":"text","content":"\n\n\n\nCALGARY, April 16 /CNW/ - Goldstake Explorations Inc. Toronto Stock\nExchange (Symbol: GXP) is pleased to announce that, subject to shareholder\napproval, it will spin-off its 50% owned, 400 sq km Prospect "D" and "DA"\nnickel project in Australia's Northern Territory, into a new company to be\nlisted on the Australian Stock Exchange. This new company would then own 100%\nof Prospect "D" and "DA".\n\n\nHistoric diamond drill results on Prospect "D" include 4.65% nickel (Ni.)\nand 1.4% copper(Cu.) over 3 feet and 0.42% Ni. 1.3% Cu. 5.8 gt gold and 215 gt\nsilver over 16.9 feet, and 1.95% Ni. and 1.23% Cu. over 8 feet.\n\n\nHistoric vertical percussion drill holes from surface, on Prospect "DA",\ninclude: 96 feet of 3.43% Cu. and 0.91% Ni, plus 96 feet of 3.32% Cu, 0.11%\nNi. (including 6 feet of 23% Cu and 0.21% Ni).\n\n\nSee NI 43-101 Report (D McBride, P. Eng.), filed on SEDAR, May 19, 2006,\n(also accessible on the Company's website www.goldstake.com) for full details\non this project. The report includes a statement that "recent drilling and\ngeophysical exploration (2003-2005) has shown that this project has\nsignificant copper-nickel resources, which remain open at depth and along\nstrike.\n\n\nHistoric (Pre NI 43-101) and previously announced estimated resources on\nProspect "D" include:\n\n\n1.53 million tons at 0.25% Ni, 0.62% Cu over an average width of 28 feet\nin sulphides plus,\n\n\n1.63 million tons at 0.15% Ni, 0.51% Cu over an average width of 30 feet\nin oxides.\n\n\nRobert Cleaver, Goldstake Chairman, states that Goldstake will receive\ncash and shares in the new company (numbers to be determined) for its 50% of\nthe project, and the new company will raise sufficient funds to progress this\nproperty to produce a feasibility study and pay for environmental and mine\npermitting costs if viable. There will be an entitlement to Goldstake\nshareholders to purchase shares in the new company. The spin-off will enable\nGoldstake to retain a major interest in the project, and will allow Goldstake\nto concentrate more fully on developing its North American properties.\n\n\nGoldstake Explorations Inc. is a Canadian-listed mining exploration and\ndevelopment company with a diversified portfolio of precious and base metals,\nuranium and diamon...