Business
Kola Mining Corp. Acquires Bogunay Gold Project in Russia
Kola Mining Corp. Acquires Bogunay Gold Project in Russia
About this update from Hannan Metals Ltd.
[{"type":"text","content":"\nKola Mining Corp. Acquires Bogunay Gold Project in Russia\n\n\n Apr. 13, 2009 (Baystreet.ca) -- VANCOUVER, BRITISH COLUMBIA -- Kola Mining Corp. (TSX VENTURE: KM)(FRANKFURT: C8M) (\"Kola\" or the \"Company\") is pleased to announce that it has signed an agreement to acquire a Russian company, OOO Artel Staratelei Angarskaya Proizvodstvennaya Kompania (\"OOO\"), that owns a 100% interest in the Bogunay Gold Property in Krasnoyarsk Territory, South Siberia, Russia (the \"Property\"). Under the terms of the agreement Kola will pay the vendor approximately 24,000,000 Russian Rubles (approximately US$700,000). OOO also has an outstanding loan with a third party for US$1,100,000, of which $550,000 must be repaid by January 2010 and the balance by October 2010. Kola will also pay a finder's fee of US$25,000 to a third party.\n\nBased on non-compliant (and therefore not disclosable) Russian resource estimates and other historic information the Company has estimated a potential target ranging in tonnage from 5,800,000 to 9,400,000 tonnes, at grades ranging from 2 to 10 g/t Au, for total contained gold ranging from 22.2 tonnes to 40.1 tonnes or 648,000 ounces to 1,171,000 ounces. The area includes the Bogunay mine area, old mine tailings and other exploration targets within the property boundary. \nInvestors are cautioned that the potential quantity and grade is conceptual in nature and that there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the confirmation or discovery of a mineral resource. In addition, Kola cautions investors that the Soviet classified resources are not NI 43-101 compliant and that CIMM and JORC resource categories do not directly conform to, nor recognize the Soviet A, B, C1, P1 and P2 resource categories. A Qualified Person as defined by NI 43-101 has not done sufficient work to classify the estimates as current mineral resources and the estimates should not be relied upon. Kola does not consider the estimates to be current mineral resources, but it does consider the estimates to be a significant indication of the overall mineral potential, as discussed above. \nThe Property is located 196 km from Krasnoyarsk, center of Krasnoyarsk Territory, South Siberia, Russia. It is accessed via graded gravel road (12 km) and is 16 km to the nearest rail...