Business
Wolfden initiates development of gold projects
Wolfden initiates development of gold projects.
About this update from Kinross Gold Corporation
[{"type":"text","content":"\n\n\n\n\nShares Issued: 74,637,878\n\nTHUNDER BAY, ON, April 24 /CNW/ - WOLFDEN RESOURCES INC. (TSX:WLF) is\npleased to announce that it has initiated an underground exploration program\nof the Ulu gold deposit. It has also completed its diligence of the Lupin Gold\nMine and is in the process of preparing the Definitive Agreement to acquire\nthis Project from Kinross Gold Corporation. (TSX:K). An assessment of the\npotential to re-start the Lupin Gold Mine has commenced. Both Ulu and Lupin\nare located in the Slave Region of Nunavut, Canada.\n\nULU GOLD DEPOSIT\n----------------\nCrews have been mobilized to initiate 400m of underground development, to\ntest vein and grade continuity of the 3 largest gold-bearing quartz veins\ncomprising the Ulu gold deposit. According to Mr. George Wahl, a qualified\nperson for the purposes of National Instrument 43-101, these 3 veins host 71\nper cent of Ulu's gold resource. Mr. Wahl has concluded that the Ulu deposit\nhas a contained indicated/inferred mineral resource of 1,130,000 million\ntonnes grading 11.34 g/t gold (373,748 oz).\nIn the current assessment of Ulu, it is contemplated that a gold milling\ncircuit will be built into the High Lake mill. However, with the acquisition\nof the Lupin Gold Mine, and given positive results at Ulu, Wolfden intends to\ncomplete a feasibility study to determine if the Ulu ore can be economically\nprocessed at the Lupin Mine, possibly as early as the first quarter of 2007.\nThe Lupin Mine is located approximately 155 km south of the Ulu property.\nIn 2006 Wolfden intends to submit an application to the Nunavut\nRegulators to re-establish the winter road Echo Bay Mines Ltd. had constructed\nbetween Lupin and Ulu in 1996-1997. Echo Bay had established the winter road\nwith the intent on trucking the Ulu ore to Lupin for processing and for\nre-supply purposes. Furthermore, the re-establishment of this winter road will\nfacilitate the handling of supplies and fuel from Yellowknife to Ulu and High\nLake during the winter of 2006-2007 and beyond.\n\nLUPIN GOLD MINE\n-----------------\nHaving completed the due diligence, Wolfden is in the process of\npreparing the Agreement to acquire the Lupin Gold Mine from Kinross. Wolfden\nhas also commenced a geological assessment of the Lupin Mine that was closed\nin February 2005, when gold was in the US$400-$450 rang...