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Wolfden initiates exploration and development plans for the Lupin Gold Mine
Wolfden initiates exploration and development plans for the Lupin Gold Mine.
About this update from Kinross Gold Corporation
[{"type":"text","content":"\n\n\n\n\nShares Issued: 74,647,878\n\nTHUNDER BAY, ON, Sept. 22 /CNW/ - WOLFDEN RESOURCES INC. (TSX:WLF) is\npleased to announce that it has initiated an assessment of the Lupin Gold Mine\nlocated in Nunavut, Canada. Following completion of the transfer of Lupin from\nKinross Gold Corporation. (TSX:K), Wolfden will be the 100% owner of Lupin\nsubject to a 1.0% Net Smelter Return Royalty payable to Kinross.\nBetween 1982 and 2005, the Lupin Gold Mine produced more than\n3.37 Million ounces of gold at an average grade of 0.259 oz/ton Au. At the\ntime of closure in January 2005, reserves were being estimated using a gold\nprice of US$350 per ounce and resources at US$400 per ounce.\nMining at Lupin was carried out almost entirely north of the main shaft.\nThough the \"West Zone\" mineralized horizon was known to continue south of the\nshaft (the \"SOS Zone\"), limited development and/or exploration was carried out\non the southern extension. Recent compilation of this horizon suggests that\nthe SOS Zone has potential to host considerable resources starting at surface.\nAdditionally, the McPherson Zones, and the on-strike continuation of this\nhorizon that was found late in the mine's history, remains wide open up and\ndown dip, and along strike.\n\n>\n\nA presentation relating to the Lupin Mine is posted on the corporation's\nweb site www.wolfdenresources.com.\nImmediately following the completion of this assessment, Wolfden intends\nto begin an underground drill program to define the resources and complete a\nstudy regarding the potential to re-start the operation in 2007. Following the\ndrill program a scoping analysis will be conducted to determine the economic\npotential of the mineral resource. The Lupin Mine and Mill complex are\ncompletely operational and very little capital would be required to put Lupin\nback into production.\nIn the Slave Region of Nunavut, in addition to and in the immediate area\nof the Lupin Gold Mine, Wolfden holds numerous high-grade deposits, several of\nwhich rank as some of the highest grade undeveloped copper-zinc deposits in\nthe world. The resources contained in these deposits are summarized in the\nfollowing tables:\n\n>\n\nNote - Historical resources were completed by previous operators prior to\nthe implementation of National Instrument 43-101. As such, the reader should\nbe cautioned that ...