Business
Eureka Resources, Inc. announces joint venture of the Frasergold property, British Columbia, Canada
Eureka Resources, Inc. announces joint venture of the Frasergold property, British Columbia, Canada.
About this update from Kore Mining Ltd.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Nov. 29 /CNW/ - Eureka Resources, Inc. (the \"Company\") is\npleased to announce that it has signed an arms length option agreement (the\n\"Option Agreement\") with Hawthorne Gold Corp. (\"Hawthorne\") regarding the\nCompany's Frasergold property located in the Cariboo Division of British\nColumbia.\nHawthorne may earn a 51% interest in the property by expending $3,500,000\non the exploration of the property, making payments totaling $175,000 to\nEureka and completing a feasibility study on or before April 30, 2010.\nHawthorne can earn an additional 9% interest in the property by arranging\nproduction financing on completion of a feasibility study. A joint venture\nwill be formed upon Hawthorne earning its interest and during the earn in\nphase an advisory committee will be established. Hawthorne is a private\nBritish Columbia mineral exploration corporation the principals of which are\nMichael J. Beley and Richard J.H. Barclay who each have greater than 35 years\nexperience in the mineral exploration and development industry and who were\ninstrumental in the formation and growth of several mid tier gold companies\nincluding Bema Gold Corporation and Eldorado Gold Corporation.\n\nThe Frasergold Property\n-----------------------\n\nThe Frasergold Property is located in the Cariboo Mining Division. Eureka\nhas held the property since December of 1982. Previous work carried out on the\nproperty by Asarco (1990 and 1991) and others consisted of 35,967 meters of\ndrilling (both diamond drilling and reverse circulation drilling), some\n294 meters of underground adits and 10,000 soil and rock ship samples up to\n1992. The work carried out indicated 3.5 million tons drill proven\nmineralization grading 0.062 opt gold and 12.5 million tons of drill indicated\nmineralization grading 0.060 opt gold. These are historical estimates only and\nare not compliant with the CIM classifications as required by NI 43-101 and\nshould not be relied upon but Eureka believes them to be indicative of\npotential economic mineralization. Subsequent to this work in 1992, Eureka\nacquired additional adjoining claims and has carried out prospecting and\ngeochemical exploration on the property.\n\nOn behalf of the Company:\n\n\"Signed\"\n---------------------------\nJ.J. O'Neill\nPresident\n\nThe TSX Venture Exchange has neither reviewed no...