Business
Austin and Pennant successfully acquire key lands
Austin and Pennant successfully acquire key lands.
About this update from Pantera Silver Corp.
[{"type":"text","content":"\n\n\n\nTSX Venture: AUL\n\n\nVANCOUVER, Sept. 27 /CNW/ - Austin Developments Corp. (the "Company") and\nit's joint venture partner, Pennant Energy Inc. (TSX.V-PEN) together known as\nthe "The Companies" are pleased to announce that they have expanded their\nBronson Property land holdings by successful bidding at the September 19th,\n2007, Alberta Crown land sale.\n\n\nPrior to the recent land sale the Companies held two closely offsetting\nbut non contiguous land blocks (Kaybob and Bronson) in the area totaling\n1600 acres. When the Companies initially gained control of the two blocks\nthere was only limited, incomplete 3D seismic coverage of the lands;\ntherefore, two extensive 3D seismic surveys were conducted during the winter\n2007 to assess the exploration potential of the two acreage blocks. The winter\n2007 3D surveys not only completed coverage of the interest acreage but were\nexpanded to evaluate the potential for oil and gas on several of the bordering\nlands. Interpretation of the new 3D seismic data resulted in identifying\nseveral areas of interest on our existing Bronson property and as well, on a\nbordering section of Crown land to the east. Based on the favorable 3D seismic\nresults over the Crown acreage the decision was made to post the lands for\nauction. To assist in determining how aggressively to bid, the Companies also\nconducted extensive Geochem surveys over the lands. The Companies are pleased\nto announce that we were successful in acquiring the 640 acre Crown section.\nHenceforth, the Bronson property will be referred to as "Bronson West",\ncomprising section 13 and E/2 section 14, Twp 58-17W5, while the newly\nacquired land, section 7-58-16W5, will be referred to as "Bronson East".\n\n\nBronson East is a 640 acre contiguous property located south east of the\nCompanies existing Bronson West Property. With positive results from both the\nGeochem survey and the 3D seismic survey the Company has identified several\npotential drill targets and is reviewing all of the data acquired to date. To\nview a map of the newly acquired Bronson East Property please visit\nwww.pennantenergy.com The Bronson properties are a 50/50 joint venture with\nPennant Energy Inc.\n\n\nThe Qualified Person for the Kaybob and the Bronson Projects, who holds\nresponsibility for the accurac...