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Solitaire and Kinross complete formal agreement for a 100% option on the Eldorado Property
Solitaire and Kinross complete formal agreement for a 100% option on the Eldorado Property.
About this update from Pegasus Resources Inc
[{"type":"text","content":"\n\n\n\nVANCOUVER, March 5 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT) is\npleased to announce that it has successfully finalized the 100% option\nagreement to acquire the Eldorado Uranium Mine Property from Kinross Gold\nCorporation (TSX:K; NYSE:KGC) at Port Radium in the Northwest Territories (the\n"Eldorado Property"). Included in the acquisition is the technical library\ncomprised of Echo Bay Mines and Eldorado Uranium Mine and exploration reports\nfor the entire mining camp. The Eldorado Uranium Mine produced 15 million\npounds of uranium and eight million ounces of silver. For a description of the\nterms of Solitaire's option on the Eldorado Property, we refer you our press\nrelease of January 30, 2007 issued in respect of the initial letter of intent.\n\n\nThe Eldorado Property, consisting of 887.36 acres, adjoins Solitaire's\nMystery Island property and expands the property size to 22,717.23 acres. This\nproject shares property boundaries with and is partly surrounded by properties\nowned by Alberta Star Development Corp. (TSX-V:ASX). Solitaire and Alberta\nStar share some of the underground working of the Eldorado Nuclear/Uranium\nMine. The Eldorado Property is located at Port Radium on the east side of\nGreat Bear Lake, Northwest Territories, and 423 miles north of the city of\nYellowknife.\n\n\nLink to area map\nhttp://www.solitaireminerals.com/img/exploration/slt-eldorado_sm.jpg\n\n\nPitchblende (uranium plus silver, copper, nickel, lead and polonium) was\nformerly mined from the Eldorado Nuclear/Uranium Mine at Port Radium\ncommencing in 1933. The Port Radium uranium belt along with the Uranium City\ndistrict were Canada's principal producers of uranium during the 1930s and\n1940s. The mine closed in 1960. Since that time, important advances in uranium\nexploration methods and the genesis of uranium deposits have evolved. Also,\nthe area has been recognized as a favourable environment for IOCG (iron ore\ncopper gold) deposits.\n\n\nUranium production from the Eldorado Nuclear/Uranium Mine was from veins\nemplaced along northeast trending faults. All of these structures merge into\nthe Bear Bay Shear Zone, a deep seated regional structure which has never been\ntested. In addition, there is potential for the structures hosting high grade\nsilver mineralization in the Echo Bay mine to extend onto Solitaire'...