Confederation Exercises First Option for 50% Interest in Newman Todd Property

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[{"type":"text","content":"Confederation Exercises First Option for 50% Interest in Newman Todd Property(via Thenewswire.ca)\n \n \nVancouver, B.C.; Oct 31st, 2013; Confederation Minerals Ltd. (TSX.V:CFM; OTCQX:CNRMF): (\"Confederation\" or the \"Company\") is pleased to announce that, pursuant to the previously announced \"Option Agreement\" made as of November 19, 2010, with Redstar Gold Corporation (\"Redstar\"), whereby Redstar granted Confederation an option (the \"First Option\" )to earn a 50% undivided legal and beneficial interest in and to its Newman Todd property in the Red Lake Mining District of Ontario, the Company has duly exercised the First Option and now holds a 50% undivided legal and beneficial interest in and to its Newman Todd property. \n\n\n \nThe Option Agreement also granted the Company a second option (the \"Second Option\") to earn an additional 20% undivided legal and beneficial interest in and to the Newman Todd property following the exercise of the First Option. To exercise the Second Option, Confederation must prepare a preliminary economic assessment (\"PEA\") of the Newman Todd property and issue an additional 500,000 shares of Confederation to Redstar on or before November 19, 2016.\n\n\n \nWith respect to the PEA, the Company continues work with the engineering firm Mining Plus to ensure the required components of a NI 43-101 compliant report are in order. One request from Mining Plus was that additional ground be acquired to ensure sufficient land for mining and processing related infrastructure. Confederation is pleased to report that approximately 64 hectares (158 acres) of suitable ground has been staked. The additional ground acquired by Confederation lies outside of the \"Area of Interest\" determined in the Option Agreement and therefore does not affect the agreement with Redstar.\n\n\n \nThe results of the summer 2013 drill program have yet to be included in a resource estimate and a recently commissioned final report from a structural geologist remains outstanding. These results, as well as the final report from the structural geologist, will contribute to both timing of the PEA and plans for a winter drill program.\n\n\n \nAbout CFM\n\n\n \nConfederation Minerals Ltd. is a British Columbia based company engaged in the business of acquisition, exploration and development of mineral properties. Its objective is ...

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