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Chai Cha Na Mining Enters Into Option Agreement With Strategic Metals To Acquire 50% Interest In Hartless Joe/Byng Property In The Yukon
Chai Cha Na Mining Enters Into Option Agreement With Strategic Metals To Acquire 50% Interest In ...
About this update from Strategic Metals Ltd.
[{"type":"text","content":"\nChai Cha Na Mining Enters Into Option Agreement With Strategic Metals To Acquire 50% Interest In Hartless Joe/Byng Property In The Yukon\n\n\n Jun. 14, 2010 (TheNewswire.ca) -- Chai Cha Na Mining Inc. (\"CNN\" or \"Chai Cha Na\" or the \"Company\") is pleased to announce that by way of an agreement dated June 8, 2010, Strategic Metals Ltd. (TSXV:SMD) (TSX-V: SMD) granted CNN an option to acquire a 50% interest in the Hartless Joe & Byng properties located in east central Yukon Territory, Canada. The Byng project is comprised of 20 mineral claims and the Hartless Joe project is comprised of 48 mineral claims totaling 1440 hectares (or acres). The Hartless Joe & Byng claim blocks of the Hartless Joe property are located 28 kilometers and 44 kilometers northeast of the capital city of Whitehorse, respectively. Chai Cha Na can exercise the option by paying Strategic $150,000 by January 31, 2012, and by incurring expenditures of $1,000,000 by Jan 31, 2013.Following the \"Company's\" excerise of the option, Chai Cha Na & Strategic will advance the project as a 50/50 joint venture. One mineral claim forming part of the Hartless Joe project is subject to a 2% net smelter return royalty held by an arms length third party to Strategic Metals. One-half the royalty interest may be purchased at any time by the joint ventures participants for $2,000,000.\"The Company is excited to begin working with the Strategic Metals group as they are well versed with exploration and development in the hot Yukon territory. The Hartless Joe & Byng properties were carefully selected from the Strategic stable of properties for it's upside potential & Yukon location. Previous grab sampling from mineralized veins conducted by ATAC Resources (TSXV:ATC) in 2004 returned grades to 251 g/t gold and between 13.5 to 4540 g/t silver,\" commented Fred Fisher, President & CEO of Chai Cha NaChai Cha Na will conduct a Phase I summer exploration program consisting of additional geochem sampling, geophysics and possibly diamond drilling as recommended in a 43-101 technical report completed in October 2008 and authored by W.A. Wengzynowski, P.Eng of Archer, Cathro & Associates.Future exploration programs will be based on the results of the Phase I program. The Hartless Joe/Byng property will be Chai Cha Na's key focus moving forward.For more information contact:Fred Fisher...