Shares Issued: 61,127,878
THUNDER BAY, ON, Feb. 24 /CNW/ - WOLFDEN RESOURCES INC. (TSX:WLF)
("Wolfden") is pleased to announce that it has signed a letter of intent with
NROSS GOLD CORPORATION (TSX:K; NYSE:KGC) ("Kinross") to acquire the Lupin
Gold Mine, located in Nunavut, Canada. The Lupin Gold Mine is located
approximately 80km East of the Izok Deposit, and approximately 35km East of
the Gondor Deposit, both of which are to be acquired from Inmet Mining
Corporation (see Press Release Feb. 14, 2006).
Wolfden will acquire a 100% interest in the Lupin Gold Mine from Kinross,
whereby Wolfden, subject to completion of due diligence, will acquire the
Project which includes a fully operational mine, tailings facility, camp and
runway and all liabilities associated with the project, saving that Kinross is
responsible for completion of current reclamation work on the tailings.
Kinross will make certain payments to Wolfden with respect to the mill and
camp at Lupin. Since 1982, the Lupin Gold Mine has produced more than 3
Million ounces of gold at an average grade of +9g/t Au.
Wolfden will immediately assess the potential for further near-term
production. The primary planned use of Lupin however, is for the processing of
ore from the Izok, Hood and Gondor deposits, and potentially from the Ulu gold
deposit where Wolfden will be performing underground drilling and drifting on
mineralized zones in 2006. The acquisition of Lupin is expected to
significantly lower capital costs associated with developing these deposits.
Wolfden recently signed a letter of intent to acquire the Izok, Hood and
Gondor (70% interest) Projects from Inmet. Izok, Hood, Gondor and Lupin are
located in the Slave Region of Nunavut, approximately 200km south of Wolfden's
100% owned High Lake and Ulu deposits. It is expected that port facilities at
the Coronation Gulf proximal to High Lake, and an associated road network,
will be used to access all deposits.
"The acquisition of Lupin provides significant infrastructure which can
be used to develop the Izok Project, one of the highest grade undeveloped base
metal deposits in the world" stated Ewan Downie, President of Wolfden. "There
is additional potential for gold production from Lupin, as most mined zones
remain open at depth, and several remain open up-dip".
Presentation Announcement
-------------------------
Wolfden's President and CEO Ewan Downie will be giving a presentation on
Feb 27th,2006 at 11:30 eastern, at the BMO Nesbitt Burns 2006 Global Resources
Conference. His talk titled "Building a Major Gold and Base Metal Development
Company" will include information and updates on new company developments.
Please follow the link below for registering to view this web cast.
http://events.onlinebroadcasting.com/bmoconferences/022706/index.php
WOLFDEN is a Canadian based mineral exploration and development company
with a diversified portfolio of advanced stage properties in Canada. Wolfden
is debt free and has a strong treasury.
The statements made in this Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties.
Actual events or results could differ materially from the Company's
expectations and projections.
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