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Senator Minerals Inc ~ News Releases in 2006 TSX-V: SNR
Senator Minerals Inc is a TSX-V-listed junior exploration company with a
diverse portfolio of property interests in North America. 2006-19 27 Oct 06 Lapse of option and private placement Senator Minerals Inc (“Senator” or “the Company”) reports that by mutual agreement, its earn-in option for a 50% interest of the Hill End gold project, first announced on 27 April 2006, is being allowed to lapse at the end of October. The related $2,145,000 private placement, announced on 3 August 2006, will therefore not be necessary. Tony Simon, President of Senator, says, “While the Hill End project is an historically rich gold prospect with significant resource potential, the market and our shareholders have told us that Senator should be concentrating on its non-dilutive business plan related to our numerous gold prospects in Nevada, and our outstanding Taurus copper-moly project in Alaska.” 2006-18 20 Oct 06 Progress report: Hill End Gold drill program Senator Minerals Inc (“Senator” or “the Company”) reports Hill End Gold Limited, operator on the Hill End gold project, has issued a news release giving a progress report on the current 2,000 meter diamond drilling program on the Reward zone. The first hole, HHD26, was drilled towards the north, down the mineralized corridor, to target the Robert Emmett’s Cross Course and to test continuity of the Reward stratigraphy on the other side of the fault. The cross course was intersected with a four meter zone of intensely silicified breccia containing abundant pyrrhotite-filled microfractures. HHD26 also intersected numerous quartz veins up to one meter wide in the Mountain Maid and Rowley’s positions and intersected fifteen quartz veins at the top of the Central zone in the Paxton’s vein set position. On the other side of the cross course, nine quartz veins were intersected at the Phillipson’s vein set position with the hole ending in footwall mine sequence sediments. The Reward stratigraphy appears to continue across the fault with little or no displacement, which indicates the potential for extension of the Reward mineralization to the north. This hole was completed at 328 meters. Further holes are planned to test the cross course at a higher elevation below the high grade workings. The second hole, HHD27, has the objective of intersecting the Paxton, Mica, Philllipson’s, and Amalgamated vein sets. It is drilling down the mineralized corridor and is currently at 195 meters. HHD27 has intersected what is assumed to be the strike extension of the high grade Central zone approximately 70 meters north of previous drill hole NR1005, where results included 208g/tAu over 0.9m in the Paxton vein set. The Paxton’s vein set has been intersected at 190 meters in the current hole. Visible gold with trace indicator sphalerite and galena has been observed in the core. In the Hangingwall and Central zone positions, visible gold has been logged in a 40cm vein in the Rowley’s position, and in a 50cm stope cavity intersected in the Frenchman’s position at 135 meters, followed by 70cms of quartz veining downhole. The planned depth of HHD27 is 330 meters. Core cutting and sampling is progressing and initial assays are expected in approximately four weeks. The technical information in this news release was prepared by and is the responsibility of Mr Michael Quayle, BSc., a Member of the Australian Institute of Geoscientists and a qualified person according to the requirements of NI 43-101. 2006-17 16 Oct 06 Ivanhoe Creek, NV: Reclamation Bond in Place Senator Minerals Inc (“Senator” or “the Company”) reports that the U.S. Bureau of Land Management has accepted a reclamation bond of US$20,500 covering the 13-hole, 9000 ft diamond drill program planned for Ivanhoe Creek, a Midas-style gold-silver target located directly north of the Hollister deposit, where Hecla/Great Basin Gold expect production in 2008. Senator holds a 50% lease option interest in Ivanhoe Creek and will be operator of the drill program, which has already been fully funded by Kent Exploration Inc (KEX: TSX-V), also holder of a 50% lease option interest in Ivanhoe Creek. 2006-16 29 Sep 06 Hill End gold project: contract extended to 31 Oct 06 Senator Minerals Inc (“Senator” or “the Company”) reports that, in order to take advantage of anticipated improvements in market conditions, its agreement with Hill End Gold Limited has been adjusted so that the first tranche of exploration funding is now due on 31 October 2006. Proposed exploration and development work on the Hill End gold project in New South Wales, Australia, includes a 2000 meter diamond drilling program to test extensions of the Reward resource area and new areas to the north of Reward below outcropping gold mineralization, and a preliminary scoping study of the Reward area by the Snowden Resource Evaluation group. 2006-15 5 Sep 06 Financing for Ivanhoe Creek, Nevada Drill Program Senator Minerals Inc (“Senator” or “the Company”) reports that it has been advised by Kent Exploration Inc (“KEX”) that, per the terms of the Ivanhoe Creek Option Agreement, KEX has deposited $600,000 in a trust account for Senator. Senator will draw down the funds as operator of the 13-hole diamond drill program recommended for Ivanhoe Creek, a Midas-style target directly north of Hecla-Great Basin Gold’s Hollister deposit where Great Basin Gold reports that production from a resource of 1 million gold equivalent ounces is expected in 2008. By financing this drill program and paying its share of carrying costs, KEX has earned a 50% interest in the Ivanhoe Creek property. KEX is newly listed on the TSX-V. Senator owns 1,250,000 shares of KEX. 2006-14 25 Aug 06 Hill End gold project: contract extended to 30 Sep 06 Senator Minerals Inc (“Senator” or “the Company”) reports that, in order to take advantage of an anticipated improvement in market conditions, its agreement with Hill End Gold Limited has been adjusted so that the first tranche of exploration funding is now due on 30 September 2006. Proposed exploration and development work on the Hill End gold project in New South Wales, Australia, includes a 2000 meter diamond drilling program to test extensions of the Reward resource area and new areas to the north of Reward below outcropping gold mineralization. 2006-13 3-Aug-06 $2,145,000 Private Placement Senator Minerals Inc (“Senator” or “the Company”) reports that it is organizing a non-brokered private placement of up to 6,500,000 units at a price of $0.33 for gross proceeds of $2,145,000. Each unit will consist of one common share and one-half warrant, good for two years. A full warrant will be convertible into a common share at a price of $0.39 during the first year, and $0.45 during the second year. Finders fees in accordance with TSX Venture Exchange policies may be payable on part or all of this private placement. Proceeds are intended for funding ongoing exploration and development work on the Hill End gold project in New South Wales, Australia. 2006-12 28-Jul-06 Corporate Update Senator Minerals Inc (the “Company”) has received an update on results from the Red Hill section of the Hill End project from the operator, Hill End Gold. The recently completed Stage 2 drilling program at the Red Hill project has intersected a broad zone of near surface gold mineralization and has extended the Old Red Hill mineral resource area. Results have confirmed the continuity of a wide zone of gold mineralization previously drilled in hole RC32 which intersected 2.52g/tAu over 30 meters from surface (including 6.54g/tAu over 8 meters). The Red Hill project is located over a zone of gold mineralization and old high grade workings, three kilometers in strike length and 50 to 100 meters in width, along the eastern flank of the Hill End Anticline to the north of Hill End, New South Wales, Australia. The Hill End project claim area comprises almost the entire fifty kilometer strike length of the Hill End Anticline. In the Red Hill project area, deep weathering to a depth of 70 meters and gently undulating topography is ideal for open pit development. Reverse circulation drilling has targeted gold mineralization in the weathered zone above the water table with significant intersections including the following results:
The Old Red Hill vein set, which is now outlined by shallow drilling over a 200 meter strike length and up to 27 meter width, is located five kilometers along strike from the Hawkins Hill and Reward deposits. It occurs in a similar geological setting to Hawkins Hill and Reward with gold in bedding and spur quartz veins in en echelon vein sets, which are interpreted to continue down plunge for a kilometer or more. Four shallow-plunging vein sets have been identified to date in the southern Red Hill area over a near surface strike length of 800 meters: Whites, Red Hill Deeps, Old Red Hill and Marshall-McMahon. Additional areas along strike in the northern Red Hill area, which are yet to be drilled, are the Valentines, Emily and Old Company workings. Further drilling on the Old Red Hill vein set is planned down dip and down plunge of the current drilling, and drilling by BHP in 1989 will be re-drilled because it is likely that the BHP drilling, sampling and assay methods have resulted in a low bias in the assays received. Previous metallurgical testing of oxide, transitional and primary samples from Red Hill indicated excellent gold recovery using simple gravity and leach processing at a relatively coarse grind. In summary, for all mineralization categories:
A review of mining parameters has indicated that the weathered zone to approximately 60 meters is quite soft for excavating and the wide mineralization will result in a low stripping ratio. A new resource estimate for Old Red Hill near surface mineralization will include the planned infill and extension drilling. The previous inferred and indicated mineral resources estimate for the Red Hill area was done in 2004 and totalled 27,000 ounces of gold in oxide and transition material in Whites and Old Red Hill (inferred resource of 8,600 ounces in oxide material). Some assay results are awaited for the Stage 2 drilling program at Red Hill, which included 1,879 meters of reverse circulation drilling and 655 meters of diamond drilling in 31 holes. Further details will be reported at a later date. Reverse circulation drill samples with visible quartz and diamond core samples were assayed with the screen fire assay technique. Visible gold was observed in several core samples with grains to 1mm.
Attribution The original news release by Hill End Gold, along with a drill hole location plan, can be reviewed on the Senator web site at http://www.senatorinc.com/OldRedHill-28-07-06.pdf 2006-11 14-Jul-06 Corporate Update Senator Minerals Inc (the “Company”) has filed a material change report reflecting the recent changes in issued and outstanding shares due to the exercise of options at $0.25 and warrants at $0.30.
Insiders participating in the
exercise of options were: The Company now has 19,284,583 common shares issued and outstanding and the same number on a fully diluted basis, as all remaining options and warrants have expired. 2006-10 22-Jun-06 Hill End Project: Reward Area Results Senator Minerals Inc (the “Company”) has received, and is delivering verbatim, the following information from Hill End Gold in the form of a news release giving a resource estimate from the Reward area, one of several identified target areas at Hill End, NSW, Australia. It should be noted that this resource estimate, which reports an inferred mineral resource, is prepared in accordance with Australia’s 2004 JORC Code. The 2004 JORC Code is not identical to Canada’s NI 43-101, and therefore the resource estimate is not necessarily NI 43-101-compliant. “Hill End Gold Limited is pleased to announce a mineral resource estimate for the Reward area at its Hill End gold project in New South Wales, Australia. This follows some four years of historical research, geological data collection and modeling, preliminary underground exploration and diamond drilling. The Inferred Mineral Resource estimate is for a part of the Steven’s, Paxton’s, Mica and Phillipson’s vein sets in the Reward area at 680,000 tonnes at 6 g/t Au for 130,000 ounces of gold. The work undertaken for this resource estimate has provided a deeper understanding of the gold mineralisation controls and has greatly enhanced the exploration focus. The estimate will lead to a Scoping Study for the future recommencement of underground development at Reward. Successful diamond drilling has shown that the gold mineralisation in the Hawkins Hill - Reward mine sequence is more extensive and more continuous than previously anticipated so that the original target area has been expanded. The vein sets are stacked in an en-echelon array within the structurally controlled mineralised corridor, and additional stacked veins with gold mineralisation are expected to be found at depth and along strike. Visible gold is reported in many of the recent drill intersections at Reward. This coarse gold mineralisation is typical of many mesothermal vein systems including those seen in Bendigo and Ballarat (Australia), Dolgellau (UK), Valdez (Alaska), Mother Lode (USA) and Yellowknife (Canada). Such deposits are known to be challenging to evaluate due to their inherent high-nugget effect. Their gold distribution is generally strongly heterogeneous and structurally controlled, and as a result, ore reserves are best defined with bulk sampling. It is generally understood that diamond drilling assay results for coarse gold-bearing veins can understate the true grade by potentially 50% or more. Deposits similar to Hawkins Hill and Reward, such as the Central Victorian Bendigo and Ballarat reefs have seen significant upgrade factors determined for diamond drill core assays by correlating drillhole results with proximal bulk samples taken from ore development. The Reward area resource estimate is reported in accordance with the 2004 JORC Code and is classified as an Inferred Mineral Resource. The estimate is based on diamond drilling in an area of approximately 300 metres along strike by 100 metres width to a maximum depth of 300 metres below surface. The average width of the vein sets is 3.3 metres and the dip length is approximately 50 metres. All of the vein sets are open along strike and some appear to be open both up and/or down dip.
(1) Tonnage figures are rounded to the nearest 5,000 tonnes. The Reward resource has been classified as Inferred which is of a lower confidence than the Indicated or Measured categories. Whilst the drill hole spacing is close enough to confirm geological continuity, it does not permit the resolution of small scale geological and grade variation. A high level of assumption was made for the grade continuity between drill holes and this is consistent with the definition for the Inferred category. The extensive workings and records of historical mining in high grade mineralisation at Hawkins Hill and Reward support this assumption. The estimate is based on mostly HQ3 diamond drill core with high core recovery and screen fire assays of half core. Industry accepted QA/QC methods for coarse gold sampling and assaying are used so that samples submitted to the ALS Chemex Laboratory (Bathurst, NSW) are consistent, and that results reflect the gold content as accurately as possible given the presence of coarse gold particles. Geological interpretation of the individual vein sets on cross section, plan and long section was used to construct a three-dimensional wireframe around each vein set based upon a nominal assay cut-off value of 1.25 gram metres Au. [Projected horizontal length of intersection times weighted average gold grade in grams per tonne] The resource tonnage and grade was estimated by block modelling using Micromine software. Gold grade was estimated using inverse distance squared interpolation in blocks measuring 10 metres along strike, 2.5 metres down dip and 1 metre in width within the geological wireframe and only samples within each vein set wireframe were used to estimate the block grade. Within the block modelling no top-cut or cut-off grades were applied so grades are reported as global grades for each vein set. A bulk density of 2.7 t/m 3 was used for the Reward vein sets, except for Phillipson’s with a bulk density of 2.8 t/m 3 : all based on laboratory determinations from drillcore. The mineralogy of the Hill End gold mineralisation is relatively simple, with most gold being of high fineness and hosted within quartz veins with low sulphide content. Preliminary metallurgical testing indicates that the gold is coarse and free milling with a high proportion being recoverable using gravity techniques. This resource estimate has been carried out in consultation with Dr Simon Dominy of Snowden Mining Industry Consultants Ltd. Dr Dominy has extensive international experience in the evaluation of high-nugget effect gold veins. It is expected that Snowdens will shortly undertake a Scoping Study for the recommencement of underground development at Reward. The planned development would aim to expose and bulk sample the veins to enable the better definition of likely mineable grade. Further mineral resources and ore reserves will be evaluated at this stage to form the basis for a Pre-Feasibility Study. A detailed summary of the Reward area resource estimate and how it was compiled will appear on the Hill End website (www.hillendgold.com.au) in the near future. Drilling will recommence at Reward during July 2006 with 2,000 metres of diamond drilling planned in six holes. It is expected that this program will extend each vein set along strike and down dip, test for en-echelon repeat vein sets, and further enhance the robustness of the geological model. Additional drilling is planned for the Germantown area. Near surface gold mineralisation has also been drilled in the Red Hill area, which is approximately five kilometres to north along strike from the Reward area in a similar geological setting. Reverse circulation drilling has previously delineated Indicated and Inferred Mineral Resources totalling 27,000 ounces within a zone 800 metres long and 50 metres wide. Further diamond drilling and reverse circulation drilling assay results, from a recent program of drilling, are being received and processed, and will be incorporated into a new resource estimate for the Red Hill area. The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled by Mike Quayle who is a Member of The Australian Institute of Geoscientists. Mr Quayle is a full-time geological contractor for the company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Quayle consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.” This news release has been reviewed and approved by Richard R. Redfern, CPG and VP, Exploration of Senator, and Edward Harrington, PGeo, an independent geologist contracted through Reliance Geological Services. 2006-9 16-Jun-06 Senator Now Listed On The Frankfurt Stock Exchange
Senator Minerals Inc (the “Company”) announces that it is now
listed on the Frankfurt Stock Exchange with the symbol ‘T1K’ and German
Cusip number 172943. 2006-8 5-Jun-06 Hill End gold project, NSW, Aus - drill results from Reward area
Senator Minerals Inc (the “Company”) has
received drill results from the Reward area of the Hill End project from the
operator, Sydney-based Hill End Gold Limited.
Hole HHD25, which is located 30 meters north of NRI005, extends the Paxton’s vein set to the north where the Reward mineralization is still open. The hole intersected significant assays in the Mountain Maid, Steven’s, Paxton’s, Mica and Phillipson’s vein sets. Paxton’s contains thirteen mineralized veins over a 10 meter interval with a number of veins containing visible gold and moderate assays. The Stevens, Paxtons, Mica, and Phillipson’s vein sets have now returned significant gold assays over strike lengths of 380 meters, 285 meters, 265, and 280 meters respectively, with each of these sets having a dip length of approximately 50 meters. The system remains open along strike and at depth. All zones contain significant mineralization, which is interpreted to be a strike extension of the rich Hawkins Hill workings located approximately 400 meters to the south. These zones and the deeper Footwall Zone have been partially tested in the Reward area. Along strike to the north and south of the Reward area drilled to date, there are high grade intersections in all vein sets, including the Rowleys, Frenchman’s, and Amalgamated. Results to date demonstrate that gold mineralization in the Hawkins Hill – Reward mine sequence is more extensive and more continuous than anticipated, so the original target area has been expanded along strike and at depth. The first seventeen holes of the Reward area drill program were reported in the Summary Report prepared by Edward Harrington, PGeo, of Reliance Geological Services. That report is available for viewing on the Senator web site at www.senatorinc.com. The following table summarizes significant results from holes 18 to 25. HHD = diamond drill HHRC = reverse circulation HHRCD = combination of reverse circulation and diamond drilling 2006-7 23-May-06 TSX-V Conditional Approval of Hill End project
Senator Minerals Inc (the “Company”) announces that the TSX
Venture Exchange (the “Exchange”) has conditionally accepted the Company’s
proposed acquisition of a 50% interest in the Hill End gold project, New
South Wales, Australia (the “Property”), through a Farm-in Deed dated 22
April 2006 with Sydney-based Hill End Gold Limited. 1) Geological report for the Property (previously filed with the Exchange); 2) Title opinion as per Section 7.1(a)(i) of Policy 5.3; 3) Draft comprehensive press release to be issued on closing; and 4) Financial plan or other evidence demonstrating that the Company will have upon closing the financial resources to close the transaction and to fund its property payment obligations for a minimum of six months and the first stage of the recommended work program. The Company is not to close the transaction until it has received final acceptance from the Exchange. 2006-6 19-May-06 $396,000 Private Placement completed Senator Minerals Inc (the “Company”) announces that the TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement originally announced 28 March 2006 as $360,000 and oversubscribed.
Number of Shares: 2,200,000 common shares; no
warrants
Insider/ProGroup Participation: Insider = Y; ProGroup = P This private placement has closed. The 2,200,000 shares are subject to a 4 month and 1 day hold period expiring 13 September 2006. No bonuses or finders’ fees were paid related to this placement. 2006-5 27-Apr-06 Earn-in option agreement on Hill end gold project, NSW, Australia Senator Minerals Inc (the “Company”) announces that, subject to TSX-V approval, it has entered into a significant earn-in option agreement with Sydney-based Hill End Gold (ASX: HEG) whereby Senator has the right to earn a 50% interest in the Hill End Project in New South Wales, Australia. The Hill End Project covers 460 square kilometers of claims located 280 kilometers northwest of Sydney. Placer and lode gold were discovered on the Hill End goldfield in 1851, and reported production has been over 1.5 million ounces of gold, mainly from shallow workings. The Hill End gold rush led to capital formation that resulted in the founding of the Australian Stock Exchange in 1872. At that time, miners at Hawkins Hill found what is still recognized as the world’s largest gold specimen, the Beyers and Holtermann “nugget”, containing an estimated 3,100 ounces of gold. This stretch of the Hill End gold field was known as the ‘richest quarter mile ever mined’. Key points of the agreement are:
At current exchange rates, A$1.00 = approx C$0.86 The Company is anticipating the investigation of both high grade and bulk tonnage targets. A current technical report is available on Senator’s web site at www.senatorinc.com. Tony Simon, President of Senator, says, “It is fortunate to be able to get involved in a property with such a spectacular past, and a possibly even more promising future. The Hill End project represents an exceptional opportunity to explore and develop an historically rich gold prospect with significant resource potential. The operator, Hill End Gold, has demonstrated professional capability in carrying out the required work, and drills are turning right now – a truly exciting time in the resource markets.” Philip Bruce, Managing Director of Hill End Gold, www.hillendgold.com.au, identifies the opportunity arising from sourcing funds in North America to add value to the Hill End Project. “This funding by Senator enables us to increase our exploration efforts more rapidly, and the Canadian link should provide further benefits, given it avoids further dilution of Hill End Gold and enables us to get on with the job of identifying a commercial ore body.” Hill End Gold is currently exploring and drilling a number of identified targets, including Reward and Red Hill, along a strike length of over 50 kilometers on the highly mineralized Hill End Anticline. The earn-in arrangement will provide funds to comprehensively explore the prospective ground and to commence development where appropriate. The Reward project area is located 400 meters along strike to the north of the rich Hawkins Hill deposit. Diamond drilling has outlined a number of zones of gold mineralization, with an initial resource estimate underway. Reward area mineralization is open at depth and along strike. The Red Hill project area is located five kilometers north of Hawkins Hill with drilling to develop a resource estimate and test a Hawkins Hill-style target at depth. Additional targets associated with outcropping gold mineralization are ready for drilling along the Hill End Anticline. The following information is taken from a technical report dated 20 March 2006 by Edward Harrington, PGeo, a qualified person within the NI 43-101 definition, who has approved the use of these excerpts: “The geological model developed by Hill End Gold Limited consists of a continuous series of en echelon quartz veins with linking stockwork mineralization, within broad north-striking structural corridors paralleling the axial plane of the north-trending Hill End Anticline, on each of the eastern and western anticlinal limbs. On the Hill End property, the predominant host rocks for quartz-vein gold mineralization are Chesleigh Formation turbidite sequences of greywacke and slate. The structural corridor is the main controlling influence on gold deposition. Exploration work from 1991 until 2005 has consisted of geological mapping, reverse circulation and core drilling, re-interpretation of regional geophysical data, installation of a 5-tonne per hour gravity mill, metallurgical studies, refurbishment of the Consolidated and Amalgamated adits, and the creation of a comprehensive exploration database. Drilling has been carried out primarily in the Hawkins Hill and Red Hill areas, consisting of approximately 5,300 meters of core drilling, and 4,400 meters of reverse circulation drilling.” 2006-4 11-Apr-06 Ivanhoe Creek: Update on Kent Exploration financing Senator Minerals Inc (“Senator” or “the Company”) reports that Kent Exploration Inc (“Kent”), the optionee of Senator’s Ivanhoe Creek property, has advised the Company that it has signed an agency agreement with Blackmont Capital (“Blackmont”). Effective 10 April 2006, Blackmont has been appointed as Kent’s sole and exclusive agent to raise between $1,250,000 and $1,850,000 through an Initial Public Offering (IPO) at $0.20 per common share. The minimum proceeds from the Kent IPO are intended to fund the recommended exploration program on the Ivanhoe Creek property and to meet the TSX Venture Exchange’s working capital listing requirements. Senator has granted an option to Kent to earn a 50% interest in the Ivanhoe Creek property, a Midas-style gold-silver target located just north of Great Basin Gold/Hecla’s Ivanhoe Hollister deposit, which is currently under development in Elko County, Nevada. Senator holds warrants convertible into 1,250,000 common shares of Kent. 2006-3 28-Mar-06 $360,000 Private Placement Senator Minerals Inc (“Senator” or “the Company”) reports that it is organizing a private placement of 2,000,000 common shares at a price of $0.18 for gross proceeds of $360,000. Proceeds are intended for working capital and for an initial payment towards exploration to earn an interest in a significant gold prospect in New South Wales, Australia. This agreement has not been finalized and remains subject to Senator raising financing on terms satisfactory to it.
2006-2 23-Jan-06 Cortez South, NV property, optioned to Bullion River Senator Minerals Inc (“SNR” or “the Company”) reports that it has entered into another agreement with Reno-based Bullion River Gold Corp (“BLRV”) through which BLRV can earn a 51% interest in a second property in the Cortez Hills area of Nevada. SNR’s Cortez South property is located adjacent to the Wenban Spring property, which is currently held by BLRV. BLRV is obligated to make a cash payment of US$10,000, deliver 125,000 common shares of BLRV, and finance US$200,000 worth of work on the 600-acre Cortez South property to earn its 51% interest. Provided it has earned a 51% interest, BLRV can earn a further 25% interest in the property by financing and completing a further US$200,000 of work. The parties will then be deemed to form a joint venture, with interests subject to a standard dilution clause. No finders fees were payable in connection with this transaction. Mr. Peter Kuhn, President and CEO of BLRV, states, “While our first priority remains the development of our mine at French Gulch, we have now assembled a significant property position in the Cortez Hills area, which is proving to be one of the premier gold exploration camps in the world.” Mr. Tony Simon, President and CEO of SNR, states, “We are happy to make this second agreement with Bullion River Gold, which already has property and exploration experience in the Cortez Hills area.” 2006-1 20-Jan-06 Gold Valley, NV property optioned to Bullion River Senator Minerals Inc (“SNR” or “the Company”) reports that it has entered into an agreement with Reno-based Bullion River Gold Corp (“BLRV”) through which BLRV can earn a 51% interest in SNR’s Gold Valley property, located in the Cortez Hills area of Nevada. BLRV is obligated to make a cash payment of US$10,000, deliver 125,000 common shares of BLRV, and finance US$200,000 worth of work on the 480-acre Gold Valley property to earn its 51% interest. Provided it has earned a 51% interest, BLRV can earn a further 25% interest in the property by financing and completing a further US$200,000 of work. The parties will then be deemed to form a joint venture, with interests subject to a standard dilution clause. No finders fees were payable in connection with this transaction. Mr. Peter Kuhn, President and CEO of BLRV, states, “While our first priority remains the development of our mine at French Gulch, we look forward to being able to add to our interests in the Cortez Hills area, which is proving to be one of the premier gold exploration camps in the world.” Mr. Tony Simon, President and CEO of SNR, states, “We are happy to enter a business arrangement with Bullion River Gold, which already has property and exploration experience in the Cortez Hills area.” |
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