Eagle Plains/Miner River Execute Formal Agreement with Kennecott on Greenland Creek Claims, Regain 100% Control of Findlay Creek Project
Cranbrook, B.C.: Partners Eagle Plains Resources Ltd. (EPL:ASE) and Miner River Resources Ltd. (MRG:ASE) have executed a formal option agreement with Kennecott Canada Exploration Inc. on their 50:50 joint-venture Greenland Creek property. In addition to an initial payment of $70,000 the agreement provides that Kennecott may earn a 60% interest in the 247 claim unit (15,000 acre) property by spending $2,000,000 on exploration and making total cash payments of $310,000 over a 4 year period (see News Release Nov 13, 1999). The Greenland Creek property is located 30 kilometres north of Cominco's Sullivan base metal mine at Kimberley, B. C. and is contiguous with the 425 claim unit (25,000 acre)Findlay Creek project to the north.
Kennecott has had the Findlay Creek property under option for two years during which over $1,300,000 was expended on exploration programs culminating in a 5 hole drilling program at the end of the 1998 field season (see News Release January 12, 1999). Kennecott recently informed the companies that the Findlay Creek option has been terminated and that Kennecott's 1999 exploration efforts in the area would be focused on the Greenland Creek claims. The termination of the option was unexpected but Eagle Plains and Miner River are pleased to regain 100% control of the Findlay Creek project. The continued exploration program at Findlay will be determined when the companies and their consultants review all available Kennecott data.
The exploration target at Findlay is a multi-billion dollar deposit and the significant results obtained to date necessitate additional drilling in pursuit of this target. This drilling is anticipated to be carried out in 1999 by Eagle Plains and Miner River or by a joint venture with a major partner. The Findlay property has been defined by the B.C. Geological Survey as a major exploration project (see British Columbia Mineral Exploration Review 1998: Information Circular 1999-1) and ranked as the most extensive grassroots project carried out in B. C. during 1998.
In the Yukon, Eagle Plains and Miner River are 50:50 joint venture partners holding 100% interest in nine Pogo-type gold properties in the Tintina Gold Belt. These include the McQuesten property (formerly Wayne) located on Highway #11, five km southwest of Elsa in the central Yukon. The McQuesten property is currently under option to Viceroy Resource Corporation (see News Release December 1, 1998).
"R. W. Termuende"
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