Sitka Gold Corp. press release
Metalex Ventures Ltd. - Wawa joint venture, Ontario
TSXV - TSX Venture Exchange · Gold · Silver · Arsenic · Tungsten · Copper · Zinc · Lead · Canada
LOWNA, BC, July 14 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange) ("Metalex" or the "Company"). Metalex has executed an agreement with Mori Diamonds Inc covering 357 claim units in the Wawa area of Northern Ontario, Canada. Under the agreement Metalex will earn 60% interest by sole funding the first diamond deposit discovered in the claim units to bankable feasibility. Metalex paid $129,500 to Mori upon execution of the agreement and has agreed to pay $100,000 annually until it earns its interest or withdraws from the joint venture. Metalex must spend a minimum of $220,000 by October 15, 2005 and $400,000 by February 28, 2006. The claim units are subject to a 2% net smelter royalty, paid prorata by Metalex and Mori Diamonds Inc, in favour of the Magpie syndicate. Drainage, till, rock sampling and geological mapping have already commenced in the project area and 99 samples have been collected to date. This first phase of work is expected to be competed within two weeks and samples will then be sent to the CF Mineral Research laboratory for analysis for diamonds and diamond indicator minerals. Metalex's exploration projects are managed by Kel-Ex Development Ltd., a company owned by Dr. Charles Fipke, the Chairman of Metalex. Dr. Peter Gregory, the President of Metalex is also an employee of Kel-Ex. The arrangement with Kel-Ex provides Metalex with access to the advanced proprietary databases and interpretational techniques of Dr. Charles Fipke, an internationally recognized diamond geologist. In return, Kel-Ex receives a 10% administration fee and, in the case of the Canadian projects, a 10% interest in the project carried to production. (Kel-Ex will repay its proportionate share of the costs of mine development out of its share of mine profits). Dr. Fipke also owns the CF Mineral Research laboratory where samples collected in the exploration programs are analysed. Dr. Peter Gregory, a qualified person, has verified that the work carried out by Kel-Ex, manager and operator of the Company's projects, is being carried out in a professional and diligent manner and that the appropriate quality controls are in place. Dr. Gregory has also inspected the CF Mineral Research laboratory and is satisfied that the work performed there meets or exceeds international best practices; that the work is performed on an arm's length basis and in accordance with standard commercial arm's length terms; and that the results provided by CF Mineral Research are accurate and reliable. On this basis the Company has not sought any independent analyses. However, should significant diamond grades be discovered the Company may seek independent verification of such results. Dr. Gregory is responsible for the contents of this press release.
Peter Gregory President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents herein. %SEDAR: 00008159E