Pro Minerals Inc.: Lac Laura Gold Project Acquisition
21 October 2009 - 1:35AM
Marketwired
Pro Minerals Inc. (TSX VENTURE: PRM); and its Board of Directors
are pleased to announce that the company has entered into an option
agreement to acquire a 100% interest in the "Lac Laura Gold
Project", from Apella Resources Inc. The property consists of 36
mineral claims located in Levy Township, near Chapais Quebec. The
property is located directly alongside the highway between Chapais
and Chibougamau and is road accessible year round. Pursuant to the
terms of the Agreement, Pro Minerals can acquire a 100-percent
interest in the Lac Laura Gold Project by paying the optionor a
total of 2,000,000 common shares of the company (1,000,000 upon
acceptance by the TSX Venture Exchange and 1,000,000 by October
5th, 2010) and work commitments as follows:
-- $250,000 work carried out by October 5th, 2010; and
-- $500,000 work carried out by October 5th, 2011 (cumulative)
The optionor will receive a 2.0% Net Smelter Return ("NSR"), of
which the Company may purchase one-half of the Royalty for the sum
of $500,000. The Company also retains a First Right of Refusal on
the balance of the NSR. The shares to be issued to the optionor
will be subject to a hold period in accordance with the policies of
the TSX Venture Exchange. The agreement is subject to the approval
of the TSX Venture Exchange.
The following are a few key highlights of the Lac Laura Gold
Project.
Summer 2009 - Apella Resources carried out a sampling program on
the property, which resulted in the discovery of a new
gold-silver-copper showing on the Northern part of the property.
Assays received from the showing returned values of 128.5 g/T (4.1
oz) Gold, 113 g/T (3.6 oz) Silver and 2.61% Copper(As per Apella
Resources News Release dated 16-10-09 - Qualified Person Dr.
Christian Derosier P.Geo).
Farther to the North, the Apella sampling re-discovered a second
historic showing. The showing features a trench which was created
in the 1950's by a company named Indian Lake. This blasted trench
shows a shear zone filled with massive to semi-massive pyrrhotite
and chalcopyrite. The shear zone is 30 cm thick, dipping vertically
and oriented almost E-W. One representative grab sample was taken
by Apella which returned assays of 0.2 g/T Gold, 10.05 g/T Silver,
0.74 % Copper, 185 ppm Cobalt, and 95 ppm Nickel(As per Apella
Resources News Release dated 16-10-09 - Qualified Person Dr.
Christian Derosier P.Geo).
In 1987, Minnova Inc. reported a drill defined resource estimate
of 163,295 tonnes grading 5.83 g/T gold on what is now part of the
Property. Pro Minerals is not treating this historical resource
estimate as a National Instrument 43-101 defined resource for
reserves verified by a qualified person and the historical resource
estimate should not be relied upon.
This past summer the Lac Laura Gold Project was also highlighted
and selected to be the subject of a Quebec Government geological
compilation project. The results of the Government project will be
released as part of a comprehensive report due this fall, which the
company will be able to utilize in defining future exploration
targets.
A new timber road has also recently been built parallel to the
Chapais-Senneterre Highway, which permits much better access to the
northern part of the property which is covering the southern
portion of the Blondeau Formation. This Formation comprises
volcanic rocks as well as Gabbro sills. Those sills are known to
contain chalcopyrite, pyrrhotite, pyrite and sometimes sphalerite.
The Blondeau Formation is known to be favourable for the discovery
of "Cooke Mine type" copper mineralization as well as VMS type
mineralization. Several MEGATEM and INPUT anomalies cover this
northern part of the property and Pro Minerals intends to verify
these targets by ground geophysical surveys and a diamond drilling
program.
Pro Minerals invites the public to visit its website at
http://www.promineralsinc.com or e-mail us at
info@promineralsinc.com to be added to the Company's e-mail list
for press releases and updates.
ON BEHALF OF THE BOARD OF DIRECTORS OF PRO MINERALS INC.
Adrian O'Brien, President/COO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Pro Minerals Inc. W. Adrian Bakker Business
Development 604-608-6168 w.adrian@promineralsinc.com
www.promineralsinc.com
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