2008 News |
TSX.V: CVN |
Acquisition of KM Property, Omineca Mining Division, B.C.February 11, 2008 VANCOUVER, BRITISH COLUMBIA -- Cavan Ventures Inc. ("Cavan" or the "Company")(TSX VENTURE:CVN) has entered into a Property Option Agreement (the “Agreement”) with Cadre Capital Inc. (“Cadre”) of Vancouver, B.C., to acquire a 100% interest in their Kisgegas and KM Claims (the “Property”), which are approximately 60 kilometers north of Hazelton, 1.6 kilometers northeast of Kisgegas Peak, B.C., and situated in the Omineca Mining Division. The five claims that comprise the Property cover an area of approximately 946 hectares. The Property area extends over a relatively large area of intruded granadiorite plugs, dykes and sills, which are believed to be responsible for late stage epithermal mineralization, veining and stockworks. The entire area is underlain by Cretaceous silt and sandstones. A completed work program performed in 1987 on the property has been described in Assessment Report 17542. The showings consist of quartz vein stockworks and veins ranging up to 1.3 meters in width. The mineralization includes pyrite, galena sphalerite and chalcopyrite. The work program included taking 29 samples over a strike length of 2.5 km, as well as a bulk sample from one of the showings. The samples appear to indicate that the mineralization lies along 2 sub parallel E-W vein systems. The average grades of the samples assay up to 0.7% copper and 20% lead and 20% zinc as well as minor amounts of gold and silver. The Company has not verified any of the results reported in this release. The reported historical figures are non compliant with the current NI 43-101 guidelines. To exercise the Option, the Company must:
Cadre has reserved a 2% net smelter return royalty (the “Royalty”) which may be purchased for a one-time payment of $1,000,000. Commencing on June 15, 2011, and each anniversary thereof until the Property is placed in commercial production or abandoned by Cavan, the Company shall pay to Cadre the sum of $25,000 in cash, or the equivalent value in free-trading common shares of Cavan, as an advance against the Royalty. All of the above terms in the news release are subject to the approval of all regulatory bodies. The Company intends to commence a work program as soon as possible on the property in order to verify sample data, prepare for a spring/summer exploration program, and to complete a NI43-101 compliant report. All exploration work on the Property will be conducted under the supervision of Qualified Person, Peter Cowdery, P. Eng. Mr. Cowdery has reviewed this press release. On behalf of: Cavan Ventures Inc. "Ian Heathcote" Ian Heathcote, President and Chief Executive Officer For further information please visit our website at www.cavanventures.com This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information. TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Cavan Ventures Inc. |
|
|
|
