GREY:CDOOF - Post by User
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locogringoon Nov 08, 2015 2:11am
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Post# 24270846
Langley Lake
Langley Lake Any up-dates on this Project?
Candorado to acquire interest in Langley Lake project
CDO Shares issued 10,553,565
Aug 29 2002 close $ 0.13
Friday August 30 2002
News Release
Mr. Kirk Reed reports
CANDORADO ACQUIRES LANGLEY LAKE GOLD PROJECT
Candorado Operating Company has entered into an agreement to acquire a 95-per-cent undivided interest in a gold project located in the Langley Lake area of Saskatchewan, Canada.
The property is located in the southwest corner of NTS Map Sheet 74F-7, approximately 210 miles northwest of La Ronge and 55 miles north-northeast of La Loche, Sask.
The property was selected for mineral exploration due to the existence of old trenching carried out by a prospector of gold bearing occurrences.
There is no evidence in the Saskatchewan property assessment files indicating that any mineral exploration work has been done previously in the Langley Lake area.
It is known, however, that a prospector lived on the southwest shore of Langley Lake during the 1930s and early 1940s.
After his death, trenching over a gold-bearing occurrence was found approximately 800 metres north of Langley Lake.
The gold-bearing occurrence had been trenched a distance of 120 metres with 19 visible trenches. The largest trench along the mineralized vein is five metres long and three metres deep.
Workings are also noted on the large island in the eastern part of Langley Lake.
The prospector brought whatever gold he recovered to Edmonton for sale once a year.
No record of gold values from the mineralized zone is known to exist.
Under the terms of the agreement, Candorado may acquire 95-per-cent interest in the gold project by making a cash payment of $30,000 and issuing 250,000 common shares of the company's stock to the vendor.
Stock option grant The company has granted incentive stock options on one million common shares in the company's capital stock, exercisable up to two years, at a price of 12 cents per share.
The options may not be exercised until TSX Venture Exchange approval has been obtained.