opps here it ishttps://www.stockhouse.com/tools/?page=%2FFinancialTools%2Fsn%5Fnewsreleases%2Easp%3Fsymbol%3DV%2EAMG%26newsid%3D7491897
VANCOUVER, BRITISH COLUMBIA, Oct 19, 2009 (MARKETWIRE via COMTEX News Network) --
On February 5, 2002, Acero-Martin Exploration Inc. (the "Company") (TSX VENTURE: AMG)(FRANKFURT: AMX) entered into an option agreement, which was subsequently amended on April 4, 2002 and again on May 12, 2002 (collectively, the "Option Agreement"), with 629281 B.C. Ltd. (B.C. Ltd"), to acquire a 75% interest in 52 contiguous mineral property claims located in the Mayo Mining District, Yukon (the "Red Mountain Property"). The Company and B.C. Ltd. have agreed by way of confirmation and amending agreement dated August 31, 2009 (the "Amending Agreement") that, notwithstanding the terms of the Option Agreement, the Company has earned an 80% interest in the Red Mountain Property subject to a 2% Net Smelter Royalty to be paid to B.C. Ltd. following the commencement of commercial production. Under the terms of the Confirmation and Amending Agreement, in consideration of B.C. Ltd., the Company has agreed to issue 175, 000 post-consolidated common shares in the capital of the Company to B.C. Ltd.
The Confirmation and Amending Agreement is subject to applicable corporate approval and regulatory approval, including the approval of the TSX Venture Exchange.
B.C. Ltd. is an arm's length party of the Company, or of its Associates or of its Affiliates.
The Red Mountain Project consists of 52 ICE and JC claim blocks that cover a 1,087 ha contiguous area located about 135km east of Dawson City, Yukon.
The project is located within the Tintina Gold Belt, a part of the Yukon-Tanana gold belt extending across central Yukon Territory and the state of Alaska, which contains several large producing and developing properties, and a host of evolving gold prospects. Intense exploration in the Yukon region has been spawned by activity of Underworld Resources south of Dawson City and Atac north-east of Keno Hill, among others. Activity has also been spurred by the recent delineation of 12 million ounces of gold resources by International Tower Resources Ltd., some fifty miles north of Fairbanks area, and the continued production from Kinross' large Fort Knox open pit at Fairbanks, both within this major structural belt.
The property covers a series of quartz monzonite sills and associated intrusions, and sedimentary rocks of the Selwyn Basin. A large aeromagnetic anomaly is located in the central part of the property. Two campaigns of drilling have been conducted on the property in 2004 and 2005. Significant values in gold have been intersected over long core intervals. The most significant of these are associated with the Jethro structure, which remains open for further exploration to the northwest.
In excess of $2.5 Million has been spent by the Company on the Red Mountain Property to date. No work has been done on the Red Mountain Property over the past 4 years as the Company had focused efforts on the Pinaya Property in Peru. Re-evaluation of all data including historical assay results is in progress in anticipation of renewed exploration.
SIGNIFICANT ASSAY RESULTS FROM 2004-2005 DRILL PROGRAMS
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From To Interval Au
Hole Number Metres Metres Metres gm/t
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DDH-04-18 17.00 142.00 125.00 1.14
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DD-05-20 122.47 227.38 104.91 1.07
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DD-05-21 42.83 106.40 63.76 1.13
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DD-05-22 4.27 32.48 28.21 1.24
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DD-05-23 118.00 132.16 14.16 0.94
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DD-05-24 6.66 19.77 13.11 0.74
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60.86 79.74 18.88 1.07
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DD-05-26 17.1 18.6 1.5 1.58
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63.13 64.13 1.0 1.35
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122.8 124.2 1.4 1.00
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DD-05-27 3.95 5.44 1.49 1.59
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46.16 47.66 1.5 1.93
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