RE: RE: let/s talk firearmsre. KOK
Ok guys, i'm getting a little confused by the KOK PR below... if you look at the DLKM claim map the only way KOK could be NW of CAN is if they were at the NW border of CAN's land and above DLKM's land, to my knowledge CAN has not drilled any "extension" far enough NW for KOK to make the statement below.... KOK also says they have an option.. sounds like SOC..
I like DLKM's claim area, but am surely not convinced mgt. has a plan or is capable of executing one if they had it. plus the OS is pretty big.
When i come across companies that are talking about their Tanzanian lands if they don't have a map on their website clearly identifying these claims i look the other way. I also wish CAN would add a better claim map to their website.
As far as risk\reward.. well each has their own level of tolerance, In my opinion the best deal being discussed factoring in mgt. OS, lands etc. may still be CAN.
Kokanee Minerals Inc.: Major Blocks Totalling 504 Km2 Optioned Near Canaco
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2010) - Kokanee Minerals Inc. (TSX VENTURE:KOK) ("Kokanee" or "the Company") reports that in conjunction with its experience and presence in Tanzania the Company has optioned a prospective property in the Handeni area of eastern Tanzania.
The property consists of two Prospecting Licenses (PL) that cover, respectively, 279.16 km2 and 225.34 km2. The property covers the area northwest of the proposed extension of the zone identified on Canaco's Magambazi property. The same rocks that host that zone continue on to the optioned property. Preliminary work has identified quartz veins and artisanal workings on the PLs.
"This is an important step forward for the Company," said Kokanee's President, Abby Farrage. "The Company is very pleased to be acquiring these two significant blocks of land in such a promising area of Tanzania. This establishes Kokanee as a major presence there."
The property under negotiation is being acquired from a private Tanzanian company for payments of $5 million and issuing 2.5 million shares and completing $5 million in exploration over the next 5 years. This transaction is subject to the execution of a final written agreement.
The PLs were won on a closed tender bidding process, and the Offers of Grant for the PLs from the Ministry of Mines have been received. The company has initiated the PL issuance process by accepting the offers and paying the preparation fees.
This release has been reviewed by Glen Macdonald, P.Geo., the designated Qualified Person as defined by National Instrument 43-101.
On behalf of the Board of Directors,
Souhail Abi Farrage, President and Director
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the content of this press release.