Stockwatch News Big Blackfoot Resources Ltd - Big Blackfoot to sell interest in Plata-Inca property Big Blackfoot Resources Ltd BLF Shares issued 16,384,920 May 16 2001 close $.100 May 17 2001 11:22:53 Mr. Paul White reports Copper Ridge Exploration Ltd. and Big Blackfoot have executed a letter agreement to afford Copper Ridge the opportunity to earn interest in the company's 100-per-cent-owned Plata-Inca property in the Mayo mining district, Yukon Territory. The letter agreement in principle provides for Copper Ridge to earn up to 51-per-cent interest for a minimum expenditure of $800,000. Copper Ridge may earn an additional 9-per-cent interest by expending $1-million after earning its 51 per cent (in the maximum period of six years), and an additional 10-per-cent interest for providing a suitable feasibility report. At completion of all of Copper Ridge's earning options, a joint venture will be struck at 70 per cent Copper Ridge and 30 per cent Big Blackfoot, or at lesser Copper Ridge interest if it elects to remain below its maximum 70 per cent. The former high-grade lead-zinc-silver producer has received $1.15-million in exploration expenditures in the 1995 to 1998 period, and approximately $6-million has been spent on the property to date. A total of 500,000 ounces of silver and 1,800 tons of lead was shipped between 1983 and 1987 to North American and European smelters, grading from 150 ounces per ton Ag to 600 ounces per ton Ag, and up to 80 per cent Pb of hand-picked ore. The first program in 2001 will be one of drill target selection, to determine deep drilling targets to locate an anticipated major base metal, stratabound deposit, believed to be related to the 40 high-grade surface exposures of silver, lead, zinc, copper and gold which occur in various combinations on the property. Copper Ridge will be the operator of the program and final agreements are currently in preparation. (c) Copyright 2001 Canjex Publishing Ltd.
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