Fort Knox option agreement becomes effectiveFort Knox option agreement becomes effective
Inco Ltd N
Shares issued 181,997,763 Jan 10 2002 close $27.420
Friday Jan 11 2002 News Release
Mr. Terry MacGibbon reports
FORT KNOX ANNOUNCES EFFECTIVE DATE OF INCO OPTION TO PURCHASE ...
Fort Knox Gold's option agreement to purchase five Sudbury basin, Ontario properties from Inco has become effective (please see Fort Knox's Dec. 3, 2001, news, as reported in Stockwatch, for details of the agreement). Proceeds of its recently completed $8-million financing have been released from escrow (please see Fort Knox's Dec. 27, 2001, news, as reported in Stockwatch).
Fort Knox and Dynatec, one of Canada's premier mining contracting and service companies, are in final negotiations to form a joint venture (Fort Knox, 75 per cent, and Dynatec, 25 per cent) to explore, develop and mine the properties.
The Fort Knox-Dynatec joint venture plans to immediately initiate a $14-million work program on the properties. The work program will be completed over a 16-month period and consist of diamond drilling, data compilation, and geological and geophysical surveys. Concurrently, detailed mine engineering and economic evaluation will be conducted on the known mineralized zones.