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Golconda Gold Ltd GG


Primary Symbol: V.GG Alternate Symbol(s):  GGGOF

Golconda Gold Ltd. is a Canada-based un-hedged gold producer and explorer with mining operations and exploration tenements in South Africa and New Mexico. The Company operates through its wholly owned subsidiary, Galane Gold Mines Ltd., two assets: a producing gold mine which also has the rights to certain mineral exploration tenements (the mine and mineral exploration tenements collectively, the Galaxy Property) located in the Republic of South Africa (South Africa) through subsidiaries located in South Africa, and a gold and silver mine and processing infrastructure located in the United States of America (the Summit Property) that is in care and maintenance. The Galaxy gold is situated approximately eight kilometers (km) west of the town of Barberton and 45 km west of the provincial capital of Nelspruit in the Mpumalanga Province of South Africa. The property covers approximately 58.6 square kilometers (km2) is part of the prolific Barberton Greenstone Belt.


TSXV:GG - Post by User

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Post by HYLAKEFANon Oct 03, 2007 5:25am
144 Views
Post# 13511624

HY LAKE GOLD AND GOLDCORP RED LAKE GOLD MINES

HY LAKE GOLD AND GOLDCORP RED LAKE GOLD MINES 10/3/2007 Toronto, ON October 03, 2007 FSC / Press Release HY LAKE GOLD AND GOLDCORP RED LAKE GOLD MINES SIGN LETTER OF INTENT ON ROWAN LAKE PROPERTY IN RED LAKE, ONTARIO Toronto, Ontario CANADA, October 03, 2007 /FSC/ - Hy Lake Gold Inc. (CNQ: HYLK, FWB: HYK), ("Hy Lake Gold" and "the Company") is pleased to announce that the Company has signed a binding Letter of Intent with Red Lake Gold Mines, a general partnership of Goldcorp Inc. (TSX: G; NYSE: GG) and Goldcorp Canada Ltd. (collectively "Goldcorp Red Lake Gold Mines") on Goldcorp Red Lake Gold Mines' Rowan Lake property in Todd Township, Red Lake, Ontario. Goldcorp Red Lake Gold Mines currently holds a 100% stake in the 117-claim, 2187 hectare Rowan Lake property which is contiguous with Hy Lake Gold's Mount Jamie property to the west. Under the terms of the contemplated option agreement, Hy Lake Gold can earn a 60% interest in the property, as operator, through exploration expenditures of Cdn. $2,500,000 over 3 years with Cdn. $500,000 committed in the first year. Goldcorp Red Lake Mines shall have a back-in right to purchase a 20% interest in the property from Hy Lake Gold, within 90 days of the exercise of the option, for Cdn. $5,000,000. Hy Lake Gold and Goldcorp Red Lake Mines will execute the formal option agreement within 5 days of Hy Lake Gold completing its due diligence. All additional information, including that regarding terms of a subsequent joint venture, will be available upon finalization of the definitive agreement. The Rowan Lake property lies on the Pipestone Bay-St. Paul's Bay Deformation zone (GSC CR2001-C19), hosts the past producing Rowan Lake Gold Mine, adjoins the past producing Mount Jamie Mine (Hy Lake Gold) to the east and surrounds the past producing Red Crest Mine (Claude Resources). The property, which has been explored only to very shallow depths, is underlain by the same geology and structure as these three past producers and has been subjected to limited underground exploration from a shaft and adit on the property. The property is host to numerous gold occurrences which have seen limited drill testing returning results such as: * Hole RWU53370 - 40.79 grams Au per tonne over 3.39 metres * Hole RW8457 - 14.57 grams Au per tonne over 4.42 metres * Hole RW8459 - 26.51 grams Au per tonne over 2.51 metres * Hole RW8460 - 11.02 grams Au per tonne over 4.22 metres * Hole RW8577 - 39.26 grams Au per tonne over 1.47 metres Potential exists to expand upon these gold mineralized zones both along strike and at depth. The Red Lake greenstone belt is host to some of the richest gold deposits in the world. The Red Lake Camp has produced over 23 million ounces of gold, including approximately 18 million ounces from the Goldcorp Red Lake Gold Mines deposit (source MNDM website). Hy Lake Gold is a junior exploration company currently focused on gold exploration in the Red Lake area of northwestern Ontario. To find out more about Hy Lake Gold Inc. (CNQ: HYLK; FRANKFURT: HYK) visit our website at www.hylake.com. The content of this release has been carried out under the supervision of Mr. Kenneth Guy, P. Geo., designated Qualified Person for Hy Lake Gold, who has reviewed the this press release. There are 16,575,781 shares of the Company outstanding. On behalf of the board: Mr. Robert B. Seitz, President 416-203-9181, ext. 4500 info@hylake.com The CNQ has neither approved nor disapproved of the contents of this press release.
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