MBV - here is the proaf - coal leases in Sask.Mill Bay applies for coal leases in Saskatchewan
2008-05-30 05:12 PT - News Release
Shares issued 48,999,698
MBV Close 2008-05-29 C$ 0.06
Mr. William Glasier reports
MILL BAY SECURES COAL LEASE APPLICATIONS TOTALLING 91,054 ACRES NOTHWEST OF HUDSON BAY, SASKATCHEWAN
Mill Bay Ventures Inc. has secured coal lease applications encompassing approximately 91,054 acres west of Hudson Bay, Sask. The granting of the coal permits is at the discretion of the Saskatchewan government based on the priority of applications, and at this time Mill Bay cannot provide any assurance that the coal permits applied for will be granted. In the event that the applications are successful, the company will pay $12,000 and transfer 80,000 common shares from its treasury as a finder's fee. The transactions will require regulatory approval.
The company is encouraged due to recent coal discoveries in the area and the coal may cover a large region as Mike Magrum, PEng, reported in Goldsource Mines Inc.'s news in Stockwatch on April 28, 2008, "Coal structures of the Creataceous age are generally stratigraphic and can encompass several thousand square kilometres."
A recent discovery in the area by Goldsource Mines Inc., as reported by J. Scott Drever in Stockwatch on May 5, 2008, released the following information: "Goldsource Mines Inc. has provided the results for the 47 coal samples submitted from the Saskatchewan coal intercepts for two core holes representing 26 metres and 32.5 metres respectively of coal seam, including 22.6 metres of continuous coal in each hole. On the basis of proximate analyses, most of the coal from the two intercepts is ranked, in accordance with standard ASTM-D388, as high-volatile bituminous C and subbituminous A. The analyses and rankings confirm the 'visual characteristics' reported in the company's news release dated April 28, 2008."
In the event the applications are successful, Mill Bay plans to diligently explore the acreage.