NEWS --- Leeward plans Nithi exploration, to sellLeeward plans Nithi exploration, to sell Pistol Lake
2010-04-05 18:29 ET - News Release
Mr. James Kelly reports
CORPORATE UPDATE
Leeward Capital Corp. is releasing the results of a recent meeting of the new board of directors.
Subject to financing, the company intends to proceed with the next stage of exploration and development of its Nithi Mountain molybdenum deposit located in central British Columbia, 10 kilometres southeast of Thompson Creek Mining's 30,000-ton-per-day Endako molybdenum mining and milling operation.
Leeward's 2010 program will focus on higher-grade zones indicated from previous drilling. To this end, a comprehensive review of the geology and drilling results is being carried out to define and delineate prospective targets. Prior to initiating the drilling phase, a program of surface geological mapping and sampling of target zones will be conducted to provide key geological information for the effective layout of drill holes and interpretation of drill results. Logging on Nithi Mountain has cleared large areas of the mountain providing easier access to surface exposures within the target areas.
Leeward's Pistol Lake gold property, located in the Bathurst Inlet area of Nunavut, was also reviewed and a decision was made to solicit bids for the sale of this property. Discussions with several interested parties have been initiated. Proceeds from the sale will be used to provide working capital to the company.
Discussions are under way with potential financing sources with regard to future financing for the company's continuing activities. Financing options include private equity investment and flow-through funds. Further updates will be issued as progress is made.
We seek Safe Harbor.