$300.000 for Gold PropertyThe proceeds of the flow-through financing will be used to conduct exploration on its recently-acquired Northern Treasure gold property, located 120 km south of Atlin, BC. The claims are on geological trend 12 km from the Inlaw/Trapper Lake group (a joint venture between Ocean Park Ventures Ltd. and Constantine Metal Resources Ltd.) and 70 km from the Golden Bear mine and mine access road which was developed by Chevron Minerals of Canada.
On the Northern Treasure property, numerous gossans which may be intensely oxidized, weathered, or decomposed rock, have been observed over a large area on the claims in images from air photos. Additionally, a BC Government regional stream sediment sample returned 602 PPB Gold from Claim # 836803. The Company has started an analysis of airborne and satellite images as well as historic information from past exploration, to be followed up by surface exploration this summer.
The proceeds of the non-flow portion of the financing will be used for general working capital and in its coal interests in Mongolia.