EANS-News: Cheetah Ventures Ltd. - Acquisition of Yemen Gold Prospects
VANCOUVER, Canada (euro adhoc) -
Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement.
Joint Ventures/Cooperation/Collaboration/Cheetah - Yemen Gold Prospects
Cheetah Ventures Ltd.'s wholly owned subsidiary, Cheetah-Yemen Holdings Ltd., has entered into a letter of intent with Cantex Mine Development Corp., whereby the company will be granted an option to acquire up to a 70-per-cent interest in certain mineral claims located in Yemen and known as the Al Hariqah project. The company's interest will be earned in stages, but, to earn the full 70-per-cent interest, the company is required to finance exploration expenditures totaling $5-million plus 70 per cent of the costs required to put the project into commercial production. The company is obligated to finance a minimum of $2-million as a firm commitment and will earn a 40-per-cent interest upon expending a total of $4-million and completing a prefeasibility study by March, 2012. It can then earn an additional 10-per-cent interest by expending an additional $1-million toward exploration work and completing a feasibility study by September, 2013, and can earn a final additional 20-per-cent interest by financing 100 per cent of the costs of placing the claims into commercial production. In the event that a mine is developed, Cantex will reimburse the company for 30 per cent of the costs associated with commercial development of the mine from 80 per cent of Cantex's share of mine profits.
The letter of intent and transactions contemplated therein are subject to a number of material conditions, including, inter alia, the negotiation of a definitive agreement, delivery and approval by the company of a compliant National Instrument 43-101 report, and TSX Venture Exchange approval. A finder's fee is payable in connection with the transaction upon final closing.
About the Al Hariqah project
The Al Hariqah project is a large body of gold mineralization discovered by Cantex. To date, Cantex has spent over $10-million mapping, sampling and drilling the Al Hariqah project and has identified two parallel zones of gold mineralization 30 metres to 50 metres wide with a strike length of over four kilometres. Mineralization has been intersected from surface to a depth of 200 metres and remains open at depth.
Within the 30-metre-to-50-metre-wide zones are frequent small pods of high-grade mineralization (up to 200 grams per tonne gold). In many cases, this high-grade mineralization contains visible gold.
To date, 162 drill holes have been drilled on the project, with 45 of these yet to be deepened with core drilling. Examples of notable intersections are presented in the attached table.
Drilling Highlights
Drill hole Intersection From To Gold grade
(m) (m) (m) (g/t)PDH 18 57 0 57 1.84
PDH 22 7.5 3 10.5 12.15
19.5 28.5 48 2.18
PDH 44 30 7.5 37.5 2.65
7.5 54 61.5 5.78
PDH 47A 6 6 12 1.22
18 24 42 3.67
12 57 69 1.26
PDH 9A 33 3 36 2.53
Including 6 3 9 4.40
And 15 21 36 3.46
RDH 23 1.5 4.5 6 0.30
73.5 9 82.5 2.09
Including 3 9 12 6.95
And 1.5 30 31.5 3.04
And 1.5 43.5 45 4.81
And 1.5 54 55.5 2.41
And 1.5 58.5 60 2.33
And 3 61.5 64.5 4.86
And 6 75 81 9.63
1.5 82.5 84 0.61
4.57 85.53 90.1 1.12
24.38 97.72 122.1 1.10
1.53 134.29 135.82 1.09
7.44 143.44 150.88 1.05
RDH 34 39 24 63 3.01
Including 4.5 28.5 33 3.90
And 4.5 39 43.5 14.51
And 1.5 45 46.5 5.54
1.5 96 97.5 0.30
RDH 43 3 0 3 0.32
3 4.5 7.5 1.14
Including 1.5 4.5 6 1.86
16.5 10.5 27 1.17
Including 3 12 15 1.66
And 3 18 21 2.50
And 1.5 25.5 27 2.66
31.5 34.5 66 1.76
Including 1.5 52.5 54 8.64
And 6 58.5 64.5 4.30
YDH 02 46.5 28.5 75 3.13
YDH 03 81 10.5 91.5 1.11
YDH 10 4.5 3 7.5 1.91
61.5 18 79.5 2.17
4.5 87 91.5 2.5
7.5 106.5 114 1.69
7.5 174 181.5 2.01
4.5 196.5 201 1.35The reliability of Cantex's historical data is unknown but is considered relevant by the company. The data are non-NI 43-101-compliant and should not be relied upon. It is Cantex's intention to complete an NI 43-103 report on the project; however, final results may produce results that differ substantially from the results stated in this news release.
Once drilling on the remaining 45 holes is complete, a prefeasibility study will be undertaken. All of the data presented in this news release have been previously released by Cantex. An NI 43-101 report on the Al Hariqah project is presently being prepared.
Technical portions of this release have been prepared and reviewed by Chad Ulansky, PGeol, a qualified person under NI 43-101. Mr. Ulansky is the president and director of Cantex.
We seek Safe Harbor.
On behalf of the Board of Directors,
Brian Gracey www.cheetahventures.ca Phone 604 662-8130
end of announcement euro adhoc
Further inquiry note:
Brian Gracey, www.cheetahventures.ca, Phone 604 662-8130
Branche: Metals & Minerals
ISIN: CA16307W1059
WKN: A0Q57X
Börsen: Frankfurt / Open Market