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News
12.05.2009
MPH Ventures Acquires Five Gold Properties in Southeastern Ontario
MPH Ventures Acquires Five Gold Properties in Southeastern Ontario
Vancouver, BC – MPH Ventures Corp. (TSX-V: MPS) (FWB: IJA1) (the “Company”) is pleased to announce that it has entered into an acquisition agreement (the “Agreement”) with certain vendors (the “Vendors”) to acquire a 100% interest in five non-contiguous gold exploration properties referred to as the Raney Project, Big Mac property, Geneva Lake property, Shining Gold property and Gould Gold property comprised of approximately 735 hectares located in the Porcupine, Sudbury, Larder Lake and Sault Ste. Marie Mining Divisions of southeastern Ontario (the “Properties”). The Properties host gold showings in varying stages of exploration, discovered, and developed by the vendors.
The Raney Gold Property, located 110 km southwest of Timmins, covers several historical gold occurrences. Previous operators identified a gold bearing silica-pyrite-sericite alteration system intersected with three diamond drill holes. The alteration system contains two parallel zones spaced approximately 20 metres apart. The wider lower zone contains higher gold grades (Table 1), including a 13.77 gm/t Au over a 1.70 m interval (R-08-4). The holes were completed on two sections spaced 50 metres apart.
Table 1 – Raney Gold Project Historical DDH Intersections
Please find the results under the following link: http://www.irw-press.com/dokumente/MPH_120509_engl.pdf
* The Company has not yet completed the work necessary to verify the historical results and since they are historical in nature and are non-compliant with NI 43-101, the results should not be relied upon.
Exploration will commence on the Raney Project with a diamond drill program to establish general geometry and dimensions to the gold bearing alteration system and to evaluate the near surface potential of the system. In addition, the Company will review the drill core from past programs to assist in the evaluation of the zone.
The other four projects, the Big Mac property, Geneva Lake property, Shining Gold property and Gould Gold property, included in the purchase consist of historically documented gold showings and have received minimal exploration work. The properties display exploration characteristics associated with known gold deposits and were advanced by the work and ideas of the property vendors.
The exploration program is being carried out under the direction of Todd Keast, P. Geo. The information in this news release was prepared by Todd Keast, P. Geo., a qualified person as defined by National Instrument 43-101.
Pursuant to the terms of the Agreement, the Company has agreed to issue an aggregate of 2,272,728 common shares to the Vendors in accordance with their respective interests in the Properties. The Properties are subject to a 2% net smelter return royalty (the “NSR”) in favour of the Vendors. The Company has been granted a right to purchase one-half of the NSR on the Properties by paying the Vendors the sum of $1,000,000 for the 1% NSR acquired. The Company will pay up to a 10% finder’s fee of 227,272 common shares of the Company, in connection with these property acquisitions.
The above transaction is subject to the acceptance of the TSX Venture Exchange.
MPH Ventures Corp. is a gold and molybdenum exploration company focused on mineral development within Canada.
For further information on MPH Ventures Corp. (TSX-V: MPS) visit the Company’s web site at www.mphventurescorp.com .
ON BEHALF OF THE BOARD OF DIRECTORS
“Jim Pettit”
______________________________
JAMES G. PETTIT
President
For further information contact myself or:
Don Myers
MPH Ventures Corp.
Director
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@mphventurescorp.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release may contain certain "Forward-Looking Statements" that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company’s filings with Canadian Securities regulators available on www.sedar.com.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6247331011
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.
Vancouver, BC – MPH Ventures Corp. (TSX-V: MPS) (FWB: IJA1) (the “Company”) is pleased to announce that it has entered into an acquisition agreement (the “Agreement”) with certain vendors (the “Vendors”) to acquire a 100% interest in five non-contiguous gold exploration properties referred to as the Raney Project, Big Mac property, Geneva Lake property, Shining Gold property and Gould Gold property comprised of approximately 735 hectares located in the Porcupine, Sudbury, Larder Lake and Sault Ste. Marie Mining Divisions of southeastern Ontario (the “Properties”). The Properties host gold showings in varying stages of exploration, discovered, and developed by the vendors.
The Raney Gold Property, located 110 km southwest of Timmins, covers several historical gold occurrences. Previous operators identified a gold bearing silica-pyrite-sericite alteration system intersected with three diamond drill holes. The alteration system contains two parallel zones spaced approximately 20 metres apart. The wider lower zone contains higher gold grades (Table 1), including a 13.77 gm/t Au over a 1.70 m interval (R-08-4). The holes were completed on two sections spaced 50 metres apart.
Table 1 – Raney Gold Project Historical DDH Intersections
Please find the results under the following link: http://www.irw-press.com/dokumente/MPH_120509_engl.pdf
* The Company has not yet completed the work necessary to verify the historical results and since they are historical in nature and are non-compliant with NI 43-101, the results should not be relied upon.
Exploration will commence on the Raney Project with a diamond drill program to establish general geometry and dimensions to the gold bearing alteration system and to evaluate the near surface potential of the system. In addition, the Company will review the drill core from past programs to assist in the evaluation of the zone.
The other four projects, the Big Mac property, Geneva Lake property, Shining Gold property and Gould Gold property, included in the purchase consist of historically documented gold showings and have received minimal exploration work. The properties display exploration characteristics associated with known gold deposits and were advanced by the work and ideas of the property vendors.
The exploration program is being carried out under the direction of Todd Keast, P. Geo. The information in this news release was prepared by Todd Keast, P. Geo., a qualified person as defined by National Instrument 43-101.
Pursuant to the terms of the Agreement, the Company has agreed to issue an aggregate of 2,272,728 common shares to the Vendors in accordance with their respective interests in the Properties. The Properties are subject to a 2% net smelter return royalty (the “NSR”) in favour of the Vendors. The Company has been granted a right to purchase one-half of the NSR on the Properties by paying the Vendors the sum of $1,000,000 for the 1% NSR acquired. The Company will pay up to a 10% finder’s fee of 227,272 common shares of the Company, in connection with these property acquisitions.
The above transaction is subject to the acceptance of the TSX Venture Exchange.
MPH Ventures Corp. is a gold and molybdenum exploration company focused on mineral development within Canada.
For further information on MPH Ventures Corp. (TSX-V: MPS) visit the Company’s web site at www.mphventurescorp.com .
ON BEHALF OF THE BOARD OF DIRECTORS
“Jim Pettit”
______________________________
JAMES G. PETTIT
President
For further information contact myself or:
Don Myers
MPH Ventures Corp.
Director
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@mphventurescorp.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release may contain certain "Forward-Looking Statements" that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company’s filings with Canadian Securities regulators available on www.sedar.com.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6247331011
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.