Mr. Loren Komperdo reports
ZEPHYR MINERALS LTD. CLOSES GOLD PROPERTY ACQUISITION
Zephyr Minerals Ltd. has closed the previously
announced purchase and sale agreement with Celtic
Minerals Ltd. to purchase a 100-per-cent interest in the Dawson gold
project in Colorado, United States. The acquisition was done by way of
a share purchase agreement, whereby Zephyr acquired 100 per cent of Celtic Gold
Ltd., a Colorado company and subsidiary of Celtic Minerals, which holds
title to the Dawson project.
Zephyr made cash payments of $200,000 to Celtic and $20,000 to UUS
Inc. The payment to UUS, a 100-per-cent-owned subsidiary of Cameco Corp.,
was to fulfill a previous purchase agreement between Celtic and UUS.
Loren Komperdo, president and chief executive officer, stated: "We are very pleased to have
acquired the Dawson gold project. The 400-hectare property contains
multiple historic resource estimates, which boast high grades over
viable widths, including one zone of 121,000 ounces of gold with an
average grade of approximately half an ounce per tonne (239,000 tonnes
at 15.8 grams per tonne gold) (1). As part of our ongoing exploration, it is our
intention to verify historic drill results by twinning selected drill
holes and to complete a National Instrument 43-101-compliant resource
A qualified person has not done sufficient work to classify the
historical estimate as current mineral resources, and the company is not
treating the historical estimate as current mineral resources.
Dawson is an advanced gold project with excellent exploration potential.
It consists of 45 contiguous unpatented and eight patented mining
claims, and one patented placer claim covering approximately 275
hectares. The gold mineralization was discovered by U.S. Borax Ltd. in
the early 1980s and last explored by Uranerz U.S.A. Inc. in the early
1990s. During this period, a total of 142 diamond drill holes for
27,206 metres were drilled, from which several resource estimates were
completed. Gold mineralization at Dawson is hosted in discrete deposits
within a Proterozoic-aged exhalite unit that trends east-west for
approximately 2.6 kilometres on the property. Future exploration programs
will be focused on drill testing targets identified through historic
programs and identifying new drill targets along this laterally
Please visit the Zephyr website to view a recent corporate presentation highlighting the Dawson gold
project in greater detail.
(1) This information is historic in nature and is based on drilling
results reported by U.S. Borax, 1982, and Uranerz, 1990.
Peter Webster, PGeo, who is a qualified person as defined under
National Instrument 43-101, has reviewed the technical contents of this
news release. Mr. Webster has not verified the data disclosed,
including sampling, analytical and test data underlying the information
or opinions contained in the written disclosure.
We seek Safe Harbor.