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BOTWOOD BASIN/PARADISE LAKE
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Key Facts
Location:
Newfoundland, Canada
20 km South of GRAND FALLS Commodities: Gold
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Comparable Properties
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Latest Information  June 5, 2002 Altius Minerals has completed an earn-in/JV agreement with CanAlaska concerning three of Altius' gold properties located within the Botwood Basin area of central Newfoundland. The Paradise Lake, Rolling Pond and Chiouk Brook properties are situated along the Miguel Trend, one of three mineralized trends that Altius has identified and focused upon within the Botwood Basin over the past few years. CanAlaska may earn an initial 51% interest in the properties by incurring CAD1,000,000 in exploration expenditures and paying Altius CAD110,000 and up to 500,000 shares over 4 years. Once CanAlaska has vested with a 51% interest it may earn 60% by expending an additional CAD500,000 over a two-year period and paying up to 250,000 shares. It may earn a 70% interest by completing a positive bankable feasibility study, and earn 75% by funding all costs until such time as commercial production is achieved. The 2002 exploration program will consist of geologic mapping and prospecting, geophysical and geochemical surveying and diamond drilling. |
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