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HORSESHOE ISLAND
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Key Facts
Location:
Ontario, Canada
85 km East of RED LAKE Commodities: Gold
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Comparable Properties
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Latest Information  August 6, 2003 Red Lake Resources has granted Cascade Mountain Mining an option to earn a 50% interest in the Horseshoe Island Property in the Birch-Uchi District of northwestern Ontario and an option to earn a 50% interest in the Starratt Channel and Keg Lake Properties in the Red Lake area of northwestern Ontario. In order to earn its 50% interest in the Horseshoe Island Property, Cascade must issue 200,000 common shares to Red Lake, make CAD115,000 in cash payments and expend CAD500,000 over a three-year period. To earn its 50% interest in the Keg Lake and Starratt Channel Property, Cascade must issue 200,000 common shares, make CAD170,000 in cash payments and expend CAD500,000 on exploration within a four-year period. June 16, 2003 Masuparia Gold Corporation has terminated the option agreements of last June with Red Lake Resources covering three Red Lake-Birch Uchi gold properties in Ontario. Masuparia intends to focus its resources on its Ungava-Raglan property and the Greywacke Lake gold property northeast of La Ronge, Saskatchewan. June 14, 2002 Masuparia Gold has obtained an option from Glenhaven Ventures to earn a 51% interest in three of Glenhaven's gold properties in the Red Lake Birch Uchi greenstone belts, northwestern Ontario. Masuparia may earn its interest in each of the Horseshoe Island, Springpole and Starrat Channal properties owned by Glenhaven by completing each of the following obligations per property within a three year period: issuing 200,000 common shares of Masuparia; expending CAD500,000 in exploration; and making all underlying cash payments to the original vendors of the properties. |
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