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SHABUMENI LAKE EAST AND WEST
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Latest Information  September 18, 2002 Red Lake Resources has granted a option to Grand Portage Resources Ltd. under which Grand Portage may earn a 50% interest in the 4,120 acre property in the Mitchell and Dent townships in the Red Lake/Birch Uchi greenstone belt, some 75 km east of Red Lake, Ontario. In addition to gold, the property has VMS potential with surface showings exhibiting intense alteration with elevated copper and zinc values. Grand Portage must expend CAD500,000 on exploration within a four-year period, issue 400,000 common shares and pay CAD134,000 to Red Lake. In other news, Grand Portage has terminated its option on the Shabumeni East and West properties as a claims dispute has arisen that may negatively affect the underlying ownership of the claims. May 23, 2002 Grande Portage Resources has signed letters of intent with Glenhaven Ventures under which it was granted an option to earn a 50% interest in the Shabumeni and Leonard Lake projects in the Red Lake Birch Uchi greenstone belts of northwestern Ontario. In order to earn its 50% interest in the Leonard Lake project, Grande Portage must issue 200,000 common shares to Glenhaven, make CAD60,000 in cash payments and expend CAD500,000 over a four-year period. To earn its 50% interest in the Shabumeni property, Grande Portage must issue 200,000 common shares, make CAD95,000 in cash payments and expend CAD500,000 on exploration within a four-year period. May 6, 2002 Glenhaven Ventures has arranged two concurrent financings: a brokered private placement for the sale of up to two million units of the company at a price of 15 cents per unit; and a short-from offering financing for the sale of up to two million units at 19 cents per unit. Funds raised from this financing will be used for working capital and to further define drill targets on the five property Birch Lake project under option from Fronteer Development Group, followed by a drilling program in late summer, and for a first-phase exploration program on the recently optioned Shabumeni east and west properties. The Birch Lake Project is located in the Birch Uchi greenstone belt of northwestern Ontario. A first phase program was completed in the fall of 2001 with initial results reportedly confirming the presence of mesothermal lode gold returning grades up to 35.59 g/t Au on the Mink Lake Property and massive sulphide mineralization grading up to 18.62 g/t Au and 3.9% Cu on the Swain East Property. Glenhaven plans to initiate more detailed site specific exploration to delineate drill targets for the late summer or fall. |
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