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BOWMORE signs an
Option to Acquire 100% of the Duverny Gold Property in the Abitibi region of
Quebec.
Montréal,
Québec – August 10, 2010 – BOWMORE Exploration Ltd.
(BOW: TSX-V, “The Company”) is pleased to announce that it has signed an Option
Agreement to acquire 100% of the Duverny gold property (the “Property”) in the Abitibi region of
Quebec from the succession of a private
owner.
The Property is composed of 75 claims
covering over 2965.46 hectares and
is located 15 kilometers North East of the town of Amos in the township of Duverny. The Property
has been the object of historical exploration work since the 1920’s including
diamond and reverse circulation drilling, and bulk sampling that reported
numerous gold occurrences within the property limits and its vicinity. The Property
is easily accessible by paved road from Amos and then from gravel roads
penetrating trough various part of Duverny Township.
In addition Bowmore had previously
claimed an additional 53 claims covering 1919.87 hectares surrounding the Property
to the West and South of the outer limits for a total land package of 4885
hectares. The Amos district is the host
of the Géant Dormant gold mine that
produced over 1.3 million ounces since
1989.
THE TRANSACTION
Pursuant to
the Option Agreement (the “Agreement”) between a group of private owners and
Bowmore Exploration Ltd., the Company may acquire a 100% interest in the
Property and will keep the exclusive rights to explore and develop the Property
over the next 4 years in consideration of:
(i)
Total
cash payments of $262,500 payable as follows:
a.
$22,500
payable upon execution of the agreement;
b.
$33,750
payable on the first anniversary date of the Agreement;
c.
$56,250
payable on the second anniversary date of the Agreement;
d.
$75,000
payable on the third anniversary date of the Agreement and;
e.
$75,000
payable on the fourth anniversary date of the Agreement.
(ii) Incur
expenditures in the aggregate amount of at least $2,500,000 on or before the
following dates:
a.
$350,000
within the first year of the date of the Agreement;
b.
$500,000
on the second anniversary date of the Agreement;
c.
$650,000
on the third anniversary date of the Agreement and;
d.
$1,000,000
on the fourth anniversary date of the Agreement.
At the end
of this period, Bowmore will have acquired a 100% interest in the Property. The
Property is subject to a 2% NSR payable to the group of private owners. A $25,000 finder’s fee will be paid to an
independent geologist in connection with this transaction subject to the TSX
Venture.
Mr. Paul Dumas, President of Bowmore, stated
“we are very pleased with this recent transaction providing the Company with a property
within the mineral rich Abitibi Greenstone Belt. The Abitibi Greenstone Belt is
known as a well established mining district having produced several multimillion-ounce
gold mines. Quebec is one of the best
jurisdictions in the world to conduct exploration programs. The
Duverny Property adds excellent value to our existing portfolio”.
ABOUT THE PROPERTY
The property is located
in a favourable geological setting to host low-grade, bulk tonnage gold
mineralization. The property geology is
dominated by volcanic rocks and covers the edges of the Duverny and Claverny felsic
igneous plutons. The property
encompasses very large, kilometric zones of intense carbonate alteration
(ankerite) and a network of significant shear zones in proximity to the felsic intrusions. The
carbonate-altered zones contain quartz vein stockworks and disseminated pyrite
over large volumes of rock. Several deposits have been previously defined on
the actual Property and its immediate vicinity, including the Duvay-Obalski deposit situated in the northwest portion
of the Property, which contains previously reported, non-43-101 compliant, unclassified
resources of 725,000 tonnes grading 3.4 g/t Au (M.R.N.F., 1989, DV 90-01, p.
47) or alternatively, 5,000,000 tonnes grading 2.0 g/t Au (M.R.N.F., 1990, DV
91-01, p. 42). Other deposits in the
immediate area of the Property include the Fontana deposit, with previously reported, non-43-101 compliant, unclassified
resources of 968,000 t grading 5.28 g/t Au and the New Goldvue deposit with
previously reported, non-43-101 compliant,
unclassified resources of 136,398 tonnes grading 4.25 g/t Au (2006).
The Property has not been previously
investigated for its low grade, near-surface bulk tonnage gold potential. Exploration work on the Property will commence
immediately with a program of extensive prospecting and surface
lithogeochemical sampling of all alteration zones.
The reader is cautioned that Bowmore has not verified
the above-mentioned historical resources under National Instrument 43-101
reporting standards. Resource estimates prepared under reporting codes other
than National Instrument 43-101 should not be relied upon to conform to current
standards and definitions. Bowmore believes, however, that the historical
resource estimates reported above are material and should be disclosed.
Brigitte Dejou, P.Eng. consultant for Bowmore, is the
Qualified Person who has reviewed this news release and is responsible for the
technical information reported herein.
About BOWMORE
BOWMORE is a Canadian exploration mining company
focused on precious metal exploration in Canada
and Mexico. The
Company trades on the TSX Venture Exchange under the symbol “BOW”.
For
further information on BOWMORE, visit www.bowmorexploration.com
or contact:
Paul
Dumas President
& CEO BOWMORE Exploration Ltd. (514) 861
4441 Email info@bowmorexploration.com
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-looking
statements: Except
for statements of historical facts, all statements in this news release
regarding, without limitation, new project acquisitions, future plans and
objectives are forward-looking statements which involve risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate; Actual results and future events could differ materially from those
anticipated in such statements. |