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Monday, 31st July 2006 (3574 views)

Wolfden Resources has confirmed that it has agreed the sale of an interest in two of its sites in Ontario, Canada to Premier Gold Mines.

Under the terms of the deal, which is a cash and share agreement, Premier will take on Wolfden's stake in the Bonanza and East Bay Projects.

Completion of the deal, which will also include the exchange of various other mineral investigations in the province, is dependent upon approval from Ontario Superior Court of Justice as well as the submission of other regulatory requirements.

Once this has been finalised, Premier intends to restart drilling programmes on the 100 per cent owned Bonanza site, following up the discovery of high-grade mineralisation in one area of the property.

Drilling conducted by Wolfenden identified gradings of 19 metres at 13.27 grams per tonne of gold, as well as 22 metres yielding 8.66 grams per tonne of gold.

 

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