Wednesday, 21st February 2007 (2340 views)

Q-Gold Resources has announced today that it has approved to purchase all the assets of a gold mining firm in Ontario called Nipigon Gold Resources.

The firm also issued an exploration update for its investigation efforts at two important gold occurrences called the McKenzie Gray and the Jolly Rodger Veins which are both within the Mine Centre in Ontario.

Some 1,500 metres of gold-bearing zones with widths of 100 meters in places are also available at the site.

Bruce Carruthers, the chief executive officer at Q-Gold Resources, said: "We are delighted to have at last acquired the Nipigon Leases, which we have been attempting to purchase for several years.

"They represent, in our view, the best geologic gold target in Mine Centre that we didn't already own."

He added that it is a high priority area for an upcoming diamond drilling programme expected to begin on March 1st.

The company owns 27,000 acres of gold and base metals claims in the Mine Centre area including the Foley mine, which is about to have a structural "deep hole" drilled into it to reactivate the historic working.

 

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