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Rockhaven Resources
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Rockhaven Resources
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Rockhaven Options Abitibi Property to Tri Origin Exploration
VANCOUVER, BRITISH COLUMBIA - (CCNMatthews - July 11, 2006) - Rockhaven Resources Ltd. (“Rockhaven”) (CNQ:ROCK) is pleased to announce that an agreement has been signed whereby Tri Origin Exploration Ltd. (“Tri Origin”) may acquire a 70% interest in Rockhaven’s North Abitibi property, formerly known as the Burntbush gold property, located in the Abitibi greenstone belt of Ontario.
The 1,368 hectare North Abitibi property is favourably located in a belt of rocks that hosts the Matagami, Selbaie, Joutel and Casa Berardi mining camps in Quebec and the Detour Lake mine in Ontario. Previous drilling on the North Abitibi property in the 1980s and 1990s defined multiple mineralized zones with down hole intercepts including 23.4 grams gold per tonne over 1.5 metres, 7.9 grams gold per tonne over 4.5 metres, 17.8 grams gold per tonne over 1.6 metres and 62 metres grading 0.81 grams gold per tonne. Regionally, Lakeshore Gold Corp. is exploring its property to the west of the North Abitibi project, while ESO Uranium Corp. is currently drill tested the Mikwam gold zone to the east of the North Abitibi project and the advanced Casa West gold project of Aurizon Mines Ltd. lies about 40 kms east of the North Abitibi property.
“This transaction will result in an accelerated work program over the North Abitibi gold property while preserving Rockhaven’s working capital and still giving shareholders significant upside to any discovery made on the property, which is in a very promising gold area,” states Rockhaven’s CEO, Mr. Richard Graham. “Moving forward, we will continue to grow the company by seeking to uncovering additional opportunities that will focus on early stage discoveries in well known mining camps.”
Pursuant to the terms of the agreement with Rockhaven, Tri Origin may earn a 70% interest in the North Abitibi property by spending $750,000 on exploration, including a minimum of $150,000 in 2006, and making a $500,000 cash payment on or before January 15, 2009. The foregoing is subject to all requisite regulatory approvals.
Concurrent with the Tri Origin agreement, Rockhaven amended its 2005 agreement with Vista Gold Corp. Under the amended agreement, Rockhaven can earn 100% of the North Abitibi (Burntbush) property by spending $350,000 on exploration and issuing either 1,000,000 common shares, or at its election that amount of shares with a deemed value of $1,000,000 at the time of issuance on or before January 27, 2009.
The foregoing disclosure, including results of the previous exploration, has been reviewed and compiled by Richard A. Graham, P. Geol., President of Rockhaven, who is a ‘qualified person’ for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects.
For more information, please contact
Rockhaven Resources Ltd.
Richard A. Graham
President and CEO
(604) 689-1428
The 1,368 hectare North Abitibi property is favourably located in a belt of rocks that hosts the Matagami, Selbaie, Joutel and Casa Berardi mining camps in Quebec and the Detour Lake mine in Ontario. Previous drilling on the North Abitibi property in the 1980s and 1990s defined multiple mineralized zones with down hole intercepts including 23.4 grams gold per tonne over 1.5 metres, 7.9 grams gold per tonne over 4.5 metres, 17.8 grams gold per tonne over 1.6 metres and 62 metres grading 0.81 grams gold per tonne. Regionally, Lakeshore Gold Corp. is exploring its property to the west of the North Abitibi project, while ESO Uranium Corp. is currently drill tested the Mikwam gold zone to the east of the North Abitibi project and the advanced Casa West gold project of Aurizon Mines Ltd. lies about 40 kms east of the North Abitibi property.
“This transaction will result in an accelerated work program over the North Abitibi gold property while preserving Rockhaven’s working capital and still giving shareholders significant upside to any discovery made on the property, which is in a very promising gold area,” states Rockhaven’s CEO, Mr. Richard Graham. “Moving forward, we will continue to grow the company by seeking to uncovering additional opportunities that will focus on early stage discoveries in well known mining camps.”
Pursuant to the terms of the agreement with Rockhaven, Tri Origin may earn a 70% interest in the North Abitibi property by spending $750,000 on exploration, including a minimum of $150,000 in 2006, and making a $500,000 cash payment on or before January 15, 2009. The foregoing is subject to all requisite regulatory approvals.
Concurrent with the Tri Origin agreement, Rockhaven amended its 2005 agreement with Vista Gold Corp. Under the amended agreement, Rockhaven can earn 100% of the North Abitibi (Burntbush) property by spending $350,000 on exploration and issuing either 1,000,000 common shares, or at its election that amount of shares with a deemed value of $1,000,000 at the time of issuance on or before January 27, 2009.
The foregoing disclosure, including results of the previous exploration, has been reviewed and compiled by Richard A. Graham, P. Geol., President of Rockhaven, who is a ‘qualified person’ for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects.
For more information, please contact
Rockhaven Resources Ltd.
Richard A. Graham
President and CEO
(604) 689-1428