In a news release dated June 23rd, 2008, the Corporation was pleased to announce, subject to regulatory approval, that it had entered into an option agreement to acquire a 100 % interest in this Stake Lake Project. The company is excited with the mineral potential of this project.
Summary of the Stake Lake Project
The Stake Lake Copper, Silver and Gold Project is comprised of 11 claims totalling 176 claim units (7,040 acres) and is located near the Town of Ignace, Ontario.
Surface sampling of this project has yielded results as high as:
Surface grab sampling of this Stake Lake project has yielded high-grade results with the best sample having a grade of 4.500 % Cu, 2.73 g/t Au and 97.00 g/t Ag.
Some of these metals are very valuable, for example, and in US dollars:
Copper at approximately $3.70/lb
Gold at approximately $900.00 per ounce
Silver at over $17.00 per ounce
Source: www.kitco.com
Base metals values are reported in percentages. For example, one percent (1.000 %) is equivalent to approximately 22 pounds (lbs) per metric tonne.