Skyharbour Resources to merge two of their mineral exploration properties
Feb 4, 2003
Skyharbour Resources Ltd. ("Skyharbour") and Consolidated Abaddon Resources Inc. ("Abbaddon") are pleased to announce that they have agreed to merge two of their mineral exploration properties in the Red Lake Gold Camp. The newly formed joint venture will be 50% Skyharbour and 50% Abaddon. Each party will be responsible for 50% of all exploration expenditures incurred on the new project. Each company will continue to maintain their own underlying option agreements. The properties to merge are as follows:
1. Skyharbour's Black Bear II property consisting of 4 claim blocks numbered 1244543, 1244542, 1244541 and 1244540. These claims are situated on approximately 1,920 acres.
2. Abaddon's Sidace Lake Property consisting of 4 claim blocks (1244556, 1244555, 1244615 and 1244626. These claims are situated on approximately 2,440 acres.
These combined properties will consist of 4,360 acres (approx.) and 109 claim units located in the Black Bear Area, Red Lake District, Kenora Mining Division, Province of Ontario with Skyharbour and Abaddon holding 50% each of the newly formed Property.
Recent geological advances in the area suggest that the Property is underlain with the Balmer assemblage of rock types and the confederation age assemblage. This has been interpreted as an "unconformity" existing at the contact between the Balmer and Confederation Assemblages. This unconformity is a known host for gold deposits in the Red Lake Gold Camp which predominantly consists of major gold production from Placer Dome's "Campbell Mine" and Goldcorp's "Red Lake Mine".
A mineral exploration program consisting of overburden drilling, till sampling and geophysics will be conducted on the Property this winter, with Skyharbour being the operator.
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