The Company continues in the exploration and development of its CUMO deposit in Idaho. In 2012, core drilling of 12,750 feet has been completed in 7 holes with 2 holes currently underway. The initial observations of the geology and related mineralization on all 2012 drill holes appear consistent with prior experiences. Assay results will be released as soon as they are available.
In light of the recent decline in the price of molybdenum, the Company has reduced its drilling activity from using three drills to two drills and a reduction in the management personnel of the Company’s wholly owned subsidiary Kirkness Diamond Drilling Co. Inc.
The Company also announces that it has received resignations from three Directors, Mr. Merrill McPeak, Mr. David Voyticky and Mr. Paul Kessler. These resignations will be effective immediately. “The Board wishes to thank each of the resigning directors for their valuable contributions over the past year”, commented Mr. Brian McClay, President of the Company. In light of these resignations and other ongoing initiatives, the Board will be reviewing its compositions and in the future may seek to add additional directors.
The Company continues with its efforts to find a strategic industry or financial partner to further assist with the development of the CUMO Deposit. Discussions are underway with several interested parties and any agreements will be reported.
Wayne Ash, P.Eng., is the Company's Qualified Person with respect to the Company's Cumo Project and has reviewed and approved this press release.
THE TSX-VENTURE EXCHANGE NOR ITS SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX-VENTURE EXCHANGE) acceptS responsibility for the adequacy or accuracy of this release.
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The Company continues in the exploration and development of its CUMO deposit in Idaho. In 2012, core drilling of 12,750 feet has been completed in 7 holes with 2 holes currently underway. The initial observations of the geology and related mineralization on all 2012 drill holes appear consistent with prior experiences. Assay results will be released as soon as they are available.
