/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, April 21 /CNW/ - CMQ Resources Inc. (TSXV: NV) ("CMQ") is
pleased to announce it has entered into a Letter Agreement to explore the
North Sleeper gold exploration property.
The North Sleeper property is located 2 miles north of the Sleeper
Deposit in Humboldt County, Nevada, within the western part of the Northern
Nevada Rift. The project consists of 50 lode mining claims covering 1.5 square
The target at the North Sleeper property is a low sulfidation, bonanza
gold-silver vein target enveloped by bulk-tonnage, low-grade disseminated ore
covered by alluvial gravels.
The Sleeper deposit has produced 1,685,500 ounces of gold and 2,334,400
ounces of silver from high-grade veins and lower grade stockwork and breccia
ores. Ninety percent of the ore mined from this deposit was hosted by the
Sleeper Rhyolite, a volcanic unit that is covered by alluvial gravels. At the
present time XCal Resources Ltd. is evaluating a renewed geological
interpretation. Published geological maps and publicly available data strongly
suggests that the favorable mine stratigraphy and structure trends
northeastward from the Sleeper pit onto the North Sleeper property.
Specifically, the gold-silver veins of the original Sleeper mine, a prominent
magnetic low, and Landsat TM lineaments all trend towards the North Sleeper,
which is covered by alluvial gravels along the western range front. A magnetic
anomaly and two resistivity anomalies are known to occur on the North Sleeper
CMQ has signed a Letter Agreement with C3 Resources Inc. ("C3") (the "C3
Agreement"), whereby CMQ may earn up to a 55% joint venture interest in
certain mining claims controlled by C3, located in Humboldt County, Nevada
(the "North Sleeper Claims"), by spending a total of USD$3,000,000 on certain
exploration expenditures over a six-year period. CMQ is committed to expend a
minimum of USD$50,000 in the first year. Any additional amounts are at the
election of CMQ but no interest in the claims is earned until the entire
USD$3,000,000 is expended. CMQ may also elect, in due course, to earn an
additional 10% interest in the South Sleeper Claims by funding the cost of a
feasibility study in respect thereof. The operator, following completion of a
feasibility study, may elect to earn an additional 5% by arranging financing
at its expense for the project through to commercial production.
Alternatively, CMQ and C3 may form a Joint Venture to further explore the
project. The terms of the C3 Agreement shall be set forth in a formal
exploration agreement that is to be executed within 60 days.
CMQ currently has 6,534,670 Common Shares issued and outstanding. CMQ's
website has been recently been updated and is located at www.cmqresources.com.
John Hogg, CEO, CMQ Resources Inc., is the qualified person, as defined
by National Instrument 43-101, who has reviewed and verified the data
disclosed in this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
This press release contains certain forward-looking statements and
forward-looking information (collectively referred to herein as
"forward-looking statements") within the meaning of Canadian securities laws.
These statements relate to future events or our future performance. All
statements other than statements of historical fact are forward-looking
statements. Forward-looking statements typically contain statements with words
such as "anticipate", "believe", "plan", "continuous", "estimate", "expect",
"may", "will", "project", "would", "should", or similar words suggesting
future outcomes. In particular, forward-looking statements herein include, but
are not limited to, statements with respect to the prospectivity of the North
Sleeper property, the timing and amount of expenditures to be made and the
structure of any proposed venture with C3.
Undue reliance should not be placed on forward-looking statements, which
are inherently uncertain, are based on estimates and assumptions, and are
subject to known and unknown risks and uncertainties (both general and
specific) that contribute to the possibility that the future events or
circumstances contemplated by the forward-looking statements will not occur.
There can be no assurance that the plans, intentions or expectations upon
which forward-looking statements are based will in fact be realized. Actual
results will differ, and the difference may be material and adverse to CMQ and
shareholders. Forward-looking statements are based on management's current
beliefs as well as assumptions made by, and information currently available
to, management. Though management considers these assumptions to be reasonable
based on information currently available to it, they may prove to be
incorrect. By their very nature, forward-looking statements involve inherent
risks and uncertainties, both general and specific, and risks that
forward-looking statements will not be achieved. The forward-looking
statements contained in this press release are made as of the date hereof and
CMQ does not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, except as required by applicable law.
The forward-looking statements contained herein are expressly qualified by
this cautionary statement.
For further information:
For further information: John Hogg, Chief Executive Officer, CMQ
Resources Inc., Tel: (775) 778-3693, E-mail firstname.lastname@example.org