Listing (TSXV : LO)
ROUYN-NORANDA, QC, Sept. 18 /CNW Telbec/ - LOUNOR EXPLORATION INC. is
pleased to announce the acquisition of the MZ Gold property. The property is
located in the Catherine and McElroy Townships in the Larder Lake mining
division, Ontario. The property is 20 km southeast of the famous Kirkland Lake
gold mining camp. The Kirkland Lake camp has produced over 40 million ounces
Lounor will acquire a 100 % interest in the 58 units comprising the MZ
Gold property representing 512 hectares for the following considerations:
At signature $15,000 75,000
First Anniversary $15,000 125,000
Second anniversary $25,000 200,000
The property is subject to a 2% net smelter royalty payable to
2 prospectors with a buy-back clause of 1% for $1,000,000. A finder's fee will
be paid to an intermediary who will receive $8,000 cash and 200,000 common
shares for his services. The shares to be issued pursuant to this acquisition
will be subject to a hold period of 4 months.
While the MZ Gold property is at some distance from the Larder Lake -
Cadillac Fault, there is evidence that a sub-parallel west-north-west trending
related structure passes through roughly the north-eastern corner of Catherine
Township, joining the main Cadillac Fault structure, west of Kirkland Lake. A
considerable number of gold occurrences lie along that trend.
Chris Dupont, P. eng. is the qualified person for Lounor Exploration Inc.
LOUNOR EXPLORATION INC. is a publicly traded company on the TSX-Venture
This press release was prepared by LOUNOR EXPLORATION INC. and the TSX
Venture has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: Mr. Gilles Fiset, President, 1-800-388-8668,
(819) 797-8668, Fax: (819) 797-6050