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TSX.V : VMI
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| | Mon Mar 7, 2005
Vault Purchases Northgate's Kirkland Lake Property
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) is pleased to announce that it has purchased 6 patented mining claims that lie immediately adjacent to the historic Lakeshore gold mine. This mine was the "crown jewel" of the Kirkland Lake gold camp and produced over 8 million ounces of gold at a mining grade of 0.51 oz/ton. The Kirkland Property, historically referred to as the Kirkland-Hudson Bay Property, was purchased from Northgate Minerals Corporation for 500,000 common shares of Vault and a 2% net smelter returns royalty. The purchase is subject to regulatory approval and a 60-day due diligence period expiring April 22, 2005.
Vault believes the Kirkland Property has not been explored since the 1950's and contains significant gold potential based on the recently-evolved understanding of the camp that Kirkland Lake Gold Inc. has developed over the last few years on adjacent claims (i.e. mineralized north-trending structures, parallel south zones, etc.).
About Vault
Vault Minerals Inc. is an Ontario-based, junior natural resource company involved in exploration for gold and diamonds. The Company's gold properties are located in the core of the Kirkland Lake gold camp, Ontario and within an area of active gold exploration in Urban Township, Quebec. Vault's diamond property lies southeast of De Beers' Victor diamond mine development in the James Bay Lowlands, Ontario. The Company's capital consists of 14,320,468 issued and outstanding common shares which are listed for trading on the TSX Venture Exchange under the symbol 'VMI'.
On behalf of the Board of
VAULT MINERALS INC.
"Andy Chater"
Andrew M. Chater, P.Geo
President & CEO
For additional information, please visit our website at www.vaultminerals.com or contact:
Dan McCormack, Director
21 Goodfish Road
Kirkland Lake, Ontario P2N 3H7
Phone (705) 567 4511
Fax (705) 567 6873
Email info@vaultminerals.com
Andy Chater, President & CEO
Suite 711 -- 25 Adelaide Street East
Toronto, Ontario M5C 1Y2
Phone (416) 360 1985
Fax (416) 360 7193
Email info@vaultminerals.com |
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| | You can view the Next Press Releases item: Mon Apr 11, 2005, Vault Minerals Activity Update
You can view the Previous Press Releases item: Tue Feb 1, 2005, Diadem Commences Exploration On Vault's Attawapiskat
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