Vault Minerals Inc. - Press Releases - Vault Minerals Activity Update

2008 Press Releases 2007 Press Releases 2006 Press Releases 2005 Press Releases 2004 Press Releases

TSX.V : VMI

Press Releases

	Mon Apr 11, 2005 Vault Minerals Activity Update
	Kirkland Lake, Ontario. Vault Minerals Inc.(TSX-V: VMI) is pleased to provide an update of activities on its diamond and gold properties in Ontario and Quebec. Attawapiskat Diamond Property Vault's Attawapiskat diamond property, located 30 to 70 km southeast of De Beers' Victor mine development, has been recently surveyed by a high-resolution, airborne magnetic gradiometer survey completed for Diadem Resources Ltd. The property is situated along a northwest-trending structure that is believed to control the Attawapiskat kimberlite cluster, including the De Beers' Victor kimberlite pipe. Geophysical data from the new, 5500-km, helicopter-borne survey will be processed and interpreted by Diadem to identify potential kimberlite targets. Diadem intends to evaluate selected targets by auger drilling and, if results warrant, by subsequent core drilling. Since January 2005, exploration expenditures on the property are reported by Diadem to have exceeded $300,000. Pursuant to the December 31, 2004 Agreement between Vault and Diadem, as previously disclosed on January 20, 2005, Diadem may earn a 51% interest in the property by expending $1,000,000 over 2 years, among other terms. Kirkland Gold Property Vault has now completed its due diligence assessment of the Kirkland gold property which comprises six, contiguous, patented mining claims located in Kirkland Lake, Ontario. The claims lie immediately adjacent to the world-renowned Lake Shore and Wright-Hargreaves gold mines that, combined, produced in excess of 13 million ounces of gold at a recovered grade of approximately 0.50 oz/ton. These two gold mines formed the core of Kirkland Lake's 'Mile of Gold'. Vault's preliminary evaluation of available exploration information suggests that the Kirkland gold property has not been explored since the 1950's and only saw very limited exploration before then. Vault believes the Kirkland gold property contains significant gold potential, given its proximity and location relative to the Lake Shore and Wright-Hargreaves mines where their gold-bearing structures dip south towards Vault's property. As well, the 1930's-era government geology maps show surface vein systems on the Kirkland gold property oriented sub-parallel to the main Lake Shore and Wright-Hargreaves gold structures. Limited historical sampling of these veins on the Kirkland gold property identified two that contain high-grade gold values. Vault is also encouraged by the implications of the significant gold discoveries recently made by Kirkland Lake Gold Inc. in similar sub-parallel veins and also in veins crosscutting the historical mine structures of Kirkland Lake. Vault now intends to complete its 100% purchase of the Kirkland gold property from Northgate Minerals Corporation by, subject to regulatory approval, delivering 500,000 common shares of Vault to Northgate. Upon receipt of a registerable transfer of title to these claims, Northgate will be granted a 2% NSR royalty on the Property. Vault has begun a detailed compilation of existing property data for exploration planning and budgeting purposes. Lebel Gold Property The Lebel gold property, also located in the prolific Kirkland Lake mining camp, consists of 69 claim units hosting nine mine shafts, including two former producing gold mines, the Bidgood and Moffat-Hall. The property contains gold-bearing structures in favorable geology that Vault's drilling in 2004 (see Vault Press Releases dated January 12, 2004 and June 3, 2004) has shown to contain lithology, structure and mineralization analogous to the Main Break in Kirkland Lake, where historical gold production has totaled more than 24 million ounces. As provided in an earlier Press Release (December 7, 2004) Vault has signed a Letter of Intent with Placer Dome (CLA) Limited setting out the principal terms under which Placer may option Vault's Lebel gold property. Under the proposed option terms, Placer will acquire an initial 60% interest in the Lebel gold property by incurring work costs of $2,000,000 over a four-year period and making option payments totaling $180,000. Upon signing a definitive option and joint venture agreement, Placer will irrevocably commit to an initial $250,000 work program and will spend at least $500,000 per year to maintain the option in good standing. In anticipation of concluding a definitive agreement with Placer, Vault has settled a long-standing lien registered against title to the Bidgood part of the Lebel gold property which had previously prevented transferring registered title of the Bidgood claims to Vault. Magnum Gold Property On March 31, 2005, Vault entered into an agreement to assign 100% of its interest in the Magnum gold property, located in Urban Township, Quebec, to a recently-rejuvenated junior mining exploration company. This divestiture will allow Vault to concentrate its resources on its newly acquired Kirkland gold property. Under the terms of the assignment, the junior mining exploration company will pay $50,000 cash to Vault ($25,000 payable upon regulatory approval and an addition $25,000 within thirty days of regulatory approval) and issue 300,000 common shares upon regulatory approval. About Vault Vault Minerals Inc. is an Ontario-based, junior natural resource company involved in exploration for gold and diamonds. The Company's gold and diamond properties are all located in northeastern 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 "The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."

	You can view the Next Press Releases item: Thu May 12, 2005, Vault Options Lebel Property To Placer Dome You can view the Previous Press Releases item: Mon Mar 7, 2005, Vault Purchases Northgate's Kirkland Lake Property You can return to the main Press Releases page, or press the Back button on your browser.