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TSX.V : VMI
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| | Tue Dec 6, 2005
Vault Regains 100% Control of Attawapiskat Diamond Property
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) wishes to provide the following summary update on its 100%-owned Attawapiskat diamond project.
Vault's Attawapiskat property is located in the James Bay Lowlands area of northern Ontario approximately fifty kilometers southeast of De Beers' Victor diamond mine development. It is situated along a southeast-trending structural corridor that is believed to control the Attawapiskat kimberlite cluster.
Pursuant to an option and joint venture agreement between Vault and Diadem Resources Ltd., as previously disclosed on January 20, 2005, Diadem acquired the right to earn a 51% interest in the property by expending $1 million over two years, among other considerations.
In early 2005, Diadem financed a MIDAS high-resolution, airborne magnetic survey over the entire property, which at that time was in excess of 54,000 hectares. The 5,500 line-kilometer, helicopter-borne survey was successful in defining discrete areas of interest, which Diadem had prioritized and proposed to evaluate by drilling. Exploration expenditures on the property were previously reported by Diadem to have exceeded $300,000.
Diadem has recently elected to not proceed further with the Attawapiskat property as disclosed in a press release dated December 1, 2005. As a result of Diadem's default in making a prescribed cash payment and meeting minimum work expenditures by December 1, 2005, Vault has provided Diadem with a notice of termination and has requested delivery of all technical data, pursuant to the terms of the agreement.
Upon receipt and complete review of all technical data, Vault will develop plans for the further development of the property which may include testing of drill-ready kimberlite targets.
About Vault
Vault Minerals Inc. is a well-funded junior natural resource company engaged in gold exploration in northeastern Ontario. The Company's current focus is the undeveloped Kirkland Gold Project which lies immediately adjacent to the historic Lake Shore and Wright-Hargreaves mines which collectively produced over 13 million ounces of gold at a mining grade of approximately 0.50 oz/ton. Vault has commenced a 5,000 meter diamond drill program on this property which is scheduled to continue through the winter months. The Company's Lebel Gold Project is currently under option to Placer Dome (CLA) Limited. The Company's capital consists of 19,936,093 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.
"Joe Horne"
Joseph D. Horne
President & CEO
For additional information, please visit our website at www.vaultminerals.com or contact:
Joe Horne, President, or
Dan McCormack, Vice President
21 Goodfish Road, Kirkland Lake
Ontario, Canada, P2N 3H7
Phone (705) 567 4511
Fax (705) 567 6873
Email info@vaultminerals.com
"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release." |
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| | You can view the Next Press Releases item: Thu Mar 2, 2006, Vault Reports on Kirkland Diamond Drilling
You can view the Previous Press Releases item: Mon Nov 7, 2005, Vault Minerals Commences Phase I Diamond Drill Program on its Kirkland Gold Project
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