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TSX.V : VMI
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| | Tue May 16, 2006
Goldcorp to Drill Vault's Lebel Gold Project
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) ("Vault" or "the Company") announces that Goldcorp Inc. (TSX:G, NYSE:GG) ("Goldcorp") has acquired an option to earn an interest in Vault's Lebel Gold property, through the recent acquisition of Placer Dome (CLA) Limited ("PDCLA") from Barrick Gold Corporation.
The Company and PDCLA have also entered into an amending agreement which, among other certain conditions, allows for an extension of time in which PDCLA may complete work obligations prescribed under the original option agreement as announced May 12, 2005.
Under the amended terms and to maintain the option, PDCLA is now required to incur approximately $700,000 by May 26, 2007, of which $400,000 is committed. The overall amounts of the original option remain unchanged whereby PDCLA may acquire an initial 60% interest in the Lebel Gold property by incurring work expenditures of $2,000,000 over a four-year period (approximately $300,000 spent to date) and making option payments totaling $180,000 (since paid).
PDCLA has entrusted Vault with the management of the budgeted $400,000 field program and it is anticipated that the majority of these funds will be used to drill test a number of targets identified during last year's field program.
In addition, Vault is finalizing a detailed compilation of historical work on its 100%-owned Gordon-Lebel Gold property which is situated adjacent to the Lebel Gold property. The Company has designed an initial field program to identify gold zones similar to that found near the neighboring, past-producing Bidgood Mine. Field exploration work is scheduled to commence in late May.
About Vault
Vault Minerals Inc. is a Canadian exploration company engaged in gold, base metal, and diamond exploration in Ontario. Its current property portfolio includes the Kirkland Lake Gold and Lebel Gold properties in Kirkland Lake, the Percy Lake VMS base metal property north of Sault Ste. Marie and the Attawapiskat Diamond property in the James Bay Lowlands. The Company's capital consists of 20,821,093 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 at (705) 567 4511.
This Press Release may contain forward-looking statements that involve inherent risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations, and the Company disclaims any obligation to update forward-looking statements.
"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release." |
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