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TSX.V : VMI
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| | Wed Nov 3, 2004
Vault Options Lebel Claims From Consolidated Thompson-Lundmark
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| | Kirkland Lake, Ontario. Vault Minerals Inc. (the "Company" or "Vault") is pleased to announce that it has signed an option agreement with Consolidated Thompson-Lundmark Gold Mines Limited ("Thompson-Lundmark") to acquire 100% interest in the mining rights of seven patented mining claims in Lebel Township, Ontario. The new acquisition, totaling 83.5 hectares, is contiguous with the eastern boundary of Vault's existing Lebel gold property.
The agreement calls for the payment of $70,000 to Thompson-Lundmark over a three-year period to earn a 100% interest, beginning with the payment of $14,000 on or before December 1, 2004. Thompson-Lundmark will retain a 2% Net Smelter Returns Royalty ("NSR"), half of which can be purchased for $500,000 before November 1, 2014.
The new addition to Vault's Lebel gold property is underlain by projected extensions of geology and structure that yielded promising gold mineralization in Vault's drill program earlier this year. The Lebel gold property now consists of 69 claim units that host nine mining shafts, including two former producing gold mines, the Bidgood and Moffat-Hall. At this time, Vault is actively seeking further expansions to its holdings in Kirkland Lake and is developing a plan for continued exploration there.
About Vault
Vault Minerals Inc. is a junior natural resource company involved in exploration for gold, base metals and diamonds in Ontario and Quebec. Its common shares are listed for trading on the TSX Venture Exchange under the symbol "VMI". The Company owns the 69-claim unit Lebel gold property, situated in the heart of the historic Kirkland Lake gold camp, the 40-claim Magnum gold/base metal property located in the Urban-Barry belt of Quebec and the 3403-claim unit Attawapiskat diamond property located southeast of De Beers' Victor diamond mine development in the James Bay Lowlands. The Company is based in Ontario, with offices in Kirkland Lake and Toronto, and its capital consists of 12,820,468 issued and outstanding common shares.
On Behalf of the Board of
VAULT MINERALS INC.
"Andy Chater"
_______________________
Andrew M. Chater, P.Geo
President & CEO |
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| | You can view the Next Press Releases item: Mon Nov 29, 2004, Vault Options Attawapiskat Property To Diadem
You can view the Previous Press Releases item: Tue Nov 2, 2004, Vault Signs Agreement For Urban Township Property
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