Toronto, Ontario -
KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC)
announced today that
results for the three months and six months ended June 30, 1999 are as follows:
June 2, 1999.
Toronto, Ontario –
KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC)
and
COPPER RIDGE
EXPLORATIONS INC. (KRX.V)
are pleased to announce the signing of an agreement on the Northern
Cross area, part of Copper Ridge’s Ogopogo area, approximately 90 air miles east of Fairbanks, Alaska.
Copper Ridge may conduct exploration and locate state mineral claims which would
be 100% owned on these lands subject to a 0.5% net smelter royalty. The Northern
Cross area lies two miles north of the northern boundary of the Pogo gold project, the
focal point of exploration activity in the Tintina Gold Belt. Pogo hosts a gold resource
of 10 million tons grading 0.52 oz gold/ton, 5.2 million contained ounces, and the
joint venture partners Teck Corp. and Sumitomo Metal Mining and Sumitomo Corp.
have begun an underground bulk sampling program.
Northern Cross Option
The Northern Cross area encompasses similar geology as well as important structural elements of the
Pogo deposit. Streams draining the area carry anomalous bismuth and tungsten values, two of the key
pathfinder metals for Pogo. Gold was not analyzed for in this early survey carried out by the United
States Geological Survey.
Kinross will have the right to earn a 55% interest in state mineral claims located on the Northern Cross
area by making an initial cash payment and completing US$1,000,000 in work expenditures over four
years. Kinross will then have the option to earn an additional 20% interest by funding a US$2,000,000
development program.
Ogopogo Area
The Ogopogo area, consisting of four separate areas, covers approximately 36,000 acres on the
northern boundary of the Pogo project (see map attached).
It is highly prospective for the
discovery of a high grade Pogo style of gold deposit.
The four areas include Northern Cross,
optioned to Kinross, Indian Creek, Goodpaster and Glacier Creek. Copper Ridge will explore the Indian
Creek area on its own behalf and is considering offers from other parties to earn an interest in the
Goodpaster and Glacier Creek areas.
Copper Ridge Review
Copper Ridge announced on March 9, 1999 an agreement whereby it acquired five exploration
properties from Kinross which had previously been held by La Teko Resources Ltd. These properties
include:
1.
Ogopogo area,
as described above.
2.
Scheelite Dome,
a large, bulk tonnage gold discovery near Mayo, Yukon in the Tintina Gold
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Belt. This property, which has many similarities to the Pogo deposit, was drilled by La Teko in
1998.Extensive drilling is planned in 1999 to follow up the positive results from the 1998 drill
program, the highlights of which are presented below:
Drill Hole
98-10
Includes
98-11
Includes
98-12
98-14
From
(meters)
80.0
80.0
90.0
99.8
99.8
16.3
65.6
To
(meters)
94.9
83.2
93.9
111.9
104.3
24.0
85.6
Length (meters) Gold (g/t)
14.9
3.2
3.0
12.1
4.5
7.7
20.0
1.043
1.886
2.620
1.073
2.258
3.668
1.037
3.
Discovery Gulch project,
a large, bulk tonnage, road accessible gold target 150 kilometres
northeast of Fairbanks, Alaska in the Tintina Gold Belt. A trenching program in 1998 was
highlighted by chip channel results including 45.7 metres grading 0.55 g/t gold. A five hole
reverse circulation drill program has just been completed by Camnor Resources Ltd. All holes
were mineralized, the best result being 6.1 metres grading 1.20 g/t gold. The project has been
returned to Copper Ridge and further exploration is being planned.
4.
Little Salmon,
a property staked in 1998 in the Yukon for its volcanogenic massive sulphide
potential following a new copper discovery.
5.
Margarita,
a gold property in Arizona where drilling has outlined a small gold resource.
In consideration for the transfer of these mineral properties interest, Copper Ridge will issue 1,000,000
common shares to Kinross.
Copper Ridge is strategically positioned throughout the Tintina Gold Belt, with aggressive exploration
focused on discovery. Copper Ridge’s properties are characterized by the key geological features that
are common to the major known gold deposits of the Tintina Gold Belt, including Pogo, Fort Knox,
Brewery Creek and True North.
Certain statements set forth in this press release constitute "forward looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995. Such statements involve
risks, uncertainties and other factors that may cause the actual results, performance or achievements
to differ from those expressed or implied by such forward looking statements. Such risks and
uncertainties are described in periodic filings made by Kinross Gold Corporation with the U.S. Securities
and Exchange Commission and Canadian provincial securities regulatory authorities.
-30-
For further information:
Robert M. Buchan
Chairman and Chief Executive Officer
Tel: (416) 365-5650
Gordon A. McCreary
Vice President, Investor Relations and Corporate
Development
Tel: (416) 365-5132
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Toronto, Ontario -
KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC)
announced today that
results for the three months and six months ended June 30, 1999 are as follows:
June 2, 1999.
Toronto, Ontario –
KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC)
and
COPPER RIDGE
EXPLORATIONS INC. (KRX.V)
are pleased to announce the signing of an agreement on the Northern
Cross area, part of Copper Ridge’s Ogopogo area, approximately 90 air miles east of Fairbanks, Alaska.
Copper Ridge may conduct exploration and locate state mineral claims which would
be 100% owned on these lands subject to a 0.5% net smelter royalty. The Northern
Cross area lies two miles north of the northern boundary of the Pogo gold project, the
focal point of exploration activity in the Tintina Gold Belt. Pogo hosts a gold resource
of 10 million tons grading 0.52 oz gold/ton, 5.2 million contained ounces, and the
joint venture partners Teck Corp. and Sumitomo Metal Mining and Sumitomo Corp.
have begun an underground bulk sampling program.
Northern Cross Option
The Northern Cross area encompasses similar geology as well as important structural elements of the
Pogo deposit. Streams draining the area carry anomalous bismuth and tungsten values, two of the key
pathfinder metals for Pogo. Gold was not analyzed for in this early survey carried out by the United
States Geological Survey.
Kinross will have the right to earn a 55% interest in state mineral claims located on the Northern Cross
area by making an initial cash payment and completing US$1,000,000 in work expenditures over four
years. Kinross will then have the option to earn an additional 20% interest by funding a US$2,000,000
development program.
Ogopogo Area
The Ogopogo area, consisting of four separate areas, covers approximately 36,000 acres on the
northern boundary of the Pogo project (see map attached).
It is highly prospective for the
discovery of a high grade Pogo style of gold deposit.
The four areas include Northern Cross,
optioned to Kinross, Indian Creek, Goodpaster and Glacier Creek. Copper Ridge will explore the Indian
Creek area on its own behalf and is considering offers from other parties to earn an interest in the
Goodpaster and Glacier Creek areas.
Copper Ridge Review
Copper Ridge announced on March 9, 1999 an agreement whereby it acquired five exploration
properties from Kinross which had previously been held by La Teko Resources Ltd. These properties
include:
1.
Ogopogo area,
as described above.
2.
Scheelite Dome,
a large, bulk tonnage gold discovery near Mayo, Yukon in the Tintina Gold
  PDF to HTML - Convert PDF files to HTML files
Belt. This property, which has many similarities to the Pogo deposit, was drilled by La Teko in
1998.Extensive drilling is planned in 1999 to follow up the positive results from the 1998 drill
program, the highlights of which are presented below:
Drill Hole
98-10
Includes
98-11
Includes
98-12
98-14
From
(meters)
80.0
80.0
90.0
99.8
99.8
16.3
65.6
To
(meters)
94.9
83.2
93.9
111.9
104.3
24.0
85.6
Length (meters) Gold (g/t)
14.9
3.2
3.0
12.1
4.5
7.7
20.0
1.043
1.886
2.620
1.073
2.258
3.668
1.037
3.
Discovery Gulch project,
a large, bulk tonnage, road accessible gold target 150 kilometres
northeast of Fairbanks, Alaska in the Tintina Gold Belt. A trenching program in 1998 was
highlighted by chip channel results including 45.7 metres grading 0.55 g/t gold. A five hole
reverse circulation drill program has just been completed by Camnor Resources Ltd. All holes
were mineralized, the best result being 6.1 metres grading 1.20 g/t gold. The project has been
returned to Copper Ridge and further exploration is being planned.
4.
Little Salmon,
a property staked in 1998 in the Yukon for its volcanogenic massive sulphide
potential following a new copper discovery.
5.
Margarita,
a gold property in Arizona where drilling has outlined a small gold resource.
In consideration for the transfer of these mineral properties interest, Copper Ridge will issue 1,000,000
common shares to Kinross.
Copper Ridge is strategically positioned throughout the Tintina Gold Belt, with aggressive exploration
focused on discovery. Copper Ridge’s properties are characterized by the key geological features that
are common to the major known gold deposits of the Tintina Gold Belt, including Pogo, Fort Knox,
Brewery Creek and True North.
Certain statements set forth in this press release constitute "forward looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995. Such statements involve
risks, uncertainties and other factors that may cause the actual results, performance or achievements
to differ from those expressed or implied by such forward looking statements. Such risks and
uncertainties are described in periodic filings made by Kinross Gold Corporation with the U.S. Securities
and Exchange Commission and Canadian provincial securities regulatory authorities.
-30-
For further information:
Robert M. Buchan
Chairman and Chief Executive Officer
Tel: (416) 365-5650
Gordon A. McCreary
Vice President, Investor Relations and Corporate
Development
Tel: (416) 365-5132
Home
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