Published on: 3/8/2004 1:56:00 PM Print | Font Sizes:  Normal Text Large Text

Pelangio launches drill program at Detour mine (03/04)


By: Northern Ontario Business Staff

Pelangio Mines Inc. has commenced a 10,000-metre drilling program on its wholly-owned Detour Mine Property in the Timmins gold camp.

 

The property has an historical gold resource of 8.1 million tonnes, with an average grade of 6.10 grams per tonne, or approximately 1.5 million ounces of gold, a resource calculated by Placer Dome at the end of the mine life.

 

The activity is being funded by 50 per cent of the proceeds from Pelangio’s recent $3-million private placement of common shares with High River Gold Mines. High River will provide Pelangio with technical expertise and project management.

 

The drill program is the second of two programs now underway on the company’s holdings. West of Detour, on the Pelangio/Trade Winds Block A joint venture, a separate drill program, is ongoing. Trade Winds Venture has recently added a second drill to this project.

 

 

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