WMI Whetstone Minerals Ltd.

Mineral Mountain Resources Ltd. (TSX VENTURE:MMV) ("Mineral Mountain" or the
"Company") and Whetstone Minerals Ltd. (TSX VENTURE:WMI) ("Whetstone") are
pleased to announce that Mineral Mountain has purchased a 100% interest in the
Bluffpoint Property consisting of 11 unpatented mining claims totalling
approximately 1,104 hectares (2,727 acres) from Whetstone. The property adjoins
the northern limits of Mineral Mountain's Straw Lake Beach Gold Mine property
located approximately 70 kilometres northeast of the Rainy River gold deposit in
the Kenora mining district of Ontario (see Mineral Mountain's September 28, 2010
news release). 


The Straw Lake Beach Mine produced 33,662 tons grading 0.34 oz/t Au between 1938
and 1945. The majority of the acquired claim block covers a low-grade large
tonnage alteration type gold zone that is geologically similar to the Hammond
Reef gold deposit (6.9 Moz) near Atikokan, Ontario. 


Bluffpoint Property Gold Potential

The claims are underlain by the mixed border phase of the southern lobe of the
Lawrence Lake Batholith consisting of tronhjemites and quartz diorites.
Significant concentrations of gold mineralization are associated with a series
of faults that cross-cut the granodiorite intrusion. Gold mineralization is
associated with regionally extensive faults related to the two prominent
directions of strain (100deg and 340deg) in the regional east/west-trending
Pipestone Lake-Manitou Stretch Fault. During the 1980's, previous workers
discovered several gold showings within the border phase of the Lawrence Lake
Batholith. In 1980, BP-Selco discovered the Pine Centre, Pine West and Pine Hill
gold occurrences. The 1980 diamond drilling intersected broad low grade
intervals including 1.36 g/t over 18.29 metres (0.048 oz/t over 60 feet).
Trenching and mapping by Noranda, in 1982, returned 13.89 g/t Au over 3.05
metres (0.49 oz/t over 10 feet) at the Pine Centre occurrence. Between 1985 and
1988, Minnova Inc. completed 23 diamond holes in the area with the following
highlight results: 1.71 g/t Au over 5.61 metres (0.06 oz/t Au over 18.4ft)
(SL-09), 2.55 g/t Au over 4.79 metres (0.09 oz/t over 15.7ft (SL-11), and 3.69
g/t Au over 1.49 metres (0.13 oz/t over 4.9ft) (SL-07).


In 2007, Whetstone completed 10 diamond drill holes totalling 1,990 metres.
Three of the holes testing the Pine Centre gold occurrence returned the
following favourable results: 3.88 g/t Au over 2.00 metres (BP07-01), 2.90 g/t
Au over 13.46 metres (BP07-09) and 1.98 g/t Au over 9.20 metres (BP07-10).


Nelson W. Baker, Mineral Mountain's President and CEO commented: "The addition
of these claims to our company's Straw Lake Property represents a significant
acquisition with outstanding bulk tonnage gold potential."


Mineral Mountain purchased the Whetstone property subject to making the
following payments to Whetstone:


Cdn. $100,000 and 325,000 common shares of Mineral Mountain within five business
days of receipt of an acceptance letter from the TSX Venture Exchange approving
the transaction; and Cdn. $100,000 and 325,000 common shares of Mineral Mountain
on or before February 23, 2012.


Whetstone has retained a 2% net smelter royalty, one-half of which may be
repurchased by Mineral Mountain for $1 million. Five of the 11 unpatented
mineral claims are subject to an underlying agreement with Robert J. Fairservice
who retains a 2% net smelter royalty on these claims. The Fairservice royalty is
payable out of the royalty payable by Mineral Mountain to Whetstone and is not
in addition thereto.


About Mineral Mountain

Mineral Mountain is a well-funded explorer and developer of precious metals with
approximately $8 million in its treasury. The Company has four major gold
projects that meet Mineral Mountain's long term objectives of becoming a strong
mid-tier resource producer. In southeastern British Columbia, the Company's
100%-owned 89,000-hectare, 70 km by 15 km Kootenay Arc Project is believed to
have a geological environment for sediment-hosted precious metal deposits
similar to those found in the Carlin Trend of Nevada and in the Selwyn Basin of
Yukon. In the emerging Shining Tree mining camp 100 km south of Timmins,
Ontario, the Company, through its joint venture with Golden Harp Resources Inc.
has become a key explorer in the district. The 145 km2 Golden Harp Main Block
(60%) and Block A (70%) options host large gold systems that offer above average
potential to host both bulk tonnage and high grade gold mineralization. The
recently acquired 7 km by 3 km Straw Lake Beach Mine Property 70 km northeast of
the Rainy River deposit offers great potential to host a Hemlo-style gold
deposit.


MINERAL MOUNTAIN RESOURCES LTD.

Nelson W. Baker, President and CEO

To be added to Whetstone's private email list, please contact
info@whetstoneminerals.com. 


Reader Advisory

This release includes certain statements that may be deemed to be
"forward-looking statements". All statements in this release, other than
statements of historical facts, that address events or developments that the
Company expects to occur, are forward looking statements. Forward looking
statements are statements that are not historical facts and are generally, but
not always, identified by the words "expects", "plans", "could" or "should"
occur. Although the Company believes the expectations expressed in such forward
looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results may differ materially from
those in forward looking statements. Factors that cause the actual results to
differ materially from those in forward-looking statements include gold prices,
results of exploration and development activities, regulatory changes, defects
in title, availability of materials and equipment, timeliness of government
approvals, continued availability of capital and financing and general economic,
market or business conditions. The Company cautions the foregoing list of
important factors is not exhaustive. Investors and others who base themselves on
the Company's forward-looking statements should carefully consider the above
factors as well as the uncertainties they represent and the risk they entail.
The Company believes that the expectations reflected in those forward-looking
statements are reasonable, but no assurance can be given that these expectations
will prove to be correct. Please see the public filings of the Company at
www.sedar.com for further information.

Whetstone Minerals Ltd. (TSXV:WMI)
過去 株価チャート
から 5 2024 まで 6 2024

Whetstone Minerals Ltd. (TSXV:WMI)
過去 株価チャート
から 6 2023 まで 6 2024