NEWS RELEASE
Raglan Ni-Cu-PGM-Co Project
Vancouver, BC September 3, 2003 - Resolve Ventures Inc. ("RVN") is pleased to announce that RVN has entered into an Option Agreement ("Agreement") with Golden Valley Mines Ltd. ("Golden") of Val d'Or, Quebec, Canada - Symbol "GZZ" on the TSX-V, whereby RVN will have the right to acquire a 50% interest in the Golden's interest in the East Shoot Out property, located in the Ungava belt of Northern Quebec. The 3,699.78-hectare property consists of 102 map-designated units covering the eastern portion of the Shoot Out property ("the Property") recently acquired by Golden. The Ungava belt hosts Falconbridge's Raglan nickel mine, and the East Shoot Out property is located within the southern portion of the belt, which hosts Canadian Royalties' Mesamax northwest nickel-copper-PGE (platinum-palladium) discovery, Falconbridge's Delta deposit, the Expo-Ungava deposit and many other nickel-copper-PGE occurrences.
The East Shoot Out property includes two highly prospective ultramafic intrusions that will be the focus of a 2003 geophysical and drilling program. Detailed data analysis of a 1996 airborne geophysical survey, which detected approximately 400 electromagnetic anomalies on the property, revealed the presence of a high-priority magnetic conductor. This conductor is very significant in that it is located in the core of the westerly (Kenty) ultramafic intrusion, an eight-kilometre-long, 300-metre-thick peridotite-pyroxenite body. Magnetic conductors located within ultramafic intrusions are rare in the Ungava belt, and suggest the presence of nickel sulphide mineralization. The Kenty conductor is similar in amplitude to the airborne conductor associated with the Mesamax northwest discovery (best drill intersection (MXNW-02-29) of 75.5 metres grading 2.28 per cent nickel, 2.38 per cent copper and 9.9 grams per tonne platinum plus palladium, as reported in Stockwatch by Canadian Royalties on Dec. 10, 2002). The Kenty conductor, however, is more magnetic and much longer, having a strike length of 700 metres. It has never been drilled nor investigated since it is located under a shallow bay on the south shore of Kenty Lake.
The second ultramafic intrusion on the East Shoot Out property is a north-striking, three-kilometre-long discordant peridotite body hosting disseminated surface mineralization (Hudson showing) that has returned anomalous Ni-Cu-PGE values. The intrusion cuts local stratigraphy at a high angle, and is interpreted as a feeder system that is prospective for nickel-PGE mineralization.
Under the terms of the Agreement, RVN may earn its 50% interest in the Property by paying Golden $100,000 in cash, incur expenditures exploration program in the amount of $2,000,000 over a three-year term and issue 500,000 in common shares of RVN stock:
Cash payment schedule:
i) $20,000 shall be paid upon TSX Venture Exchange approval
ii) $20,000 on or before November 28, 2003;
iii) $30,000 on or before May 28, 2004; and
iv) $30,000 on or before May 28, 2005.
Expenditures exploration schedule:
i) a minimum of $350,000 on or before December 31, 2003;
ii) an additional minimum of $550,000 on or before December 31, 2004; and
iii) an additional minimum of $1,100,000 on or before December 31, 2005.
Shares payment schedule:
i) 500,000 shares upon TSX Venture Exchange approval of the Agreement.
Private Placement Financing
In order to meet its immediate obligations, RVN has entered into a private placement for the sale of 4,000,000 units (2,500,000 units flow through and 1,500,000 units non flow through) at a price of $0.15 per unit for a total of $600,000. Each unit will consist of 1 common share and 1 warrant for the purchase of 1 further common share of RVN within two years at the price of $0.30 per share.
These transactions are subject to regulatory approval. The maximum allowable finder's fee shall be paid in shares and cash with regard to the value derived from the Agreement and the private placement financing as per the TSX Venture Exchange's policy guidelines.
On Behalf of the Board of Directors
Resolve Ventures Inc.
Simon Tam
Director
Disclaimer:
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION. "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THIS NEWS RELEASE CONTAINS FORWARD LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE SET FORTH IN OR IMPLIED HEREIN.