NEWS RELEASE
Resolve Ventures acquires claims in Raglan district
Monday January 12 2004
Mr. David Baker reports:
Resolve Ventures has acquired additional claims in the Ungava belt in Northern Quebec (also referred to as the Raglan district).
The Ungava belt hosts hosts Falconbridge's Raglan mine, Canadian Royalties' Mesamax and Expo-Ungava deposits, Falconbridge's Delta deposit, the Frontier zone identified by Anglo-Knight, and numerous other nickel-copper-PGE occurrences.
The new acquisition comprises 54,952 acres situated south of the company's Shoot Out property, Acrex joint venture and the claims purchased from Ubex and Menace Capital. To acquire a 100-per-cent interest in the claims, Resolve must pay $50,000 in cash and issue 100,000 shares on exchange approval.
The company now holds interests in more than 105,000 acres of prospective ground in the southern part of the Raglan district (referred to as the South trend). The company's properties are underlain by Povungnituk formation rocks, which are intruded by extensive mafic and ultramafic rocks with potential to host nickel-copper-PGE mineralization.
At a recent mining convention in Quebec City, James Mungall of the University of Toronto provided persuasive evidence that the mafic and ultramafic intrusive rocks within the Povungnituk formation are significantly more prospective for nickel mineralization than was previously recognized.
The company plans to complete an extensive exploration program on its Raglan area properties in 2004.