2005 News Releases
Maple and East West Option Ardeen Property from Pele
TORONTO, ONTARIO, June 8, 2005 – Maple Minerals Corp. ("Maple") (TSXV:MPM) and East West Resource Corporation (TSXV: EWR) have acquired an option from Pele Gold Corporation to earn up to a 60% interest in a gold and base metal property north of and adjacent to Maple’s and East West’s Hamlin and Powell properties in the West Shebandowan greenstone belt. The 153 unpatented and 4 patented claims, known as the Ardeen property, cover a significant portion of the rhyolite volcanic pile that extends to the south west into the Hamlin property and the Freewest Sun Gold property, where an important Cu-Zn showing was exposed with reported assays of 12% Cu and 32% Zn. A number of gold showings occur along the common boundary of the Hamlin and the Ardeen properties. Trenches on these showings have yielded numerous gold values of 2 to 21 grams gold from grab samples.
The former Ardeen Mine is also situated on the Ardeen property which was the first producer in Ontario in 1870. This vein style deposit yielded 30,000 ounces of gold.
An airborne helicopter borne time domain EM survey will be flown over the entire Ardeen property as an initial phase of exploration to locate massive sulphide targets within the volcanic pile. Selected areas along shear structures will also be covered by IP surveys to map shear hosted gold as well as alteration systems connected with VMS massive sulphide deposits.
For the first time a complete shear zone can be explored without being broken into sections by land positions.
Pursuant to the option agreement entered into by the three partie s, in order to earn an initial 50% interest (each as to 25%) East West and Maple will be required to incur aggregate expenditures of $2,500,000 on the Ardeen property by December 31, 2008 and will be required to make option payments to Pele aggregating $140,000 in cash by Maple and 700,000 common shares of East West by January 31, 2008. East West and Maple can subsequently increase their interest to 60% (each as to 30%) by delivering a feasibility study by December 31, 2012 and, pending delivery thereof, incurring additional expenditures of $750,000 by December 31, 2010 and $750,000 by December 31, 2012. The option agreement is subject to regulatory approval.
The project is being supervised by R. Middleton, P. Eng. who is the qualified person and responsib le for quality control of the assaying and reporting. Maple is a Toronto based resource company with property interests in Australia, Argentina, Africa and Canada. For more information about Maple, please visit the company’s website at www.mapleminerals.com.
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Maple’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Maple disclaims any intent or obligation to update these forward-looking statements and cautions investors from placing undue reliance on forward-looking statements. Maple does have an ongoing obligation to disclose material information as it becomes available.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
L.M. (Gino) Falzone