#Duane Parnham#Hanlon property#Canoe Mining#Glencore Canad

Canoe Mining Forges Strong Partnerships and Gains New Location

Canoe Mining announces it has purchased the Hanlon property in Ontario, a highly prospective mining projectFocused on mining exploration and acquisition...

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|May 14|magazine7 min read

Canoe Mining announces it has purchased the Hanlon property in Ontario, a highly prospective mining project

Focused on mining exploration and acquisitions in six different location in Canada, Canoe Mining Ventures Corp is excited to announce that on May 12, 2014, it has signed an agreement with Glencore Canada Corporation, Rainy Mountain Royalty Corp., and Mega Uranium Limited to purchase one hundred percent interest in the Hamlin-Deaty Creek Property, a gold belt located in Shebandowan Belt 110 Kilometers west of Thunder Bay, Ontario.  

Duane Parnham, a director of Canoe Mining, stated: "The Hamlin property compliments our current holdings and furthers our strategic objective to consolidate the Shebandowan copper gold belt into a single major mining camp. There are currently unprecedentedly low acquisition costs for metal deposits in Canada and this, together with a trend for major mining companies to divest their exploration and development projects, has enabled Canoe Mining to capitalize on current market factors and acquire a highly prospective project from Glencore. We envision that Canoe will benefit from being well positioned with an excellent copper gold mining project in the future when markets will potentially recognize a significant increase in this property's valuation and reward Canoe for its efforts to enhance this asset."  Prior to the agreement, the property was originally owned by Rainy Mountain and in 2003 a partnership was formed with Mega Uranium and they continued to develop the land, successfully completing 58 diamond drill holes by 2006 containing copper, gold, silver and molybdenum mineralization.  It was in 2007 when Glencore earned its 51% interest by spending a total of 3 million dollars on the operation in Hamlin, leaving Mega Uranium and Rainy Mountain both owning 24.5% interest.  The trio continued to develop the area and complete 23 additional drill holes, extending the deposit down to 200 meters below ground level.

Included in the terms of the agreement for canoe Mining to be included on this clearly profitable mining location, Canoe Mining is paying $50,000 to Glencore and is issuing one million common shares of Canoe Mining to Rainy Mountain and Mega Uranium.  Under this agreement, the project will now be supervised by Canoe Mining’s Exploration manager, R.S. Middleton.  What makes Middleton an excellent leader for this task is that he led the team that made the original discovery of the Hamlin deposit therefore he is very familiar with the area and will be a great contribution.  Middleton states, "I am deeply familiar with the Hamlin property and deposit and know first-hand the potential of this Property. Our objective is to build a 60-100 million tonne copper-gold-silver deposit similar to the producing Mount Polley Mine in BC (Imperial Metals), or the Troilus Mine near Chibougamau (Inmet now First Quantum)."  Middleton’s experience in this area supports the decision for Canoe Mining to forge this partnership and the company looks forward to the public acclaim this new acquisition will bring forth.