GOLDEN TAG RESOURCES LTD.
SUITE 114, 186 SUTTON PLACE, BEACONSFIELD, QC. H9W 5S3
PHONE : (514) 426-8542; FAX : (514) 426-8543
VANCOUVER STOCK EXCHANGE SYMBOL : "GOG"
SHARES ISSUED : 7.4 MILLION
NEWS RELEASE
GOLDEN TAG ENTERS INTO AN OPTION AGREEMENT
WITH RUBICON MINERALS CORPORATION
ON ITS MCCUAIG PROPERTY IN RED LAKE ONTARIO
DECEMBER 23, 1997
Golden Tag Resources Ltd. (the "Company"), (GOG-VSE) is pleased to announce that, subject to regulatory approval, it has entered into an option agreement on the Company's McCuaig Property, Dome Township, Red Lake, Ontario with Rubicon Minerals Corporation ("Rubicon"), (RMX:VSE). Rubicon may earn a 50% interest in the property by making total cash payments of $25,000 and carrying out a total of $450,000 in exploration work over three years, of which $50,000 is to be carried out before August 1, 1998 and a total of $100,000 before December 15, 1998. Underlying vendors retain a 2% NSR, one half of which can be purchased by the Company for $200,000. Advance royalties of $12,000 per year are due to the underlying vendors commencing August 11, 2003.
The property consists of 10 claim units that are contiguous to the former McKenzie Red Lake Mine property to the south, Goldcorp land holdings to the east and Rubicon's Red Lake property to the west. The Mckenzie Red Lake Mine produced over 650,000 ounces of gold at an average grade of 0.28 oz/ton Au. The Cochenour Williams Mine, which produced 1.24 million ounces of gold at an average grade of 0.54 oz/ton, is situated two km to the southeast of the property. The McGuaig claims are situated within the Cochenour-Gull Rock deformation zone, host to the currently producing Campbell and Red Lake Mines. To date, mines situated on this trend have cumulatively produced over 13 million ounces of gold.
According to government reports, the property contains a number of significant gold showings that were discovered during the 1930's. These include drill intercepts of 0.69 oz/ton Au over 17.5 ft, 1.0 oz/ton Au over 5 ft and a 27 ft intersection of quartz that returned 0.1 oz/ton Au.
Rubicon, who will be the operator, is currently compiling all existing data and plans to carry out preliminary diamond drilling on the project during winter 1998.
For more information please contact Marc A. Carrier, President at Tel: (514) 426-8542; Fax: (514) 426-8543; Email: [email protected] OR David Adamson or Michael Grey of Rubicon Minerals at (604) 623-3333.
On behalf of the Board of Directors, Marc A Carrier, President
The Vancouver Stock Exchange has neither approved nor disapproved the content of this release.
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