Buffalo Triggers JV With Madison for Mt. Kare in PNG
* Reuters is not responsible for the content in this press release.
VANCOUVER, BRITISH COLUMBIA, Apr 15 (MARKET WIRE) -- Brian McEwen, President and CEO of Buffalo Gold Ltd. ("Buffalo") (TSX VENTURE: BUF)(OTCBB: BYBUF)(FRANKFURT: B4K), announces that the Company has given notice to Madison Minerals Inc. ("Madison") (TSX VENTURE: MMR)(OTCBB: MMRSF) that they wish to trigger a joint venture at their Mr. Kare project in Papua New Guinea (See Buffalo Press Release, October 21, 2005). The JV will be implemented following a 90 day notice period. Buffalo currently has a 60% interest in the Mt. Kare project. Madison has 40%, having re-negotiated the terms of the earn-in agreement last year (See Buffalo Press Release May 18, 2007). Madison and Buffalo collectively hold a 10% interest in trust for the local landowners. Under the terms of this agreement, Buffalo could increase its interest to 75% by completing a bankable feasibility study in the next three years or convert the project to a joint venture where by each Company has to contribute on a pro rata basis to the project costs or be diluted down. Buffalo has opted to trigger the joint venture. Recently, Buffalo completed a 21.7 -line -kilometre, induced polarization (IP) survey over the southern extension of the Mt. Kare deposit (See Buffalo Press Release March 3, 2008). The survey has defined a strong 400m by 300m chargeability anomaly, extending southward or at least 250m beyond the most southerly line of drilling on Mt. Kare. The anomaly is interpreted as being in response to sulphide mineralization and defines a previously untested portion of Mt. Kare gold bearing epithermal system. This new anomaly is being reviewed to define drill targets and has the potential to add incremental ounces to the existing resource of 1.7 million ounces of Gold. The Company is compiling an exploration program to follow up on these results. Brian McEwen, Buffalo President and CEO, remarked, "Buffalo Gold is committed to continue working in PNG, and believes in the potential of Mt. Kare and the surrounding area. We are committed to PNG as shown by our application for renewal of EL1093 and the recent final approval for EL 1575." To find out more about Buffalo Gold Ltd. (TSX VENTURE: BUF), please visit the company website at www.buffalogold.ca. To find out more about Madison Minerals Inc. (TSX VENTURE: MMR) please visit the company website at www.madisonminerals.com. On behalf of the Board of Directors of BUFFALO GOLD LTD. Brian McEwen, President and Chief Executive Officer On behalf of the Board of Directors of MADISON MINERALS INC. Chet Idziszek, President and Chief Executive Officer Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission ("SEC") permits mining companies in filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. The Company may use certain terms in this news release, such as "inferred resource", that the SEC guidelines strictly prohibit from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure contained in the Company's Form 20-F Registration Statement, File No. 000- 30150. The Company's filings are available on the SEC's website at http://www.sec.gov/edgar.shtml. This website may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. Investors that the SEC's mining guidelines strictly prohibit information of this type in documents files with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release. Contacts: Buffalo Gold Ltd. Julie Hajduk Investor Relations (604) 685-5492 or Toll Free: 1-888-685-5492 (604) 685-2536 (FAX) Email: email@example.com Website: www.buffalogold.ca Madison Minerals Ltd. David Scott Investor Relations (604) 331-8772 or Toll Free: 1-877-529-8475 (604) 331-8773 (FAX) Email: firstname.lastname@example.org Website: www.madisonminerals.com Copyright 2008, Market Wire, All rights reserved. -0-
- Exclusive: Radar data suggests missing Malaysia plane deliberately flown way off course - sources
- Lost Malaysian airliner may have run out of fuel over Indian Ocean : source |
- UPDATE 2-Satellite data shows missing Malaysia plane may have flown thousands of miles-source
- Investigators focus on foul play behind missing Malaysia plane: sources |
- UPDATE 1-Rolls-Royce concurs with Malaysia on missing jet's engine data