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News Releases
October 4, 2006
Exploration Program Begins On The Rivard Gold Property, Red Lake Mining Division
Further to E-Energy Ventures Inc.'s news in Stockwatch dated Aug. 8, 2006, the
TSX Venture Exchange has accepted for filing an assignment agreement between
the company and Mike Magrum pursuant to which the company has an option to
acquire a 100-per-cent interest in certain mineral leases pertaining to claims
located in the Todd township, Red Lake mining division, Ontario (Rivard gold
property). Consideration for the option is a total cash payment of $500,000 in
stages and to issue 2.5 million common shares of the company. The property is
subject to a 3-per-cent retained net smelter royalty. Pursuant to the
agreement, the company has paid $70,000 and issued 2.5 million common shares to
Mike Magrum and the underlying leaseholders. These shares are subject to a
four-month hold period expiring Feb. 5, 2007.
The company also wishes to announce that it has commenced an exploration
program on the Rivard gold property. An initial phase of surface work will be
followed shortly by diamond drilling.
Previous drill intersections reported on the Rivard property include: 9.45
metres of 14.32 grams of gold per ton (g/t Au), one metre of 22.83 g/t Au, 3.2
metres of 13.75 g/t Au, 2.7 metres of 8.75 g/t Au, 1.5 metres of 22 g/t Au and
2.8 metres of 5.15 g/t Au. Surface trenches expose multiple quartz stringers
with visible gold. Small-scale hand mining was carried out over many years by
the late O'Brien Rivard. Two diamond drill holes put down by Mr. Rivard in the
1980s are reported to have cut multiple gold-bearing stringers, but were never
assayed.
The 90-hectare Rivard property exhibits some striking geological similarities
to the famous Campbell-Goldcorp mines, 28 kilometres to the east, which form
the heart of the Red Lake mining camp and have combined production plus
reserves plus resources in excess of 30 million ounces of gold. The property
covers an unconformity within the Archean stratigraphy; it lies within a
deformation zone; it is close to the greenschist-amphibolite facies metamorphic
isograd; it is underlain by interlayered volcanics and ultramafic rocks; it
features extensive carbonate alteration; and there are at least two generations
of folding evident.
The company is now conducting a program of stripping, channel sampling, line
cutting, geophysical surveys and geological mapping, to be followed by a
planned 1,100 metres of diamond drilling during the current season.
The technical information in this news release has been reviewed by Colin
Bowdidge, PhD, PGeo, a qualified person, as defined in National Instrument
43-101.
On behalf of the Board of Directors
Simon Tam
Director
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED
OF THE CONTENTS HEREIN.
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