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News Releases
November 22, 2006
E-Energy to acquire Uchi Lake Property, Red Lake, Ontario
E-Energy Ventures Inc. (the "Company") wishes to announce that it has acquired
an option to earn a 100% interest in the Uchi Lake gold property east of Red
Lake, Ontario. To exercise such option, the Company is required to make cash
payment of $200,000 over 30 months, issue 2,000,000 common shares and incur
$500,000 exploration expenditures over a three-year period, $100,000 of which
must be incurred before October 31, 2007. The property is subject to a 2% net
smelter return royalty where the Company can buy down to a 1% NSR at a cost of
$1,000,000.
The Uchi Lake property consists of 20 mining claims with a total area of
approximately 800 acres, within the Burch-Uchi-Confederation Lakes greenstone
belt, 90 kilometres east of Red Lake. The property has been explored for gold
at various times since 1937, with the bulk of the drilling activity taking
place in 1993 and 1994.
Most of the drilling on the property has been carried out on the Woco Vein,
which has been traced over a length of 40 metres, and to a depth of 110 metres.
The following table gives a list of drill intersections on the Woco Vein that
gave over 1 gram of gold per tonne (g/T).
|
Hole No. |
From |
To |
Core Length |
True width |
Average |
|
(metres) |
(metres) |
(metres) |
(metres) |
gold |
|
|
|
|
|
(g/T) |
|
93-1 |
85.8 |
87.4 |
1.6 |
1.01 |
67.99 |
|
93-2 |
19.99 |
20.63 |
0.64 |
0.52 |
4.83 |
|
93-3 |
30.25 |
31.03 |
0.78 |
0.49 |
1.51 |
|
93-4 |
61.57 |
65.2 |
3.63 |
1.22 |
61.99 |
|
93-5 |
54.16 |
54.53 |
0.37 |
0.24 |
5.93 |
|
93-6 |
28.35 |
28.9 |
0.55 |
0.41 |
1.95 |
|
93-7 |
29.34 |
29.49 |
0.15 |
0.12 |
5.42 |
|
93-8 |
45.08 |
45.57 |
0.49 |
0.16 |
5.01 |
|
93-10 |
53.46 |
54.92 |
1.46 |
0.78 |
7.65 |
|
93-11 |
102.93 |
104.58 |
1.65 |
1 |
21.87 |
|
93-12 |
158.89 |
159.93 |
1.04 |
0.51 |
13.41 |
|
93-13 |
221.21 |
221.99 |
0.78 |
0.44 |
0.58 |
|
93-14 |
71.25 |
71.81 |
0.56 |
0.47 |
3.22 |
|
93-20 |
78.33 |
80.62 |
2.29 |
1.84 |
15.29 |
|
93-21 |
88.33 |
89.73 |
1.4 |
1.19 |
13.71 |
|
93-22 |
79.03 |
80.86 |
1.83 |
1.48 |
65.97 |
|
94-1 |
99.15 |
100.43 |
1.28 |
0.85 |
9.46 |
|
94-2 |
74.04 |
75.04 |
1.01 |
0.69 |
34.73 |
|
94-3 |
84.22 |
86.32 |
2.1 |
1.72 |
140.13 |
|
94-4 |
84.67 |
85.53 |
0.85 |
0.25 |
2.78 |
|
94-5 |
116.86 |
118.57 |
1.71 |
0.62 |
42.48 |
|
94-7 |
114.73 |
115.82 |
1.1 |
0.59 |
21.77 |
|
94-8 |
88.33 |
88.79 |
0.46 |
0.31 |
13.99 |
The company plans an aggressive exploration program on the property,
including prospecting, power stripping and diamond drilling, both on the Woco
Vein and other areas of gold potential. These include the Uchi Lake deformation
zone, which lies in the southeastern part of the property and has seen very
little prior exploration, and the north-south shear structure that hosts the
Uchi Gold Mine. The Uchi Mine, which lies 1.2 kilometres north of the property,
produced 114,000 ounces of gold between 1937 and 1942. Its host structure,
which crosses the property, is not exposed; it was drilled in 1937 but results
are no longer available.
The technical information in this news release has been prepared and/or
reviewed by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in NI
43-101. Assay results quoted in this release are taken from historical sources;
details of sampling techniques, sample preparation, security procedures and
assay methods are not known.
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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