Eldorado Property, Northwest Territories

The Eldorado Property, consisting of 887.36 acres, adjoins Solitaire's Mystery Island property and expands the property size to 22,717.23 acres. This project shares property boundaries with and is partly surrounded by properties owned by Alberta Star Development Corp. (TSX-V:ASX). Solitaire and Alberta Star share some of the underground working of the Eldorado mine. The Eldorado Property is located at Port Radium on the east side of Great Bear Lake, Northwest Territories, and 423 miles north of the city of Yellowknife.



Pitchblende (uranium plus silver, copper, nickel, lead and polonium) was formerly mined from the Eldorado mine at Port Radium commencing in 1933. The Port Radium uranium belt along with the Uranium City district were Canada's principal producers of uranium during the 1930s and 1940s. The mine closed in 1960. Since that time, important advances in uranium exploration methods and the genesis of uranium deposits have evolved. Also, the area has been recognized as a favourable environment for IOCG (iron ore copper gold) deposits. The Olympic Dam IOCG deposit, in Australia, is one of the world's largest suppliers of uranium.

Uranium production from the Eldorado mine was from veins emplaced along northeast trending faults. All of these structures merge into the Bear Bay Shear Zone, a deep seated regional structure which has never been tested. In addition, there is potential for the structures hosting high grade silver mineralization in the Echo Bay mine to extend onto Solitaire's property.

Historically, the Eldorado Uranium Mine property has produced 15 million pounds of uranium and eight million ounces of silver.

Kinross shall hold a 2% NSR on all minerals extracted or derived from the Eldorado Property. Mike Magrum, PEng, a qualified person under National Instrument 43-101.

Related documents

News Release - January 30, 2007