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News Release 2003 Mar 5 Solitaire and King's Bay Announces Work Program on Headway | Solitaire and King's Bay Announces Work Program on HeadwayWednesday, March 05, 2003 March 5, 2003 - Solitaire Minerals (TSX.V - SLT) and King's Bay Gold Corp. (TSX.V - KBG) announce that, commencing the week of March 10th, they will begin Phase 1 of a comprehensive exploration program on the Headway project, strategically located in the Red Lake Mining District, Ontario. Phase I of the exploration program will consist of linecutting and a ground magnetic geophysical survey. Drilling is expected to commence at a later date following the compilation and assessment of the geophysical data. The Headway Project is located in Balmer and Dome Townships approximately 1200m southwest, and directly adjacent, to Goldcorp Inc.'s (G - TSX) High Grade Zone, with a total gold content of 4.6 million ounces, as a result of an increase in reserves during 2002 of 1.96 million tons with an average grade of 2.35 ounces of gold per ton. (Goldcorp website). Prior exploration on the Headway Project intersected high-grade gold values, including 2.74 oz/ton gold over 2.0 ft and 0.61 oz/ton gold over 3.08 ft in drill core (H-13), surface chip samples of up to 1.35 oz/ton over 6.6 ft and several surface grab samples exceeding 1oz/ton. The property contains two east-west trending, gold bearing structural zones; the 4,000 ft x 1,000 ft Headway Shear Zone and the 2,300 ft x50 ft Main Zone. (Watkins, 1999) Solitaire Minerals and King's Bay Gold believe that the Headway Project holds highly prospective geological elements with respect to those associated with ore found on the adjacent Red Lake Mine. This includes high-grade gold, mafic, ultramafic and intrusive rocks and well developed shear zones. Private Placement Closed The Company also announces that it has closed a non-brokered private placement of 2,568,000 units of the Company at a price of $0.10 per unit. Of the 2,568,000 units, 2,160,000 will be issued on a flow-through basis at a price of $0.10 per unit. Each flow-through unit will consist of one flow-through common share and one non-transferable share purchase warrant entitling the holder to purchase one non flow-through common share of the Company at a price of $0.15 per share for a one year period. The remaining 408,000 units will be issued on a non flow-through basis at a price of $0.10 per unit. Each non flow through unit will consist of one non flow-through common share and one non-transferable share purchase warrant, exercisable at a price of $0.15 per share for a two year period from the date of issuance. The common shares forming part of the units, as well as any common shares issued upon exercise of the warrants, are subject to a hold period, which will expire at midnight on June 12, 2003. The flow-through proceeds of the private placement will be used for exploration of the Company's mining properties in the Red Lake gold camp of northwestern Ontario and the non-flow through proceeds will be used for general working capital. Furthermore, the Company announces that it has granted, subject to all necessary regulatory and shareholder approvals, Director/Officer/Consultant/Employee incentive stock options of the Company to purchase in the aggregate 120,000 common shares in the capital stock of the Company. The additional options are exercisable on or before March 4, 2005 at a price of $0.17 per common share. About Solitaire Minerals Corp.
On Behalf of the Board of Directors
"Charles Desjardins” Charles Desjardins President and Director The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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