www.knick.ca
Knick is engaged in exploring its flagship East-West property, located in the Val-d’Or Mining Camp along strike between the active Kiena mine (Wesdome Mining Ltd., TSX–WDO) and past gold producer Marban mine (Niogold Mining Corp., TSX.V-NOX). Most historical drilling has been limited to “shallow holes”, generally less than 200 m, and the Company is very excited about the property’s “blue sky” potential at mid-depth plus. A $1.1 million budget has been allocated for the 2009 exploration program on the East-West property.
Knick Exploration to enter into option agreement for two properties in Timmins Mining District
Knick Exploration (KNX:TSX.V), a mining exploration company, said Friday it intends to enter into an option agreement for the CF-1 and CF-2 properties located in the Bartlett, Musgrove and McArthur Townships of the Timmins Mining District.
The properties are located approximately 30km south of the city of Timmins, Ontario and consist of a total of six claims as 53 claims units covering 848 hectares. The properties are subject to a 3% net smelter return, with a buy back of 1% for 1 million dollars.
The claims are believed to have gold and VMS potential, the company said.
The option consists of staged payments for a total of $40,000 and the issue of 1.5 million common shares for the acquisition of a 100% interest in the two properties.
Paul Adomaitis and Gordon N. Henriksen, an insider of the company, are the vendors of the properties.
