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September 24, 1998
(Mines and Energy)


Minister welcomes new activity on Duck Pond project in central Newfoundland

Charles Furey, Minister of Mines and Energy, is pleased to welcome Thunderwood Resources Inc. to the province. The minister expressed his pleasure with yesterday's announcement regarding the company's Letter Agreement with Noranda Mining and Exploration Inc., which gives Thunderwood the right to acquire a 100 per cent interest in Noranda's Duck Pond base-metal property located in west-central Newfoundland.

"This is positive news for the mining industry in the province and I am pleased that this significant base-metal property will be carefully evaluated by Thunderwood Resources," said Furey. "It has known geological resources. Let's hope that the new diamond drilling and other exploration work will lead to underground exploration and eventually a production decision."

The Duck Pond project is located approximately 30 km southeast of Buchans on the northwest side of Tally Pond. It occurs in Newfoundland's highly prospective Central Volcanic Belt and consists of four known deposits representing geological resources of over six million tonnes of copper-zinc-silver-gold mineralization. The first discovery was made by Noranda in 1981 and their subsequent exploration work defined today's known resource picture. "We know that a certain amount of sophisticated geological data already exists," said Furey. "Thunderwood's commitment to spend $1.4 million in exploration by March 31, 2000, on new drilling, data gathering and analysis is an exciting beginning to what could become another producing mine for the province."

Minister Furey also said that the principals of Thunderwood will be visiting St. John's shortly to meet with him and his officials. "This will be an excellent opportunity to apprise them of the province's resources and the support available from my department for their exploration efforts in central Newfoundland."

Furey added: "The recent announcements of new exploration efforts by several companies in Newfoundland represent an essential component in the development of our mineral resources. This is the first step in the discovery of new resources or the proving of new reserves, the development of which generates new wealth and economic growth. The province's geological endowment continues to make it an attractive place for mining companies to invest and explore."

Media contact: Tara Laing, Communications, (709) 729-4890.

1998 09 24 4:15 p.m


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