McVicar Acquires Molybdenum Properties in Northern Chinaadmin
Sunday, August 6th 2006
McVicar Resources Inc. (“McVicar”) is pleased to announce that the Company has reached an agreement with the Sixth Geological Institute of Jilin province, China, to acquire three molybdenum (Mo) properties in the Yanbian district, Jilin province.
Details of the three properties are:
Shibadougou Mo-Au property: exploration license: 2200000510228, property area 12.53 square kilometres; coordinates: latitude: 43degrees07’00″ to 43degrees09’30″; longitude 127degrees55’30″ to 127degrees57’30″.
Dongsheng Mo-multimetallic property: exploration license: 2200000610127, property area 16.78 square kilometres; coordinates: latitude: 43degrees02’15″ to 40degrees05’00″; longitude 128degrees50’00″ to 128degrees53’45″.
Xinhe Mo-multimetallic property: exploration license: 2200000510431, property area 16.78 square kilometres; coordinates: latitude: 42degrees55’30″ to 42degrees58’30″; longitude 128degrees26’45″ to 128degrees30’30″.
As per the terms of the agreement, McVicar will invest CDN $1 million for the initial prospecting and exploration programs of the three projects, and will manage the exploration activities. In return, McVicar will own 70% of the three projects. Further investment will be based on exploration needs and further interest in the properties will be proportional to the investment committed by one or more parties.
The area of interest is located on the marginal area of the Sino-Korean platform and is in the eastern portion of a large porphyry Cu-Mo mineralization belt. Mo mineralization is closely related to the Yanshanian granitic porphyries. Three Mo deposits were discovered in the area. One deposit has been mined for Cu, Pb and Zn, and currently is expanded to exploit Mo.
Initial discoveries in the area were achieved through soil geochemical anomalies as the area is covered by thick soil and forestry. McVicar intends to further investigate the geochemical anomalies, select areas to conduct IP work to further identify drill targets. Drilling program will follow immediately after drill targets are defined.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved or disapproved the contents
of this release.
For further information
Dr. Gang Chai at: 55 University Avenue, Suite 605, Toronto, ON M5J 2H7, Tel: (416) 366-7420, Fax (416) 366-7421, www.mcvicar.ca
Source: McVicar Resources Inc.