Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, BRITISH COLUMBIA, Feb 28, 2012 (MARKETWIRE via COMTEX) — Westhaven Ventures Inc. (CVE:WHN) is pleased to announce that it has signed an option agreement with a private vendor to acquire 100% of the BEN gold exploration property, located in central B.C. Listwanite (carbonaceously altered ultramafic rock) associated gold occurs along a major shear zone, and there is also evidence for epithermal and Carlin-style gold mineralization. Anomalous gold values in soils up to 650 ppb occur sporadically over a 6 kilometre strike length and 400 metre width.
“We are excited about this new opportunity and we look forward to drilling the BEN property this year. Listwanite is well known for its association with lode-gold mineralization, making it an attractive prospect for exploration. This acquisition meets our criteria for high potential projects in prospective mining regions. Westhaven now has two quality projects to drill this coming field season,” stated Grenville Thomas, President and CEO.
BEN Property
The BEN property is located approximately 50 km north of Williams Lake, B.C. and is easily road accessible. It consists of mineral claims comprising approximately 13,337 hectares situated in the Cariboo Mining District of British Columbia. The property was initially staked by a major company in 1984, in response to a 60 ppb Au silt sample during a large scale regional geochemical sampling program and was followed up by a 7,800 ppb Au sample from the -40 +60 mesh non-magnetic fraction of heavy mineral sample. The major company never tested this target as it ceased Canadian exploration in 1985.
Initial work on the BEN property has shown evidence of major deep seated faults with associated epithermal gold mineralization. Gold enrichment is associated with quartz-carbonate-mariposite alteration of Cache Creek volcanics with strength of gold related to silica content. The Main Zone on North Ben Creek shows several stages of silica flooding quartz veining, and re-brecciation. In-situ rock samples from the Main Zone quartz-carbonate breccia returned rock chip results of 220 ppb Au, 573 ppm As, 249 ppm Sb, 1900ppb Hg and 981 ppm Ni.
Strong structural similarity exists between the Main Zone and major gold bearing structures in British Columbia including the Muddy Lake epithermal gold deposit in Northern B.C. and the Bralorne gold camp. There is also similarity in alteration and structure with gold bearing areas of the Motherlode trend of Southern California. The expectation is that the present structure will extend for kilometres. There is excellent potential for a significant gold deposit closely associated with this small exposure.
Upcoming Plans
A summer exploration program is anticipated to include an induced polarization ground geophysical survey, followed by a diamond drilling program to test the identified targets. A minimum of $300,000 will be spent on the BEN Property in 2012.
Terms of the Agreement
Westhaven can earn 100% interest in the BEN Property, subject to a 2% net smelter royalty (NSR) which Westhaven has the option to purchase at fair market value, by granting the optionor:
— An initial payment of $10,000 and 100,000 shares; — $20,000 and 150,000 shares on or before 1st anniversary (Optional); — $65,000 and 250,000 shares on or before 2nd anniversary (Optional); — $125,000 and 500,000 shares on or before 3rd anniversary (Optional). — $300,000 in exploration expenditures in the first year of the Agreement (firm commitment); — $400,000 in exploration expenditures in Year 2 (Optional); — $600,000 in exploration expenditures in Year 3 (Optional); — $1,200,000 in exploration expenditures in Year 4 (Optional). The Option Agreement and the issuance of shares are subject to the approval of the TSX Venture Exchange. Any shares issued pursuant to the agreement will be subject to a 4 month hold period from the date of issuance.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Gareth Thomas, Director
About Westhaven Ventures Inc.
Westhaven Ventures Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose gold and BEN projects in British Columbia. The Company has no debt and is well financed. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN.
Qualified Person Statement
V.A. Tanaka, P.Geo., who is a Qualified Person within the context of National Instrument 43-101 has read and takes responsibility for this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
