I seldom get to comment on what being a prospector means to me personally. Today is one of those very few times. Yesterday I had the pleasure of signing a deal with an exploration company that will provide me the prospector with assurances of a good deal on property held by a company I helped form. This is an example of what we look forward to as prospectors, when we find the good areas and get them explored by hard work or as in this case hard work and an option to explore by another company.
It sometimes takes a deal of this caliber to show the value of prospectors and it often also takes the means available of a better healed company in order to get the work done. Here is the press release announcing our deal.
EagleRidge Minerals has now positioned itself as a major land owner in the Rice Lake Gold Belt of Manitoba
EagleRidge Minerals Options Freeman and Bolger Claims in the Rice Lake Greenstone Belt of Southeast Manitoba
September 1, 2009 - Pinawa, Manitoba
EagleRidge Minerals Ltd. (“ERM” or the “Company”) is pleased to announce that it has finalized an option agreement with Central Consolidated Resources (“CCR”) for two claim groups in the Rice Lake greenstone belt of southeast Manitoba.
The Freeman and Bolger mineral claims are located near Bissett, Manitoba. The mineral claims consist of the seven (7) contiguous Freeman claims covering an area of 1707 hectares. These claims are located 1,500 metres to the northeast of the present San Gold Corporation mineral lease. The five (5) Bolger claims cover 468 hectares and are located 13 kilometres to the west-southwest of the San Gold mining operations. Both claim groups are in very active areas for gold exploration.
The agreement allows ERM the right to acquire 100% of the properties by completing $520,000 in exploration over the next two years and by providing CCR with $200,000 and 700,000 shares over the same time period. CCR will retain a 3% net smelter royalty and an area of interest royalty. ERM has the option to purchase half of the CCR royalty for $1,500,000.
At present ERM holds or has optioned a total of 18,000 hectares of mineral claims in the Rice Lake greenstone belt. This ground holds potential for new gold showings in light of the recent gold discoveries being made by San Gold and the exploration activities by other companies in the region. The addition of the Freeman-Bolger claims has strengthened ERM’s land holdings in belt.
Prospecting and geological exploration teams will soon be deployed on the new claims.
Carey Galeschuk, P.Geo, ERM President and COO, is the qualified person under the definition of NI 43-101 for these projects.
About EagleRidge Minerals Ltd.
ERM is presently a privately traded company. The Company is focused on gold and base metal mineral exploration in the provinces of Manitoba and Newfoundland and Labrador. The company operates exploration office in both Manitoba and Newfoundland and Labrador.