Donner Expands Interest in Matagami Camp

Mittwoch, 28.11.2007 15:05 von Hugin - Aufrufe: 146

VANCOUVER, BRITISH COLUMBIA--(Marketwire - November 28, 2007) - Harvey Keats, Chief Executive Officer of Donner Metals Ltd. (TSX VENTURE: DON)(FRANKFURT: D4M), announces that Donner has entered into an agreement with Xstrata Canada Corporation - Xstrata Zinc Canada Division (Xstrata Zinc), whereby Xstrata Zinc has agreed to contribute additional mineral claims in the Matagami Camp to the existing Donner-Xstrata Zinc Option and Joint Venture Agreement ('OJVA'). Under the amendment agreement, all claims held by Xstrata Zinc in the Matagami Camp are now part of the OJVA, with the exception of the mineral claims covering the Perseverance deposits now under development by Xstrata Zinc. Included in the agreement are 1) mineral claims around past producers and existing infrastructure, 2) known mineralization at Orchan West, 3) the mineral claims between the original Mattagami Lake deposit and Perseverance (7 Kilometres), 4) the mineral claims around the Phelps Dodge deposit and other Phelps Dodge-Xstrata Zinc mineral claims and 5) several new other strategic blocks of claims acquired over the entire OJVA area. As a result of the additions under the amendment agreement and staking since Donner entered into the OJVA in June 2006, the Matagami Project has grown from 2,065 mineral claims covering 477 square kilometres to 3,350 mineral claims covering 841 square kilometres. Donner and Xstrata Zinc intend to apply the innovative exploration techniques that resulted in the recent significant discoveries at Bracemac and McLeod to the new areas of the OJVA. For example, Donner and Xstrata Zinc believe that Orchan West and Phelps Dodge both have potential for further exploration. Each has potential for additional sulphide development along strike as well as in vertically stacked mineralization similar to the mineralization discovered at Bracemac. A partial summary of previous exploration drilling at Orchan West and Phelps Dodge is provided in the attached tables. Further, a significant area of strong exploration potential has been added along key mineralized/altered corridors between the historical deposits and Xstrata Zinc's Perseverance Deposit. Pursuant to the terms of the revised OJVA, Donner has the option to earn a 50% participating Joint Venture interest in the Matagami Project by incurring a total of $20 million of expenditures on exploration and related work on or before May 31, 2011. Donner has made a firm expenditure commitment of $12 million (an increase of the committed portion of expenditures of $2 million), of which approximately $8 million has now been incurred. Donner has also agreed to contribute additional expenditures totaling up to $5 million towards establishing inferred resources on new discoveries, an increase of $2 million from the original agreement. Upon the expenditure of $20 million by Donner, five separate joint ventures will be formed, covering the property and the area of interest. In each of the five joint venture areas, Xstrata Zinc has the option to earn back a 15% interest in such area by incurring up to $20 million on a feasibility study. Xstrata Zinc has a 100% interest in all claims subject to the OJVA with the exception of 309 Phelps Dodge - Xstrata Zinc claims in which Phelps Dodge has 25.89% participating interest and 9 mineral claims covering the Phelps Dodge deposit which are subject to a 15% net carried interest. ON BEHALF OF THE BOARD OF DONNER METALS LTD. Harvey Keats, Chief Executive Officer Orchan West - Historical Drill Results
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True Thick- Core ness len- Esti- Sec- gth mate tion Lens From To (met- g/t g/t (met- Hole # # # (metres) (metres) res) % Zn % Cu Ag Au res)
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OR-91-13D 5180 E 1 1143.18 1146.69 3.51 9.62 0.33 5.86 0.11 2.0
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OR-90-13 5150 E 1 1181.56 1193.60 12.04 14.34 1.02 18.11 0.37 5.0
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OR-91-13C 5120 E 1 1179.91 1215.91 36.00 18.33 2.07 39.04 0.44 8.0
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OR-91-15F 5090 E 1 1184.09 1189.66 5.57 18.85 1.00 17.64 0.28 4.0
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OR-91-15B 5075 E 1 1198.26 1207.98 9.72 9.12 2.53 24.66 0.42 5.0
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OR-91-15B 5075 E 1A 1289.12 1304.85 15.73 10.82 1.36 11.32 0.86 7.0
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OR-91-15E 5060 E 1 1157.90 1164.18 6.28 14.34 3.22 59.15 0.67 4.0
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OR-91-15G 5030 E 1 1191.07 1204.23 13.16 15.66 0.88 11.56 0.43 5.0
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OR-96-26A 5000 E 2 1141.87 1149.55 7.68 14.00 2.64 18.23 0.31 6.0
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OR-91-17 4970 E 2 1102.40 1107.70 5.30 7.01 4.05 88.51 0.81 ?
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OR-91-17 4955 E 2 1140.01 1147.24 7.23 22.16 1.89 22.88 0.48 6.0
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OR-96-22 D 4940 E 2 1172.47 1197.19 24.72 23.48 1.02 22.76 0.49 17.0
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OR-96-22 E 4940 E 2 1151.66 1180.09 28.43 20.35 2.66 49.94 0.73 22.0
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OR-96-22B 4910 E 2 1167.11 1173.24 6.13 14.17 1.63 37.70 0.62 5.0
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Note 1: Lens 1 - mineralization at the Key Tuffite Horizon Note 2: Lens 1A and 2 - mineralized spires in the alteration pipe crosscutting the Key Tuffite Horizon Phelps Dodge - Historical Drill Results
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True Core Thickness length Estimate Hole # From To (metres) % Zn % Cu g/t Ag g/t Au (metres)
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121G-01 52.58 57.3 4.72 10.14 1.38 32.80 NA ?
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121G-01 62.33 74.52 12.19 3.19 0.54 15.85 NA ?
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121G-02 92.05 95.1 3.05 21.32 0.71 37.15 NA ?
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121G-03 77.72 79.55 1.83 12.25 0.05 59.31 NA ?
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121G-03 105.92 108.97 3.05 9.70 0.23 27.28 NA ?
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121G-04 97.54 105.16 7.62 8.87 0.40 13.71 NA ?
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121G-05 106.68 123.44 16.76 3.78 0.53 25.58 NA ?
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121G-08 178.61 186.23 7.62 5.37 1.22 16.73 NA ?
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121G-10 170.99 175.56 4.57 4.26 0.15 10.74 NA ?
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121G-15 171.30 175.87 4.57 4.83 1.09 12.22 NA ?
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121G-15 181.97 186.54 4.57 6.08 1.03 7.77 NA ?
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121G-16 259.38 263.35 3.97 7.25 0.56 21.74 NA ?
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121G-16 270.97 292.30 21.33 4.43 1.41 17.32 NA ?
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121G-17 246.28 251.16 4.88 4.79 1.14 12.16 NA ?
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121G-17 252.83 261.21 8.38 0.07 5.70 9.29 NA ?
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121G-18 249.94 275.84 25.90 1.20 0.01 3.18 NA ?
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121G-18 270.66 271.27 0.61 9.64 0.15 9.60 NA ?
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121G-18 272.80 275.84 3.04 8.88 0.13 29.31 NA ?
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121G-18 280.42 283.46 3.04 0.14 1.75 9.60 NA ?
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121G-20 248.41 256.03 7.62 6.19 1.38 15.69 NA ?
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121G-20 259.08 265.18 6.1 0.04 2.59 6.17 NA ?
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121G-23 336.19 349.91 13.72 8.98 1.52 17.88 NA ?
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121G-23 354.48 365.76 11.28 0.06 2.70 14.24 NA ?
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121G-25 354.18 370.94 16.76 7.46 0.92 19.73 NA ?
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121G-26 224.94 234.70 9.76 5.23 0.45 33.63 NA ?
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121G-27 215.19 225.48 10.29 5.91 1.13 20.14 NA ?
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121G-28 335.58 348.08 12.50 7.65 0.95 16.99 NA ?
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121G-29 218.85 222.73 3.88 4.32 1.76 24.45 NA ?
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121G-31 203.61 209.49 5.88 2.45 0.54 14.54 NA ?
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121G-31 213.82 221.35 7.53 1.85 1.31 45.95 NA ?
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121G-31 229.36 234.39 5.03 7.11 1.42 27.37 NA ?
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121G-34 502.31 514.50 12.19 7.80 0.15 7.41 NA ?
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121G-37 298.55 307.70 9.15 2.66 2.05 40.84 NA ?
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121G-39 437.39 442.87 5.48 5.14 0.24 14.25 NA ?
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121G-42 415.29 418.80 3.51 10.10 0.68 19.01 NA ?
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121G-42 420.32 427.94 7.62 0.07 1.68 17.02 NA ?
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PD1-76-01 53.34 60.20 6.86 5.12 1.50 27.59 NA ?
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PD1-76-01 70.10 74.68 4.58 2.77 0.53 12.91 NA ?
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PD1-76-02 50.6 54.41 3.81 3.55 0.67 28.95 NA ?
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PD1-76-02 60.20 70.10 9.9 5.22 0.75 13.03 NA ?
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PD1-76-02 71.02 76.20 5.18 2.45 1.05 14.93 NA ?
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PD1-76-03 59.59 79.25 19.66 4.71 1.26 29.32 NA ?
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PD1-76-04 62.94 76.20 13.26 4.28 0.71 16.40 NA ?
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Contacts: Donner Metals Ltd. Harvey Keats Chief Executive Officer (604) 683-0564 or Toll Free: 1-800-909-8311 (604) 602-9311 (FAX) Email: donner@bed-rock.com Website: www.donnermetals.com
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