W. Douglas Eaton, President, announces that ATAC and its joint venture partners (see News Release dated January 23, 2004) have negotiated an agreement that greatly advances ATAC’s gold exploration in China.
During a second recent trip to China, the joint venture signed a Memorandum of Understanding with the First Geological Mining Exploration Institute of the Heilongjiang Geology and Mineral Development Bureau. The Institute is responsible for mineral exploration in the eastern half of Heilongjiang province and over the past 50 years has compiled an extensive, regional scale and project specific data base. Heilongjiang is the largest province in northeastern China. It has a positive attitude toward mining and established infrastructure to support exploration and development. The eastern part of the province contains a belt of Mesozoic granitic intrusions associated with gold prospects resembling those within the Tintina Gold Belt in Alaska and Yukon.
The Memorandum of Understanding grants the joint venture first right of refusal on disposition of mineral concessions by the Institute and access to its data base. All parties have agreed to fast track legal documentation to formalize the agreement and satisfy Chinese business requirements. Further to the Memorandum of Understanding, the Bureau has promised similar access to exploration data covering the remainder of the province, which is held by a second institute. The joint venture is already moving to pursue these opportunities. It has arranged to hire bilingual geologists familiar with Heilongjiang and will soon be sending Canadian geologists to work with them to perform a thorough data review intended to identify advanced targets for immediate drilling and prospective areas for earlier stage exploration. Preliminary examination of the data has already identified two drill ready gold prospects which ATAC will be evaluating on a 50-50 basis with Savoy Resources Corp. as soon as the formal agreement and necessary paperwork are completed.
ATAC is focussing its efforts on generating exploration opportunities. It is seeking aggressive partners to help explore and develop its projects. ATAC’s main interests outside of China are in Yukon and Northwest Territories. For more information regarding ATAC or its projects please contact Doug Eaton or Al Archer at 604-688-2568.
ATAC RESOURCES LTD.
Per: W. Douglas Eaton, President
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