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Friday, 25th August 2006 (3096 views)

Newmont has announced that it has terminated its option agreement on the Matrix gold project.

The Matrix site is located in Nunavut, north-east Canada. It is 100 per cent by Kaminak, a junior exploration company which has on-going projects in British Columbia, Nunavut and Manitoba.

The company looks for gold, uranium and other base metal mineralisations in an attempt to develop grassroots projects and benefit from initial discovery.

Newmont report that logistical problems meant that primary drill targets at the Matrix project could not be tested. The drill programme designed was not fully implemented.

The company has spent $2.2 million at the site since 2004 and had hoped to have completed the specified 1,200 metre drill programme by July 2006.

 

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