MacDonald Mines Commences Diamond Drilling of McNugget Nickel Property; Senior Management Team Presents to First Nations Community of Webequie McNugget Property Update
MacDonald Mines (TSX VENTURE:BMK) is pleased to announce the commencement of a diamond drill program on its McNugget Nickel-VMS property in the James Bay Lowlands of Northern Ontario.
The McNuggett Property consists of 74 claim blocks, covering an area of approximately 13,000 hectares. It is located in the Webequie Region, which is approximately 300 kilometers west of James Bay.
The current drill program will consist of 10-15 holes totaling approximately 2,000 meters and will focus initially on at least 7 of the identified targets on the McNugget property (visit http://www.macdonaldmines.com for additional details).
Previous airborne surveys by other parties on the newly acquired MacDonald/Temex ground, in the vicinity of the Noront nickel discovery area, displays similar signatures to the newly found Noront nickel deposit. Ground geophysical work and subsequent diamond drilling is scheduled to take place in this area prior to Christmas.
Drilling is being conducted by Cartwright Drilling, who has carried out all previous drilling for the Company in the James Bay Lowlands. Bill Nielsen, P. Geo., Director, is overseeing the overall exploration program on behalf of MacDonald Mines and its joint venture partners, Temex Resources Corp. and Baltic Resources Inc.
Field exploration is being managed by Randy Salo, P. Geo. in consultation with Bruce Durham, P. Geo. of Temex Resources Corp. and Hadyn Butler, P. Geo., a Director of the Company.
Previous MacDonald 2007 Exploration Results Including Intersection of Nickel Mineralization
Nickel sulphide discoveries on the McNugget Property (see press release of June 14, 2007) include Hole MN-07-39, which intersected 4.5m grading 0.36%Ni and a further 22.5 meters down the hole an intersection of 27.0 meters averaging 0.26%Ni.); and Hole MN-07-40, which intersected at 3.0 meters averaging 0.17%Ni and 0.23%Cu.
MacDonald Mines Senior Management Team Holds Town Hall Meeting with First Nations Community of Webequie
With over 300 band members in attendance, the Senior Management Team conducted an extensive communications briefing followed by a question and answer session with the First Nations Community of Webequie on November 8, 2007.
MacDonald Mines and the First Nations Community continue to have a uniquely positive business partnership that is underpinned by the Company's business philosophy - Respect for the Community, Investment in the Community and Environmental Responsibility.
The Company continues to operate its base camp out of Webequie, which is a 15 minute flight from the McNugget Property. This is now the seventh program the Company has conducted using the community of Webequie as a base camp. The Community provides both infrastructure and personnel to support the exploration programs. Once again, we would like to take this opportunity to thank Chief Scott Jacob and the Band Community for their continued support and assistance.
The Board of Directors of the Company granted 550,000 stock options on November 13, 2007 to directors, officers and consultants of the Company under the terms of the incentive stock option plan of the Company filed with the TSX Venture Exchange and approved by shareholders at the last annual general meeting of shareholders of the Company held on June 12, 2007. The options are exercisable at a price of $0.92 per share for a period of four years and are subject to a four month hold period from the date of the issuance thereof.
Bill Nielsen, P.Geo., Director, is the designated qualified person for the technical information contained in this press release.
WARNING: The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from expectations and projections set out herein.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.