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Title:

Sign Option and Joint Venture Agreement

Entities:

Northgate Exploration Ltd.; Canasil Resources Inc.

Date:

2003

Size:

Preview shows 2KB of 6KB total

Price:

$40

ID:

#130294

► Corporate ► Venture ► Joint ► Misc. Joint Venture Agreements
► Commodities ► Gold & Silver

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                          NORTHGATE EXPLORATION LIMITED

                           AND CANASIL RESOURCES INC.

                    SIGN OPTION AND JOINT VENTURE AGREEMENT





VANCOUVER, JULY 31, 2002 - Northgate Exploration Limited (Northgate) and Canasil

Resources Inc. (Canasil) are pleased to announce that they have signed an Option

and Joint Venture Agreement providing for Northgate to earn a majority interest

in Canasil's 100% owned BRENDA gold copper property located in the

Kemess-Toodoggone mining district in north central British Columbia, Canada.



The Agreement provides for Northgate to earn a 60% interest in the property by

incurring expenditures of $2,000,000 and paying a total of $140,000 to Canasil

over a period of four years. Upon exercise of the Option, the parties will enter

into a joint venture. If Canasil does not elect to participate in the joint

venture, or fails to meet its share of planned expenditures, its interest will

revert to a 2% Net Smelter Return, one-half of which may be purchased by

Northgate for $2,000,000.



The BRENDA property comprises 178 mineral claim units, covering 44.0 square

kilometres, situated approximately 25 km north west of Northgate's Kemess South

Mine. The property is located in the heart of the Kemess-Toodoggone porphyry

gold-copper / epithermal district. It lies within a belt of northwest and

northeast trending block faults at the transition from predominantly porphyry

type gold-copper occurrences to the south to epithermal type gold-silver vein

and breccia deposits to the northwest.



Past exploration by Canasil has identified a large anomalous zone (900 metres by

400 metres) with coincident gold and silver geochemical anomalies and IP

chargeability anomalies. Diamond drilling in this zone encountered significant

amounts of pyrite, copper sulphides and gold confirming the potential for a

large gold-copper porphyry system, which is open for extension and warrants

further exploration. Some examples of Canasil's previous drill results from this

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