The Buck Lake Platinum Palladium Nickel Copper Project is considered by Goldbank to be an advanced stage exploration project. Ultra has incurred more than one million dollars on exploration at
The Main Discovery Area at
Surface pit blasting at the Main Discovery Area revealed the potential for these clasts to contain massive sulphide components of up to 60%. Chip samples taken from fresh massive sulphides exposed by the blasting returned up to 31.6 grams per ton palladium, 2.82 grams per ton platinum, 1.53 % copper and 9.96 % nickel.
Consulting geologists believe these highly mineralized pyroxinite clasts on surface at the Main Discovery Area are in fact fragments of a mineralized unit at depth that were subsequently brought to the surface through a later, volatile eruption. Ultra conducted several stages of prospecting and exploration on the Buck Lake Project. Exploration included outcrop mapping, soil and rock geochemistry, geophysical surveys and trenching. Shallow diamond drilling a small portion of the property that did not intersect known surface mineralization. To date, over one million dollars has been incurred by Ultra in exploration and development costs on the project.
Ultra, previously Buck Lake Ventures Ltd., acquired the Buck Lake Project from two respected
To acquire a 51% interest in the Buck Lake Project Goldbank has agreed to issue 1,000,000 common shares to Ultra upon TSX acceptance for filing of the Option Agreement. Goldbank can acquire an additional 24% interest by issuing an additional 500,000 common shares by January 31, 2012. The final 15% can be acquired by issuing a further 500,000 common shares at any time on or before January 31, 2013. Ultra and Goldbank will form a joint venture partnership for further development of the project with Goldbank funding the first $800,000 in exploration. Goldbank is the Operator. The Option Agreement is subject to acceptance for filing by the TSX Venture Exchange. Goldbank and Ultra have two directors in common.
A strong market exists for palladium and platinum. Palladium’s price has increased over the last few years with current pricing at USD $750.00/oz while platinum prices are currently at USD $1,700.00/oz. Pricing forecast for platinum and palladium for the next five years looks very bright due to limited supply and strong demand. Similarly, nickel and copper prices have been driven by increased consumption of emerging economies. Their prices currently hover at USD $11.00/lb for nickel and USD $4.00/lb for copper.
Goldbank is a Canadian exploration company. Goldbank is actively exploring the Leota Gold Property located in the historic Klondike Gold Fields near
This news release has been reviewed and approved for technical content by Dr. Bohumil (Boris) Molak, a consulting geologist for the Buck Lake Project.
For further information please contact the president, Anthony J. Beruschi B.Sc.
GOLDBANK MINING CORPORATION
“Anthony J. Beruschi”
Telephone: 604.669.1408 w Fax: 604.669.5886
President & CEO Toll Free: 1.888.880.2288 w Email: email@example.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the