Vancouver, BC, March 1, 2011: Goldbank Mining Corporation (TSX.V-GLB) is pleased to announce it has acquired 51% of the Buck Lake Platinum Palladium Nickel Project by issuing 1,000,000 common shares to Ultra Uranium Ltd. Goldbank may acquire up to a 90% interest in the property. Click here for pdf version.
The Buck Lake Project is situated approximately 25 kms west of North American Palladium’s Lac des Iles Palladium Mine and 100 kms northwest of Thunder Bay, Ontario. The Lac Des Illes Mine and the Buck Lake Project are both located on the “Ring of Fire”, a circular geological structure about 30 kms across, which hosts mafic/ultra-mafic intrusions with anomalous and ore-grade PGE values.
Goldbank considers the Buck Lake Platinum Palladium Nickel Copper Project to be an advanced stage exploration project with demonstrated potential to host economical platinum/palladium mineralization. Ultra has incurred more than one million dollars on exploration at Buck Lake.
The Main Discovery Area at Buck Lake and its extensions will be the primary focus of future exploration programs where significant platinum, palladium, copper and nickel mineralization has been discovered through mechanized trenching and pit blasting within highly disrupted pyroxenite breccia clasts hosted within a gabbro matrix.
Surface pit blasting at the Main Discovery Area revealed pods of sulphide mineralization representing up to 60% of the rock mass. 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.
Goldbank can acquire an additional 24% interest in the Buck Lake Project by issuing an additional 500,000 common shares at any time prior to January 31, 2012. The final 15% can be acquired by issuing a further 500,000 common shares at any time 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 property is subject to a 2.5% NSR.
Goldbank is a Canadian exploration company actively exploring the Leota Gold Property located in the historic Klondike Gold Fields near Dawson City, Yukon, Canada.
This news release has been reviewed and approved for technical content by Dr. Bohumil (Boris) Molak, a consulting geologist and qualified person for the Buck Lake Project.
For further information please contact the president, Anthony J. Beruschi B.Sc. LLB.:
GOLDBANK MINING CORPORATION
PER: “Anthony J. Beruschi”
President & CEO
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 SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.