Some news regarding CZZ activities:
Press Release Source: Canadian Royalties Inc.
Canadian Royalties Inc.: Exploration Begins on the Raglan South Trend Project
Thursday June 12, 1:24 pm ET
VAL D'OR, QUEBEC--Canadian Royalties Inc. (TSX-Venture symbol : CZZ) announces that it has now mobilized field staff and drilling personnel to its camp in the Raglan South Trend, Nunavik (Ungava), Quebec, commencing its aggressive exploration program on the South Trend Project. This year's exploration and drilling programs were materially increased as a result of Strathcona Mineral Services' recommended work program of $6,000,000. In Strathcona Minerals' recent Technical Report that includes its calculation of current mineral resources at the Mesamax and TK deposits, Strathcona Minerals stated that "It is rare to find an exploration project with such an excellent exploration potential, and we look forward to hearing of further progress and the continuation of the quality exploration work conducted by Canadian Royalties to date in this remote area."
A detailed, 'state of the art' time domain electromagnetic (EM) and magnetic airborne survey is currently being carried out by Aeroquest Surveys under contract for Canadian Royalties. This survey and the interpretation of the resultant data sets are specifically designed to identify and outline new nickel-copper-platinum-palladium (Ni-Cu-PGE) sulphide targets on Canadian Royalties' extensive land position in the Raglan South Trend.
The helicopter system has been operating in the area since late May and initial data interpretation and product delivery is expected prior to the end of June. The expanded 2003 program will focus on:
1. further defining the Mesamax Deposit by completing in-fill
drilling, and ultimately defining the limits of the mineralized
zone to the north, east and possibly to the west-southwest;
2. re-assaying historic core from the Expo Deposit, infill drilling to
provide confirmation of Ni-Cu-PGE grades in certain areas of the
mineralized body, and exploratory drilling designed to expand the
dimensions of the known Ni-Cu-PGE mineralized body based on re-
interpretation of the historic data;
3. further defining the TK Deposit to the west, east and at depth, and
further exploration of airborne EM and ground EM conductors in
proximity to the deposit;
4. follow-up drilling at the Tootoo high-grade Ni-Cu-PGE discovery,
now the fourth and westernmost massive sulphide occurrence on the
Expo-Ungava Property late in the 2002 exploration program (TT-02-
02; 2.00% Ni, 1.91% Cu, 0.11% Co, 0.6 g/t Pt and 2.62 g/t Pd (3.12
g/t combined Pt + Pd) over a core length of 22.03 meters (72.3
feet);
5. follow up drilling on a number of other promising Ni-Cu-PGE mineral
occurrences, such as Mequillon Lake, Kehoe Lake, Snow Owl, Cominga,
Vaillant Lake and Mesamax Main; and
6. geological mapping, ground geophysics, prospecting and follow-up
drilling on targets identified during the 2002 field campaign and
the 2003 airborne survey currently in progress.
Canadian Royalties further announces that at its meeting of shareholders, held on June 11, 2003, Glenn J. Mullan, Bruce Durham, Jennifer Boyle, Tom Obradovich and Glen Schlyter were elected to serve as directors of the Corporation, and that Glenn J. Mullan was appointed Chairman of the Board, with Bruce Durham appointed President. Additionally, the shareholders approved the Shareholder Rights Plan, which was adopted by the Directors to protect the Corporation's shareholders from unfair, abusive or coercive take-over strategies, including the acquisition of control of the Corporation through a take-over bid that does not treat all shareholders equally or fairly. Canadian Royalties is not aware of any pending or threatened take-over bid for the Company. See press release dated May 9, 2003 for details on the Shareholders Rights Plan.
