Entourage Mining Ltd.: Increased Interest in Hatchet Lake Uranium
Property
Entourage Mining Ltd.: Increased Interest in Hatchet Lake Uranium Property
News Editors
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 20, 2005--
Entourage Mining Ltd. (the "Company") (OTCBB:ETGMF) is
pleased to announce that it has entered into a number of agreements
to acquire interests in a number of mineral properties and to
increase its interest in one of its existing properties.
INCREASED INTEREST IN THE HATCHET LAKE PROPERTY
Effective today's date, the Company has entered into the
following agreements:
1. A new option agreement with United Carina (the "New Hatchet
Lake Option Agreement"); and
2. An agreement by which the Company is assigned all of CMKM
Diamonds, Inc. Diamonds, Inc.'s ("CMKM Diamonds, Inc.") interest in
the Hatchet Lake Property (the "Hatchet Lake Assignment Agreement")
The Company had previously acquired an option to earn up to a 10%
interest in and to the Hatchet Lake Property from CMKM Diamonds, Inc.
and CMKM Diamonds, Inc. had the right to participate as to 10% in
Entourage's Black Warrior project in Nevada. Under the terms of the
New Hatchet Lake Option Agreement with United Carina and CMKM
Diamonds, Inc. which supersedes and replaces the Company's previous
agreements with United Carina and CMKM Diamonds, Inc., the Company is
granted the exclusive option to acquire an undivided 50% beneficial
right, title and interest in and to the Hatchet Lake Property in
consideration of the following payments and work commitments by
Entourage:
(a) a cash payment, on or before November 15, 2005, of $220,000
paid by Entourage to United Carina; and
(b) by making the following exploration expenditures on the
Property:
(i) on or before December 31, 2005, $100,000;
(ii) on or before February 1, 2006, an additional $300,000;
(iii) on or before November 15, 2006, an additional $450,000; and
(iv) on or before November 15, 2007, an additional $450,000.
The New Hatchet Lake Option Agreement may be subject to its
acceptance for filing with the TSX-Venture Exchange as United Carina
is a company listed on the TSX-Venture Exchange.
Under the terms of the Hatchet Lake Assignment Agreement, the
Company has agreed to issue to CMKM Diamonds, Inc., total of
15,000,000 shares (the "Shares") of its common stock in exchange for
CMKM Diamonds, Inc.'s assignment of all of its interest in and to the
Hatchet Lake Property.
The Hatchet Lake Property is prospective for uranium. The Hatchet
Lake Property is comprised of 4 claims totaling 16,951 hectares in
the Hatchet Lake area of Saskatchewan, Canada. No NI 43-101 report
has been completed on the Hatchet Lake Property and the property is
at the exploration stage only.
ACQUISITION OF SMEATON/FORTE A LA CORNE/GREEN LAKE PROPERTY IN
SASKATCHEWAN
The Company has entered into an agreement (the "Smeaton/Forte a
la Corne Property Agreement") with 101047025 Saskatchewan Ltd.
("1010") to acquire an undivided 80% mineral rights interest in and
to the Smeaton/Forte a la Corne Diamond Property in Saskatchewan.
Under the terms of this agreement, Entourage will issue 33,888,888
common shares in its capital stock (the "Smeaton/Fort a la Corne
Shares") of which 30,000,000 common will be issued to CMKM Diamonds,
Inc.
The Smeaton/Forte a la Corne Diamond Property was the subject of
an agreement between 1010 and CMKM Diamonds, Inc. dated August 1,
2003.
The Smeaton/Forte a la Corne Property is comprised of
approximately 1087 claims totaling approximately 411,275 hectares in
the Smeaton-Forte a la Corne, Saskatchewan area. No NI 43-101 report
has been completed on the Smeaton/Forte a la Corne Property to date.
ACQUISITION OF FORTE DIAMOND PROPERTY IN SASKATCHEWAN
Entourage Mining Ltd. has entered into an agreement (the "Forte
Agreement") with CMKM Diamonds, Inc. dated October 20, 2005 whereby
it has acquired all of CMKM Diamonds, Inc.'s interest in and to the
agreement dated July 18, 2004 between CMKM Diamonds, Inc. and Nevada
Minerals, Inc. ("Nevada Minerals"), and in and to an undivided 36%
right, title and interest in and to the Forte Diamond Property for
consideration of 5,000,000 shares of the Company to CMKM Diamonds,
Inc. on this date.
The Forte Diamond Property is comprised of approximately 337
claims totalling approximately 194,582 hectares in the Forte a la
Corne area of Saskatchewan. No NI 43-101 report has been completed on
the Forte Diamond Property to date.
ADDITIONAL INFORMATION
The Company will, in the near future, provide more information
concerning the agreements it has entered into and the properties that
are subject to them. The Company continues to make due diligence
inquiries and execute documents concerning the status of its
properties and emphasizes that further exploration work is required
on all of the properties to determine if a mineral resource, if any,
exists on any of them or would be economic.
The obligations of Entourage under the aforementioned agreements
are expressly subject to Entourage closing, on or before October 28,
2005, a minimum of US$1,050,000 in equity financing with which to
finance its working capital and other obligations. The private
placement for equity financing was first announced on October 10,
2005.
The Company encourages readers to contact Craig Doctor at
1-604-278-4656 with any inquiries and questions and to review the
Company's continuous disclosure filings on the EDGAR system and on
Canada's SEDAR reporting system. Shareholders who do not receive a
response to their inquiry are encouraged to review the Company's news
releases as many inquiries may be answered by issuing a news release
so that all members of the investing public are informed of the
Company's activities.
The Company anticipates filing the full text of the New Hatchet
Lake Agreement, the Hatchet Lake Assignment Agreement, the
Smeaton/Forte a la Corne Properties Agreement and the Forte Agreement
in a Report on Form 6-K filing with the SEC's EDGAR system on or
before October 31, 2005 in accordance with its obligations as a
reporting foreign private issuer.
Entourage Mining Ltd. is a company incorporated in British
Columbia and reporting both in the United States, as a foreign
issuer, and in the Province of British Columbia, Canada. Its shares
are posted for trading on the NASD's OTCBB under the symbol "ETGMF".
Entourage Mining Ltd.
Gregory Kennedy, President
Forward Looking Statement
Except for historical information contained herein, the
statements in this Press Release may be forward looking statements.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause Entourage Mining Ltd.'s actual results
in future periods to differ materially from forecasted results. These
risks and uncertainties include, among other things, volatility of
commodity prices, product demand, market competition, and risks
inherent in Entourage Mining Ltd.'s operations. These and other risks
are described in the Company's Annual Report on Form 20-F and other
filings with the Securities and Exchange Commission as well as the
Company's filings on the SEDAR continuous disclosure system in
Canada.
Entourage Mining Ltd. (OTC Bulletin Board:ETGMF)
