RE: The consideration for these assets was 20 million fully paid common shares in the capital of Mayfair having a contractual value of $2 million and representing approximately 36.4% of Mayfair's current issued capital....
Conquest Res. remain as a large shareholder of Mayfair Mining etc. -
Commenting on the transaction, Conquest's President and Chief Executive, Mr. Terence McKillen, said, "We are pleased that Mayfair will reactivating these non-core assets and believe that Mayfair's management team has the vision and the expertise to develop these and other gold assets in Zimbabwe which will maximize the return to Conquest in due course. Conquest will continue to focus exclusively on gold exploration in Canada but is retaining its interest in Africa through its equity participation in Mayfair."
Conquest Commences Drilling at Its Smith Lake Gold Property in Northern Ontario TORONTO, ONTARIO--(Marketwire - Feb. 8, 2012) -
Conquest Resources Limited - (TSX VENTURE:CQR) reports that it has commenced a 2,500 metre diamond drilling program at its 100% owned Smith Lake Gold Property, located within the Missanabie-Goudreau Greenstone Belt, in northern Ontario.
Summit Drilling Services Inc. has been contracted to operate their lightweight drilling equipment for an estimated three months of BQ-sized exploration core drilling. A total of 20 planned drill holes have been designed to test near surface vein systems and other structural targets on the property.
The first four holes of the program have been planned to follow up Conquest's high grade 63.3 grams per tonne (g/t) gold intersection from hole CSL-11-001 (as previously reported - see Press Release dated September 19, 2011) in the Company's 2011 autumn drilling program.
Second order priority holes will target east-west oriented structures near the northern extension of the north-south oriented Braminco Shear Zone.
Additional targets have been identified at sites with coincident structural and Mobile Metal Ion ("MMI") surface geochemical anomalies.
ABOUT THE SMITH LAKE PROPERTY
Conquest's Smith Lake Property consists of six patented mining claims and 24 contiguous mining claims comprising over a 50 square kilometer area that is located contiguous with the former Barrick/Homestake Renabie Gold Mine which closed in 1991 having produced more than 1,000,000 ounces of gold since 1941 from reported reserves of approximately 6 million tonnes at an average grade of 6.6 grams per tonne gold and 2 grams per tonne silver.
During 2011, Conquest completed 1,109 metres of diamond drilling on Conquest's 100% owned patented mining claims at Smith Lake. The most significant gold intersection on the Smith Lake Property was located in the first drill hole of the program grading 63.3 grams per tonne (g/t) of gold over 0.28 metres within a mineralized quartz vein in hole CSL-11-001. Of a total 318 samples collected from the ten hole program, 30 samples returned anomalous assays ranging from 0.25 g/t to 63.3 g/t gold over 0.22 to 1.50 metres in core length thickness.
Gold mineralization in the Renabie area is the result of repetitive hydraulic fracturing and shear zone inflation within Archean-aged granitoid intrusives. The repetitive nature of veining results in ribbon textured veining that is strongly controlled by two main structural trends oriented east-west and northwest-southeast, both of which are present on Conquest's patented mining claim group at Smith Lake.
QUALIFIED PERSON
Information of a scientific or technical nature contained in this release has been prepared by or under the supervision of Terence McKillen, P.Geo., the Chief Executive Officer and Benjamin Batson, P. Geo., the Vice Present of Exploration of the Company, both of whom are Qualified Persons within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.
Samples were analyzed by AGAT Laboratories in Mississauga, Ontario using a 50 gram pulp fire assay technique with ICP-OES finish. AGAT employs the use standards, blanks and duplicate samples to calibrate on a regular basis within batches.
ABOUT THE COMPANY
Conquest is exploring several gold projects in Ontario. These include the Alexander Gold Project at Red Lake; the Sunday Lake property at Detour Lake in joint venture with Detour Gold Corporation; and, the Smith Lake Gold Project at Missanabie.
Conquest and Detour Gold Corporation are exploring for structurally-hosted gold mineralization under a joint-venture agreement at the Sunday Lake property located along the Sunday Lake Deformation Zone approximately seven kilometers east of Detour Gold's 15.6 million ounce planned open pit gold mine. Detour Gold, as operator, has agreed to expend $1,000,000 on exploration prior to September 30, 2012 to earn a 50% interest in the Sunday Lake Property. Detour Gold completed 1,600 metres of exploration drilling during winter 2011 and is currently planning a 2,000 metre winter drilling program for 2012.
- which produced around 16,000 ounces of gold in 1984. In 1984, Barrick Gold acquired Camflo Mining, which had operations in the province of Quebec and in the U.S. state of Nevada. Barrick’s effort to purchase was slowed by skepticism the company could assume Camflo’s debt of around $100 million. The sale was finalized in May, 1984, with terms that obligated Barrick Gold to repay the debt to The Royal Bank of Canada within one year. The debt was fully paid in January, 1985. Barrick Resources acquisition was Mercur mine in Mercur, Utah in June 1985, followed by the Gold Strike Mine, Nevada in 1986. Gold Strike Mine is in Carlin trend, estimated producing 100 million ounces of gold. - GOLD AND SILVER
In the mailing of the link to my January GOLDVIEW I mentioned a new addition to The Centre's group of SUPPORTING COMPANIES. I have the pleasure to introduce to you a company that just recently has joined the revival of the gold mining industry in Zimbabwe. Mayfair Mining & Minerals Inc., a US company with its management in the U.K., recently signed a contract with Conquest Resources (TSXV:CQR), whereby it acquired 4 mineral projects in Zimbabwe's most prospective greenstone belt, consisting of three former gold producing mines, the Babs Gold Mine, the Beehive Gold Mine, the Piper Moss Mine and the Eva exploration property. The consideration for the acquisition was $2.0 million, payable by 20 million fully paid common shares, thus giving Conquest an approximate interest of 36.4% in Mayfair. The ultimate objective of management is to get all 4 projects to the production stage in the shortest possible time. To that effect, Mayfair is now designing a first working program to inspect, organize and evaluate the properties, including a pre-exploration program, initial sampling and testing, investigating the possibility to process the extensive quantities of tailings, bringing the present reserves up to NI43-101 standards and starting up the refurbishing of the existing mines. Another priority is, to prepare and initiate a listing of the company shares on a recognized stock exchange or automated quotation system in Canada. In the past the shares were trading at the OTCBB, but management has reasons not to repeat that. Discussions with some other choices have begun.
E U R O P E A N G O L D C E N T R E ______________________________________________________________________________________________________________________________ ? Although Mayfair is a public company by definition, the shares are mainly in private hands. As said above, that will change somewhere in the next few months when the shares will be listed. So at this time, you can not buy the shares unless........you are interested in participating in the Private Placement that the company is currently undertaking. Mayfair Mining & Minerals is seeking an initial financing by issuing Units to a total amount of $500,000. The price of each Unit shall be $0.10 and each Unit shall consist of one share of the company's restricted Common Stock and one warrant to purchase an additional common share during a period of two years from the date of the issue at a subscription price of $0.15 per Unit. The proceeds of the issue will be used to enable the company to start up its first exploration and refurbishing program and to get the shares listed. Should you be interested in this first financing, you are most welcome to contact us and we will be pleased to provide more information or refer you to the company. Over the next few months, Mayfair's management will analyze re-evaluate all the available geological documentation on the 4 projects and prepare a detailed plan of the next steps that should be proposed. A mature financing, possibly coinciding with another listing on a major exchange, will be needed then to commence the necessary work that should bring the properties closer to the production stage. I am excited about the possibilities that exist in the Zimbabwe gold mining sector, despite the presence of some of the known pitfalls. The opportunities outweigh those. The entry of more good companies and the influx of international capital into the industry are encouraging and telling me something. Having examined the assets that Mayfair acquired and having known the Mayfair management for many years, I am pleased to have the company as a supporter of my ongoing efforts to inform you and at the same time, be a supporter of theirs. In my view, Mayfair represents "a new venture on historically known resources" and a "groundfloor opportunity" for investors to become involved. ??? Henk J. Krasenberg 120210 ??MAKE SURE TO GET YOUR FUTURE ISSUES TOO, SIGN UP AT THE WEBSITE, FREE AND NO STRINGS ATTACHED?? MINING IN AFRICA i s a p u b l i c a t i o n o f E U R O P E A N G O L D C E
http://www.europeangoldcentre.com/files/MIA-1202.pdf ? ______________________________________________________________________________________________________________________________ . OBSERVATION SPECIAL ATTENTION for a new SUPPORTING COMPANY5 E U R O P E A N G
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