McFarlane Lake acquires mining leases in Michaud and Munro Townships
McFarlane Lake Mining Limited (NEO: MLM) ("McFarlane Lake" or "the Company"), a Canadian gold exploration and development company, today announces it has acquired a 100% interest in mining leases in the Michaud and Munro townships in the Larder Lake Mining District near Matheson, Ontario.
"These properties are located in a prospective region along the Timmins Highway 101 corridor. The region has a history of production and is host to six operating gold mines," said Mark Trevisiol, President and CEO of McFarlane Lake. "These particular properties have been family-held for over 50 years and have seen limited work with the most recent drilling completed in 1995. The Michaud property has two well-known fault systems to its north and south, and the Munro property is part of the prolific Kidd-Munro assemblage within the Abitibi Greenstone Belt. We believe both properties remain highly prospective in nature, and we are very pleased to add them to our portfolio."
The mining leases have been acquired for $30,000 in cash, the equivalent of $550,000 in common shares of McFarlane Lake (1,375,000 common shares at a deemed value of $0.40 per share) and a 1.5% net smelter return royalty.
About McFarlane Lake Mining
McFarlane Lake is a Canadian gold exploration and development company that has recently acquired four gold properties; two east of Sudbury in a region consistently on the top gold exploration opportunities as identified by Ontario Geological Survey, an additional two straddling the Ontario - Manitoba border which are geologically similar to a number of significant gold deposits in Ontario. The two remaining properties under option are located in the historic Timmins area along the prolific Porcupine Destor fault, home to dozens of mines over the last century and several current producing mines. Three of the properties are past producers of gold and all six properties are near infrastructure (roads, power), significant population bases and in a geopolitically stable environment. McFarlane Lake has option agreements to acquire 100% of all six properties.
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