Millstream Signs Letter of Intent for Further Development of Tamarack Gold Property
December 01, 2009 at 16:11 PM EST
TORONTO, ONTARIO--(Marketwire - Dec. 1, 2009) - Millstream Mines Ltd. (TSX VENTURE:MLM)(FRANKFURT:NJD) wishes to announce that it has signed a Letter of Intent (LOI) with Soma Petroleum Limited ("Soma") (SA1 - Frankfurt) to further develop the Tamarack Gold Property into a 100 ton per day mine operation. The contemplated deal has Soma providing the development funds in exchange for an equity participation in the Tamarack venture.
Soma is a resource based company listed on the Frankfurt Stock Exchange. The agreement is subject to completion of mutually acceptable binding legal agreements and maybe subject to regulatory approvals or exemptions, as well as financing by Soma.
About Millstream Mines Ltd.:
Millstream Mines Ltd. is a Canadian-based mineral exploration company whose principle objective is to enhance and develop known mineral properties to production potential. The Company has projects in the Province of Ontario, Canada and in the State of Montana, USA. The past producing Potter Mine Property is host to copper-zinc-cobalt "stacked" mineralized zones located in the highly prolific Abitibi Greenstone Belt and more specifically in the Kidd-Munro Assemblage near the town of Matheson in north eastern Ontario. An initial NI 43-101 compliant resource estimate on the Potter revealed an indicated resource of 3,028,767 tonnes at 1.45% copper, 1.19% zinc, 389.7 ppm cobalt, 11.1 ppm silver, and 127.5 ppb gold along with an inferred resource of 2,071,101 tonnes at 1.08% copper, 1.05% zinc, 301.4 ppm cobalt, 8.7 ppm silver, and 81.7 ppb gold. The Tamarack Gold Property, a high grade former gold producer in the Tobacco Root Mountains of south western Montana, is in an advanced stage of underground exploration and development operating under the Small Mines Exclusion Act of the State of Montana.
Nov. 30, '09 Close: $0.035
73,851,707 Shares IssuedThe TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Millstream seeks safe harbour with regard to forward looking statements.