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7724: KWG Mining Interests in Haiti (fwd)
From: Max Blanchet <email@example.com>
An explanation of who KWG Resources is and what they do.
KWG Resources Inc. is a mining exploration company with mining properties
mainly in Brazil, Canada and Haiti. Brazil Diamonds The Company (46.5%),
Spider (23.5%), and Dia Bras (30%) have interest in two large claim blocks
in south-central Brazil known as the Alto Paranaiba property. In 1998, the
joint venture in Brazil acquired a diamond processing plant on site at
Contendas and processed material from an excavated pit.
In early 1999, the Company announced the recovery of 12 diamonds weighing a
total of 6.58 carats ranging in size from .19 to 1.06 ounces. Since then,
KWG, through auger drilling, ground magnetic surveys, and diamond drilling
on interpreted photo-geological targets, has successfully discovered ten new
Properties In Canada
The Company holds a 53% interest in the Spider #1 and #3 projects in the
James Bay Lowlands area of the Province of Ontario with Spider, its joint
venture partner, holding the remaining 47% interest. To date, seven
kimberlites have been identified within the Spider #1 project of which the
Kyle #1 and Kyle #3 kimberlite bodies are diamondiferous.
The Grand Bois gold deposit in Haiti, in which KWG owns a 70% interest, is
one of the Company's key assets. Based on systematic drilling, the resource
at Grand Bois is estimated at 4.6 million tonnes grading 1.9 grams of gold
per tonne. The Company also owns a 30% interest (which can be increased to
70%) in the Morne Bossa deposit, which is very similar to Grand Bois bust
smaller with an estimate resource of 2.24 million tonnes grading 1.84 of
gold per tonne.
Haiti Copper Belt - Permit #1
In June 1998, KWG concluded an agreement with St. Genevieve Resources Ltd.
(SGV) whereby the latter has the option to earn up to 70% interest in an
Haitian company incorporated to hold the mineral property titles. The
Company owns a 70% equity interest in the Haitian company with SGV holding
the remaining 30%. SGV will become the operator. Permit #1 covers a portion
of a 15 kilometer long copper belt outlined in the past by the United
Nations with the known copper occurrences, Douvray, Blondin, Nicole, and
Mathelier. By pursuing the exploration efforts over the entire 15-kilometer
long copper belt, SGV intends to define a copper resource at grades of 1%
copper or better. Other KWG still holds the right to prospect and explore
for precious metals in Cuba. The development of these projects are dependent
upon the Company completing a financing.