Fronteer Development Group Inc.
Fronteer Grants Option To Trade Winds On Sandy Point Gold Property
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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Fronteer Grants Option To Trade Winds On Sandy Point Gold Property
VANCOUVER, BRITISH COLUMBIA–(Sept. 7, 2004) – Fronteer Development Group Inc.
(FRG – Toronto Stock Exchange, FRR – Frankfurt Stock Exchange) is pleased to
announce that it has entered into a formal agreement with Trade
Winds Ventures Inc. (TWD – TSX.V) whereby Trade Winds can earn up to a 70%
interest in Fronteer’s wholly owned Birch Lake Sandy Point Property in the
Red Lake Mining District of northwestern Ontario.
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Details of the Agreement are as follows:
– Trade Winds will pay $10,000 and issue 15,000 shares to Fronteer upon
acceptance of the agreement by the TSX Venture Exchange.
– Trade Winds will issue an additional 85,000 shares and $50,000 in cash to
Fronteer, disbursed in annual installments over the following 3 years.
– Trade Winds must spend $1 million on exploration over four years to earn
a 60% interest.
– Fronteer will retain a 2% Net Smelter Return.
– Trade Winds may elect to acquire a further 10% interest by spending an
additional $600,000 on the property over two years.
– Trade Winds will be the operator.
The Birch Lake Sandy Point Property, located in the Birch-Uchi Greenstone
Belt, comprises of 27 claim units located on a northwesterly-trending
deformation zone known to be associated with gold mineralization. There are
a series of untested geochemical and structural targets on the Sandy Point
Property that are directly along strike from Trade Wind’s High Grade Island
Property.
Fronteer is pleased to have its property included in a larger land package
with ongoing exploration funded by Trade Winds. Fronteer’s Sandy Point
property and Trade Winds contiguous High Grade Island property collectively make
an attractive target with exciting resource potential.
Fronteer is a Discovery-Stage exploration company with a backstop of solid
assets in Red Lake Ontario, Labrador, NWT and Western Turkey. With an
outstanding project portfolio and a solid management team, Fronteer is
poised for success.
This News Release includes certain “forward looking statements” within the
meaning of the United States Private Securities Litigation Reform Act of
1995. Without limitation, statements regarding potential mineralization and
resources, exploration results, and future plans and objectives of the
Company are forward looking statements that involve that involve various degrees
of risk. The following are important factors that could cause Fronteer’s actual
results to differ materially from those expressed or
implied by such forward looking statements: changes in the world wide price
of mineral commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and mining
operations, the uncertainty of future profitability and the uncertainty of
access to additional capital.
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Contact:
Fronteer Development Group Inc.
Mark O’Dea
President & CEO
Phone: 604-632-4677
modea@fronteergroup.com
http://www.fronteergroup.com
end of message, (c)DGAP 07.09.2004
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WKN: 533050; ISIN: CA35903Q1063; Index:
Listed:
071651 Sep 04
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