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| | Thu Apr 24, 2003
First Au Mobilizes Drill To Argosy Gold Mine
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| | FIRST AU STRATEGIES CORP. (TSX-V:FAV; the "Company") is pleased to announce that a diamond drill has been mobilized to the Argosy Gold Mine Property in the Red Lake Mining Division. The Company took advantage of a logistical opportunity to move the drill to the first site, however, the onset of warm weather has rendered the lake ice unsafe for planes to land and the program will not begin until the ice has melted, in approximately 2-3 weeks.
The Argosy Mine produced 101,875 ounces of gold at a grade of 0.37 ounces per ton between1934 and 1952 but was only mined to a depth of 900 feet. Drilling by the Company and partner Wolfden Resources Inc. in October 2002 proved that gold mineralization extends below the old mine workings and that un-mined veins, as well as previously unknown veins, also carry significant gold mineralization. The upcoming drill program will comprise 2,500 to 3,000m in 10-12 holes and will continue the program initiated in 2002. Details of the program will be provided as the drilling gets underway.
The Company recently announced that it has proposed a change of name, with no consolidation of share capital, to CANGOLD LIMITED, to more accurately reflect the Company's business of exploring for and developing precious metals deposits in Canada. The proposed name, which has been approved by the appropriate regulatory authorities, is subject to shareholder approval, which will be sought at a special general meeting to be convened on 28th May, 2003.
In additional news, the Company has granted directors and officers incentive stock options to purchase 1,330,000 common shares. The options are exercisable at $0.15 per share until April 22, 2008. The options are granted under the Company's Incentive Stock Option Plan, which has been approved by the Company's shareholders and accepted for filing by the TSX Venture Exchange.
For further information please visit the Company's website at www.firstaustrategies.com or contact Robert A. Archer, P.Geo., President or Kaare G. Foy, Chief Financial Officer, at telephone 604 608 1766, fax 604 608 1744 or e-mail oceanic@telus.net.
ON BEHALF OF THE BOARD
Robert A. Archer, P. Geo.
President |
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| | You can view the Next News Releases item: Thu May 15, 2003, First Au Commences Drilling At Argosy Gold Mine, Raises Additional Funds For Thorn Diamond Drilling Commences
You can view the Previous News Releases item: Fri Apr 4, 2003, First Au Proposes Name Change To Cangold Limited
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