Newmac Resources Inc. (TSX-V: NER) is pleased to announce that drilling continues with two diamond drills on the Crazy Fox Molybdenum Project, located 100 km North of Kamloops, British Columbia. In an effort to establish a permanent camp on the property, so as to be able to operate year round and efficiently deploy various crews on the property, Newmac is pleased to announce the purchase of a fishing lodge on the company’s mineral property.
Newmac has entered into an agreement with a wholly owned subsidiary, whereby the numbered company has purchased a fishing camp lease located on Tuloon Lake. The camp is ideally located right on Newmac’s Crazy Fox property and consists of 9 cabins, a lodge, a workshop, and other facilities. The camp can currently accommodate up to 30 people, and has ample room for expansion. The company has negotiated a purchase price of $835,000, which the company believes is fair market value, and will allow Newmac to explore the Crazy Fox property year round. Drilling and exploration of the property will hereafter be conducted in a more efficient manner, and the cost of operating the camp should be significantly cheaper than the company’s current accommodations, located one and a half hours from the property.
ON BEHALF OF THE BOARD
Telephone (604) 688-3113
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Newmac Resources Inc.’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof.
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