Apr 24 2013
Crown William Mining Corporation ("Crown William" or the "Company") announces that it has acquired 100% ownership of a corporation owning 2 mining leases and a patented lot comprising more than 250 additional acres near Bannockburn.
This new acquisition (the "Bannockburn" project) covers the Mono gold prospect, which was the site of advanced gold exploration, including extensive diamond drilling, underground exploration and bulk sampling during the 1980s and 1990s, resulting in historical indicated and inferred resource estimates. The Company has not completed the work necessary to have the historical estimates verified by a qualified person. The Company is not treating these historical estimates as current NI 43-101defined resources and should not be relied upon. Management has engaged a "qualified person" to review the historical data retrieved from Bannockburn and determine what steps should be taken to prepare a resource estimate in accordance with National Instrument 43-101.
In addition, Crown William currently owns a 100% interest, in three claim blocks in excess of 55,000 acres that comprise the Madoc Project located in Tudor, Grimsthorpe, Cashel and Effingham townships in southeastern Ontario near Madoc. Close proximity to Toronto provides the property with well developed infrastructure and excellent access. Pursuant to a technical report dated June 30, 2009 prepared by Gerald A. Harron, P.Eng. in accordance with NI 43-101 entitled, "Technical Report on Madoc Project, Ontario, Canada for Crown William Mining Corporation", a Phase 1 program of $1.3 million and Phase 2 program of $10.0 million which is not dependent on the Phase 1 program have been recommended.
The Phase 1 program will focus on the gold mineralization potential. This initial program will include geology, geophysical and geochemical compilations in order to assess the scope of work required to adequately explore the gold mineral potential of the property. A Phase 2 program will mainly continue gold exploration, and provide for drill testing of gold targets developed in the Phase 1 program.
Management is exploring opportunities which may become available in the capital markets for access to funds to take exploration forward. Crown William is currently a private issuer of which 26.1% shares are owned by Lydia Diamond Exploration of Canada Ltd. ("Lydia Diamond"). As part of a going public transaction, Lydia shareholders will receive shares of Crown William on a tax efficient basis. Further announcements will be made as plans are established.
Gerald A. Harron, P. Eng., a "qualified person" under National Instrument 43-101 and an independent consultant has reviewed the technical information in this press release.
Source:
Crown William Mining Corporation