Mill Bay samples up to 100 ppb Au at Golden Repeat
Friday April 28 2006
Mr. William Glasier reports
SURFACE MAPPING AND 37 ASSAYED OUTCROP SAMPLES COMPLETED BY EDWARD BRYANT, CONSULTING GEOLOGIST, FOR THE 49 GOLDEN REPEAT CLAIMS AT MIDAS, NV
Mill Bay Ventures Inc. has received encouraging results from 37 rock chip samples collected by Edward Bryant in March, 2006. The 37 rock chip samples were taken from various parts of the property and returned assays as high as 100 parts per billion gold.
Mr. Bryant notes widespread propylitic alteration, as well as quartz-calcite veining, silicification, and anomalous gold and trace element assays on the Golden Repeat project, is indication of a gold-bearing, mineralizing event. The project's proximity and geologic similarity to known commercial gold deposits further suggest such an event.
Mr. Bryant recommends further work be done and has proposed an $85,000 (U.S.) program consisting of additional sampling and mapping, along with an extensive mobile metal ion survey.
The foregoing technical information has been compiled by Mr. Bryant, consulting geologist, a qualified person pursuant to National Instrument 43-101. Mr. Bryant's technical report can be found on the website under projects, Golden Repeat claims, Nevada, or SEDAR in Stockwatch.
EXPLORATION TO COMMENCE IMMEDIATELY ON GOLDEN REPEAT PROPERTY
Mill Bay enters LOI with Meridian for Golden Repeat
2007-06-27 15:56 ET - News Release
Mr. William Glasier reports
Mill Bay Ventures Inc. and its wholly owned subsidiary, Golden Reef Mining Co., have entered into a letter of intent with Meridian Minerals Corp. for the exploration and earn-in of the Golden Repeat claims. Within 180 days of acceptance of the letter of intent, Mill Bay and Meridian will subscribe to an exploration and earn-in agreement in consideration of the following minimum payments and exploration expenditures:
| Date |
Payment |
Expenditures |
| Execution |
$75,000 |
|
| First anniversary |
$100,000 |
$200,000 |
| Second anniversary |
$200,000 |
$300,000 |
| Third anniversary |
$300,000 |
$400,000 |
| Fourth anniversary |
$1,000,000 |
$500,000 |
Within 90 days after the completion of the payments and expenditures, Meridian will have earned a 51-per-cent interest in the Golden Repeat claims and Mill Bay and Meridian will enter into a formal joint venture. Meridian will have the option to increase its interest in the joint venture from 51 per cent to 70 per cent by paying $2-million to Mill Bay within 90 days of the formation of the joint venture.
Upon commencement of commercial production of the Golden Repeat claims, Mill Bay shall be entitled to receive from Meridian a net smelter return royalty for gold and gold equivalents mined and sold from the Golden Repeat claims, according with the included gold information:
| Price of ounce/gold |
NSR |
| <300 |
2.0% |
| 300-375 |
2.5% |
| 376-450 |
3.0% |
| 451-5525 |
3.5% |
| >525 |
4.0% |
Mill Bay Ventures Inc. has named Ed Bryant, consulting geologist, as project manager of the Golden Repeat property located near Midas, Nev. Mr. Bryant is highly qualified and has worked in the area for many years.
Mr. Bryant's recommendations are as follows:
Phase one:
1. research property history;
2. mapping to one-inch-to-500-feet scale showing claims and topography; and
3. collecting up to 100 rock chip samples for assay.
Phase two -- further work (based on observations of phase one):
1. geochemical survey; and
2. outcrop-scale mapping in selected areas with good geochemical response or visible alteration and/or mineralization.
Trenching and drilling may follow based on the results of phases one and two.
The foregoing information has been approved by Mr. Bryant, PGeo, a qualified person pursuant to National Instrument 43-101.
A technical report on the Golden Repeat property can be found on the company's website.
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