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NPN INVESTMENT GROUP ANNOUNCES OPTION AGREEMENT WITH ANDOVER VENTURES INC.
July 31st, 2007, VANCOUVER, B.C. – NPN INVESTMENT GROUP (the “Company”) (NPN-TSX: V) announces today that the Company has entered into an option agreement with ANDOVER VENTURES INC. (“AOX-TSX: V”) to explore and develop Andover’s BBNC (Bristol Bay Native Corp) land package. Andover’s agreement with the Bristol Bay Native Corp. (BBNC) consists of a prominent land position in the Bristol Bay Region in Southwestern Alaska, in the vicinity of the giant Pebble copper-gold-molybdenum project.
To earn a 50% interest in Andover’s BBNC agreement NPN shall commit to spend a total of $3.5 million Cdn over a period of 4 years plus pay 1,000,000 shares to Andover over the same period. The commitments are as follows; $300,000 stage one; $700,000 stage two; $1 million stage three; $1.5 million stage 4. Shares are to be issued in 4 installments of 250,000 each.
This agreement is non arms-length but has been approved by both Companies independent board members. This agreement is subject to approval by the Bristol Bay Native Corp. as well as the TSX Venture Exchange.
The BBNC land package is comprised of seven properties;
The KUY Property
The Kuy prospect is an epithermal gold-silver-copper target, located in southwestern Alaska on the south side of Iliamna Lake. Andover holds the right to earn a 100-per-cent interest in the prospect through an option-lease agreement with BBNC and three 160-acre State of Alaska mining claims along the south margin of the property. During last year's work program, Andover discovered values as high as 25.37 ounces per ton gold and 177 ounces per ton silver. To recap last year's progress: 12 composite grab samples were collected at the Kuy property, over one-metre intervals along a 15-to-30-centimetre-wide (six- to 12-inch) quartz vein. Cutting tertiary volcanic rocks on the property reported strikingly high gold results. Grades ranging from 6.52 parts per million (6.5 grams per tonne or 0.19 ounce per ton) to 869 ppm (869 grams per tonne or 27.4 ounces per ton) gold were reported (see news in Stockwatch Nov. 13, 2006). An IP program on the property was started in 2006 and two additional lines were surveyed earlier this summer. IP results correlate well with mapped geology; both chargeability and conductivity anomalies were identified.
The Fog Lake Property
The Fog Lake prospect is a gold-copper target which covers approximately 2330 hectares and is located northeast of the KUY property. Exploration work in the early 1970's identified a 700-meter long multi-element soil geochemical anomaly at this site. Of the 130 soil samples in the anomalous zone, 49 contained between 100 and 18,800 ppb gold and 65 contained between 70 and 3,200 ppm copper. The zone is also anomalous in zinc, lead and silver.
The Kemuk Property
The 1,490 hectare Kemuk prospect, held by BBNC through a combination of Native selections and 40-acre State of Alaska mining claims, is centered on a large, strong magnetic anomaly that was identified and drilled in the 1950's by Humble Oil Company in an exploration program targeted to discover iron ore. Magnetite in gabbroic rocks was discovered in what is suggested by airborne magnetic surveys to be a large intrusive body. Re-logging and sampling of the historical drill core identified zones of anomalous platinum, with core lengths up to 51 feet with platinum ranging between 30 ppb and 105 ppb. All drilling took place in a very small area of this buried intrusion. Additional re-sampling of the core during the past winter has identified additional zones anomalous in PGM values.
The Chilikat East and Chilikat West Properties
The Chilikat prospect is comprised of two non-contiguous blocks of state mining claims covering 2330 hectare (5,760 acres) each. The claims cover coincident magnetic and radiometric geophysical anomalies, and gold and copper stream sediment anomalies. The target is located within the northeast-trending Mulchatna fault system, at the intersection with a northwest-trending structure along which are located a series of volcanogenic, vein-hosted, and porphyry deposits.
The Koksetna Property
In the fall of 2006 Andover located 16 160-acre claims on the Koksetna prospect, a mineralized zone discovered by The Anaconda Company in the early 1980s, immediately southeast of the eastern Chilikat claims.
The Samuelsen Property
The Samuelsen prospect is a 2,330 hectare (5,760 acre) block of claims staked on anomalous heavy mineral pan concentrate stream sediment geochemical anomalies. Visible gold grains were present in panned concentrate samples.
The contents of this release were prepared by Andover director and qualified person for this project as defined by National Instrument 43-101, Dr. Hedderly-Smith.
ON BEHALF OF THE BOARD
Signed “Michael England”
Michael England, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Toll Free: 1-888-945-4770
The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.