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NPN ANNOUNCES TSX.V APPROVAL FOR OPTION AGREEMENT WITH ANDOVER VENTURES
September 17th, 2007 - NPN INVESTMENT GROUP (the “Company” or “NPN”) (NPN-TSX: V) announced today that the TSX Venture Exchange has accepted the option agreement announced July 31st 2007 between NPN and Andover Ventures Inc (AOX-TSX:V). The option agreement provides NPN the right to earn 50% interest in Andover’s BBNC (Bristol Bay Native Corp) land package.
The Company has recently concluded a 5 hole drill program on the KUY prospect and is now awaiting results from Alaska Assay Labs.
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% 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 OPT gold and 177 OPT silver. To recap last year’s progress: Twelve composite grab samples were collected at the KUY property, over one-meter intervals along a 15 to 30cm (6- to 12-inch) wide quartz vein. Cutting tertiary volcanic rocks on the property reported strikingly high gold results. Grades ranging from 6.52 ppm (6.5 grams/tonne or 0.19 ounces/ton) to 869 ppm (869 grams/tonne or 27.4 ounces/ton) gold (Au) were reported (see November 13, 2006 news release). An IP program on the property was initiated 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.
In summary, terms of the deal are as follows:
The aggregate compensation payable by NPN to Andover is 1,000,000 shares over 4 years and an aggregate total of $3,500,000 in exploration expenditures over the same period.
NPN is a junior mineral exploration company seeking out and acquiring prospective properties in North America.