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TORONTO, ONTARIO--(Marketwire - June 1, 2009)
- Nevoro Inc. (TSX:NVR) ("Nevoro") announces its wholly owned
Nevada subsidiary, Nevoro Nevada Inc., has signed a Letter of Intent
("LOI") with Golden Predator Mines US Inc., a wholly owned
Nevada subsidiary of Golden Predator Royalty and Development (TSX
VENTURE:GPD) ("Golden Predator"), to acquire up to a 75%
interest in Nevoro's portfolio of eight Nevada properties, at least
four of which present well-defined high grade bonanza gold
opportunities. The eight properties covered by the LOI are: St. Elmo,
Dome Hill, Silver King, Eagleville, Jenny Hill, Germany Canyon, Cedar
and Stealth. All are located in the State of Nevada except for Dome
Hill, which straddles the Nevada-California border.
The properties cover a total of 1,234 claims with at least four of the
above mentioned properties immediately being considered for inclusion
into Golden Predator's current aggressive bonanza quartz-gold vein
drilling program. These include:
St. Elmo: This advanced exploration property covers approximately 8,645
acres in Elko County, NV. Several vein targets are present including
the St. Elmo vein, which can be traced for over 1,100 ft in outcrop
with select samples containing up to 2.13 oz/t gold from outcrop and
old underground workings. Hazen Research (Denver) reported a head grade
of 2.36 oz/t gold and 1.15 oz/t silver for a 360 kg stockpile sample
submitted for metallurgical tests by Harrison Western Mining.
Dome Hill: The property covers approximately 3,049 acres straddling the
Mineral County (NV) and Mono County (CA) border and consists of
multiple zones of quartz veining and quartz breccias up to 80 feet wide
within zones of intense alteration and silicification. Select sampling
by Nevoro from old mine dumps on the Maybell zone contain up to 0.59
oz/t gold.
Eagleville: This property hosts a series of northwest-trending quartz
veins explored by more than 8,000 feet of historical underground
workings. One of four historical surface drill holes intersected 3.28
ft of 0.17 oz/t gold at a depth of 216 ft and a second hole hit 1.3 ft
of 0.96 oz/t gold at 155 ft depth.
Jenny Hill: This property covers 3,640 acres approximately halfway
between the Rawhide and Paradise Peak gold mines in Mineral County, NV.
Four styles of mineralization are present with quartz veins having
visible gold reported.
Subject to satisfactory due diligence, Golden Predator can earn an
initial 51% interest in each of the properties by spending $1.5 million
on any or all of the properties within 30 months of the signing of a
definitive Exploration and Option to Joint Venture Agreement (EOJV).
Golden Predator will assume the obligations of Nevoro in any underlying
property agreements and the payment of BLM claim maintenance fees. Upon
completion of the initial 51% earn in, the Company can earn an
additional 24% interest in the property portfolio, increasing to 75% by
spending an additional $3 million dollars during the three year period
following the initial earn in.
Commenting on the acquisition, William Schara, President and CEO of
Nevoro stated, "This agreement allows the development of our
high-grade bonanza gold targets to continue as Nevoro focuses on its
primary Stillwater Ni-Cu-Co-Cr-PGE and Moonlight Cu-Au-Ag projects. It
increases our total resources to see both Nevoro's gold and primary
projects moved ahead more quickly."
The qualified person under National Instrument 43-101 responsible for
all technical data reported in this news release is Mr. Mel Klohn,
Executive Vice President, Exploration and Director for Nevoro Inc.
CAUTIONARY STATEMENT: All statements, other than historical fact,
contained or incorporated by reference in this news release, including
any information as to the future financial or operating performance of
Nevoro, constitute "forward looking statements" within the
meaning of certain securities laws, and are based on expectations,
estimates and projections as of the date of this news release. Such
"forward looking statements", reflects management's current
beliefs and are based on information currently available to management
of Nevoro. In some cases, forward-looking information can be identified
by terminology such as "may", "will", "should",
"expect", "plan", "anticipate",
"believe", "estimate", "predict",
"potential", "continue", "intention" or
the negative of these terms or other similar expressions concerning
matters that are not historical facts. Forward-looking information in
this news release includes but is not limited to economic performance
of Nevoro, statements regarding potential mineralization and resource,
exploration and future plans and objectives of Nevoro, including
exploration and development. Forward-looking information involves
significant risks and uncertainties. A number of factors could cause
actual events or results to differ materially from the events and
results discussed in the forward-looking information including risks
related to investments, conditions of capital markets, economic
conditions, dependence on key personnel, interest rates, regulatory
change and availability of future financing. These factors should not be considered exhaustive.
In addition, in evaluating this information, investors should
specifically consider various factors, including risk factors, which
may cause actual events or results to differ materially from any
forward-looking statement. In formulating forward-looking information
herein, management has assumed that business and economic conditions
affecting Nevoro will continue substantially in the ordinary course,
including without limitation with respect to general levels of economic
activity, regulations, taxes, interest rates and that there will be no
material changes. Although the forward-looking information is based on
what management of Nevoro considers to be reasonable assumptions based
on information currently available to it, there can be no assurance
that actual events or results will be consistent with this
forward-looking information, and management's assumptions may prove to
be incorrect. This forward-looking information is made as of the date
of this press release, and Nevoro does not assume any obligation,
except as required by law, to update or revise them to reflect new
events or circumstances. Undue reliance should not be placed on
forward-looking information.
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