Jan 3 2011
A25 Gold Producers Corp. (FRANKFURT:ALQN) announces it has signed a letter of intent to acquire the Red Elephant gold property in the Slocan mining division of British Columbia, Canada.
The Red Elephant Gold Property is a confirmed gold deposit consisting of three Mineral Claims located in the Badshot Range of the Selkirk Mountains, 6.5 kilometres west of the Duncan River, on the North side of Hall Creek.
Although this 100 year-old gold property remains greatly underexplored, diamond drill core samples taken in the late 1980's confirm indicated resources of 35,000 ounces of gold; from 26,463 tonnes grading 40.8 grams per tonne gold.
Exploration was discontinued in 1990 due to the low price of gold at the time. (approximately $420 USD/ounce 1990 annual average; source: NYSE)
"The encouraging gold values present warrant a detailed exploration program in the area. The extent and depth of the mineralized oxide zone and quartz vein should be the prime focus of exploration"
B. H. Meyer, P.Geol.
The price of gold has surpassed $1,400.00 USD and gold continues to outperform the Dow, NASDAQ, and S&P 500, as it has over the past decade. A25 Gold Producers Corp. confirms now is the ideal time to develop the Red Elephant Gold Property.
Source: A25 Gold Producers Corp.