GOLDNEV RESOURCES INC. ANNOUNCES FARM-IN AGREEMENT IN PASQUIA HILLS OIL SHALE PERMIT
November 03 2010 - 10:33AM
PR Newswire (Canada)
CALGARY, Nov. 3 /CNW/ -- CALGARY, Nov. 3 /CNW/ - Goldnev Resources
Inc. ("Goldnev" or the "Corporation") (TSX Venture Exchange -
"GNZ"), is pleased to announce that it has entered an agreement
with Oilshale International Corp., a private Alberta company
("OSIC") to invest through a farm-in agreement, a total of $750,000
for a 16.67% working interest in oil shale permit PS00243 (the
"southern permit"). Upon completion of the funding requirements of
the farm-in agreement, Goldnev will own a total of a 67.5% working
interest in the southern oil shale permit which encompasses an area
totaling 68,910 acres located in Pasquia Hills region of east
central Saskatchewan. Under the terms of the farm-in agreement,
Goldnev has the right to earn a total of a 16.67% working interest
in the Pasquia Hills southern oil shale permit by investing a total
of $750,000. All funding will be applied directly towards the
continued development of the southern permit and of a Shale to
Liquids Plant as follows: -- A total of $600,000 for engagement of
Hatch Ltd. to prepare and complete a pre- feasibility study which
is expected to be completed in February 2011on the development of a
Shale to Liquids Plant on the oil shale resources located on the
southern permit; -- A total of $50,000 for the preparation and
completion of an independent NI 51-101 engineering evaluation
report on the oil shale resources located on the southern permit
based upon the findings from the pre-feasibility study; -- A total
of $100,000 for miscellaneous expenses relating to operating and
supporting expenses for both the pre-feasibility study and NI
51-101 engineering evaluation report costs relating to the
development of the southern permit. Goldnev's oil shale properties
comprise of two contiguous oil shale permits totaling 155,443 acres
of oil shale rights divided into the northern permit ("PS00242")
and the southern permit ("PS00243") and located in the Pasquia
Hills oil shale region in east central Saskatchewan. Goldnev owns a
100% working interest in the northern permit which requires further
exploration and has previously earned a non-dilutive 33.33% working
interest in the southern permit ("PS00243") by investing $1,500,000
on a core hole drilling exploration and development program that
focused primarily on the southern portion of its oil shale permits
that resulted in its previously announced contingent resources
report of gross estimates of 1.878 billion barrels of oil
distillate. The Corporation has engaged Hatch Ltd. to prepare a
pre-feasibility study for the development of a Shale to Liquids
Plant and to confirm the commerciality and / or the conditions
required for commerciality of these identified oil shale resources
located on its southern permit. Neither the TSX Venture Exchange,
nor its Regulation Service Provider (as the term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. About Goldnev Goldnev
Resources Inc. is a public energy company focused on conventional
and unconventional oil and gas production with assets in
northeastern British Columbia, southwestern Alberta and an oil
shale development project in east central Saskatchewan. Goldnev
shares trade on the TSX Venture Exchange under the symbol "GNZ."
Anyone wishing to be added to the Corporation's news release
recipients list may forward an e-mail request to
info@goldnevresources.com. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/November2010/03/c8603.html
pon Goldnev, please visit our website at a
href="http://www.goldnevresources.com"www.goldnevresources.com/a,
or email at a
href="mailto:info@goldnevresources.com"info@goldnevresources.com/a
or contact:/p pMr. Marc Damebr/ President and Chief Executive
Officerbr/ Goldnev Resources Inc.br/ Telephone: (403) 237-5711br/
Facsimile: (403) 718-0163br/ E-mail: a
href="mailto:marcdame@goldnevresources.com"marcdame@goldnevresources.com/abr/
Suite 485, 708 - 11th Avenue S.W.br/ Calgary, Alberta,br/ T2R 0E4/p
Copyright
Goldnev Resources Inc. (TSXV:GNZ)
Historical Stock Chart
From May 2024 to Jun 2024
Goldnev Resources Inc. (TSXV:GNZ)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Goldnev Resources Inc. (TSX Venture Exchange): 0 recent articles
More Goldnev Resources Inc. News Articles