Continuum and Tribute Signed Agreement on the Richardson Lake and McIntyre Mine Property
August 21, 2003
Continuum Resources Ltd. ("Continuum" TSXV: CNU) and Tribute Minerals Inc. ("Tribute" TSXV: TBM) are pleased to announce that they have signed an agreement on the Richardson Lake and McIntyre Mine Property, effectively combining these two projects. The adjoining properties are located in the Red Lake Mining District, approximately 115 kilometers NE of the town of Red Lake, in the Birch-Uchi greenstone belt. The properties adjoin the Casummit Lake property which contains the past-producing Argosy gold mine, currently being explored by drilling by Wolfden Resources Inc. and Cangold.
This new agreement amends the terms and conditions of the previous agreement entered into between Tribute and Continuum. Under the new agreement, Continuum must spend $1,000,000 over three years on the combined property, and meet the property expenditures of $350,000 on the McIntyre property. Continuum can earn an initial 50% interest by: meeting its work commitments; covering the property payments totaling $80,000 over two years; and deliver to Tribute 100,000 shares of Continuum on or before November 1, 2003. Continuum will be the operator for the new combined project and by funding the project through to production in a five year period after earning the initial 50% interest, Continuum can earn an additional 20% interest.
Tribute will also receive a 50% interest in Continuum's 70% interest in the McIntyre Mine Property. Should Continuum take the McIntyre Mine property to production it would earn a further 20% interest in the combined Continuum/Tribute 70% interest.
Work is scheduled to begin on the property in the next ten days. An initial geological mapping and geochemical survey will be conducted to define targets east and south of the Argosy Mine, which is situated approximately 600 meters west of the Richardson Lake property. Following the ground survey Continuum plans to drill if suitable targets are located.
Past exploration, including drilling, by others on both the Richardson Lake and McIntyre properties has returned significant gold intersections. Better intersections at Richardson Lake include 1.72 ounces of gold per ton (oz/t Au) over 0.49 meters, 4.42 oz/t Au over 0.37 meters, 0.48 oz/t Au over 1.36 meters, and 0.25 oz/t Au over 1.36 meters. On the adjacent McIntyre property, past drilling has returned values of gold up to 0.54 oz/t over a core length of 9.2 meters.
On Behalf of the Board of Directors,
Ian A. Brodie-Brown President & C.E.O.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tribute Minerals Inc.
Ian Brodie-Brown
President and C.E.O.
(416) 368-2929
(416) 601-1450 (FAX)
info@tributeminerals.com
www.tributeminerals.com
The TSX Venture Exchange has neither approved nor disapproved of the contents of this
release.
