FOR IMMEDIATE RELEASE
Date: Aug. 21, 2012
MILLSTREAM EXECUTES LOI ON TAMARACK GOLD PROPERTY
Toronto, Ontario – Robert Chase is pleased to report that Millstream Mines Ltd. (TSX- V: MLM, Frankfurt: NJD) has signed a Letter of Intent (“LOI”) with an unlisted public company. The intent is to form a joint venture partnership with Millstream retaining 51% and being the operator. This partnership will endeavour to upgrade the infrastructure, plant facilities and underground workings at Millstream’s Tamarack Gold Property to improve its ore processing capabilities up to a rate of 300 tons per day.
Current negotiations are ongoing to conclude a mutually acceptable Memorandum of Understanding (“MOU”) in the near future. The unlisted public company will be responsible to supply the necessary funds for the planned upgrade at the Tamarack Gold Property. The Tamarack Gold Property is a former high grade gold producer in the Tobacco Root Mountains of south western Montana. The Property is at an advanced stage of underground exploration, development and bulk sampling with a 60 ton per day milling capability, and operates under the Small Mines Exclusion Act of the State of Montana.
About Millstream Mines Ltd.:
Millstream Mines Ltd. is a Canadian-based mineral exploration company whose principle objective is to enhance and develop known mineral properties to production potential. The Company has projects in the Province of Ontario, Canada and in the State of Montana, USA.
The Potter Mine Property is a past producing mine and host to copper-zinc-cobalt “stacked” mineralized zones. Only seven (7) zones out of a total of eleven were used to calculate the resources at Potter. These seven zones occur within the mine area along a strike length of 250 meters, lie within a horizontal across strike (stratigraphic) thickness of 225 meters, and occur within a vertical distance of 725 meters from +50 meters above sea level down to -675 meters below sea level. The Property is located in the Abitibi Greenstone Belt, and more specifically in the Kidd-Munro Assemblage which are highly prolific in gold, silver, and base metal mineralization. The property may be accessed by a mining road off of highway 101, near the town of Matheson in north eastern Ontario and a 390 meter deep shaft resides on the property in tight proximity to the above NI 43-101 defined resource.
Potter Property NI 43-101 Resource Outline
Indicated Resource |
Tonnes |
Copper (%) |
Zinc (%) |
Cobalt (ppm) |
Silver (ppm) |
Gold (ppb) |
3,028,767 |
1.45 |
1.19 |
389.7 |
11.1 |
127.5 |
|
|
|
.039 % |
11.1 g/t |
.128 g/t |
|
Inferred Resource |
2,071,101 |
1.08 |
1.05 |
301.4 |
8.7 |
81.7 |
|
|
|
.0301 % |
8.7 g/t |
.082 g/t |
Exploration properties in the company’s portfolio also include the Uncle Sam gold project property in Montana and the Airport property (Sudbury basin precious metals project) in Ontario.
Further information about these properties and the company is available on our website: millstreammines.com..
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Millstream seeks safe harbour with regard to forward looking statements.
Rob Chase, CFA. President & CFO, Millstream Mines Ltd.
44 Victoria St., Suite 1101, Toronto, ON M5C 1Y2. ph: 416-368-9595