Ontario gold rush in offing? Wed, August 11, 2004 Pickle Lake site promising
By KATHLEEN MARTENS, BUSINESS REPORTER
Modern-day Manitoba prospectors are reporting a second, albeit unconfirmed, gold strike. Brian Rivet, president and CEO of King's Bay Gold Corp., is expecting proof today his company has tapped a lucrative vein at Pickle Lake, Ont.
"This is going to excite a lot of people," Rivet said of high-grade samples retrieved from six drill holes near the site of four former gold mines.
"The gold rush has started now."
Rivet said King's Bay has been exploring the site seven kilometres from Pickle Lake for the past four years.
This latest discovery follows the company's November 2003 find of high quality gold in Ontario's Red Lake mining district.
"It looks very good visually. We just need the lab results to confirm it," said Rivet, who credited favourable geologists' reports for encouraging his company to explore the area.
Rivet also said federal government support, in the form of tax credits for investors, has created a ready supply of cash to fund exploration that can turn shareholders into millionaires overnight. As a result his company is debt-free, he added.
Gold was selling for $250 US an ounce, and competitors were leaving the industry when Rivet bought the Pickle Lake property for $50,000. The mineral was trading at about $400 US an ounce yesterday.
The site of the lucky strike is near dormant mines that were active during the Second World War, Rivet added. Six other mining companies have set up shop nearby, and he expects to see more activity from them now.
New technology has also made it possible to re-explore old mines, said Rivet, whose company has 12 sites in northwestern Ontario located close to current or past producing mines.
"This year, there's been about 15 mines in Canada that have re-opened that were supposed to be mined out."
About 90% of the five-year-old company's investors are Manitobans, he said. King's Bay trades on the Toronto Stock Exchange under the KBG symbol.
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