ACFAW.COM
CNSX : ACW

December 10, 2009 13:23 ET

ACFAW.COM Acquires 101 Platinum Group Mineral Claims in Quebec, Intends to Complete a Non-Brokered Private Placement and Proposes a Change of Core Business

MONTREAL, QUEBEC--(Marketwire - Dec. 10, 2009) - ACFAW.COM. (CNSX:ACW) announces that it has acquired important platinum and platinum group element land packages in Quebec from St-Georges Minerals Inc., and arranged a financing of a minimum of $250,000 up to a maximum of $750,000 of units, each unit being comprised of one common share at a price per share of $0.05 and one full share purchase warrant enabling its holder to purchase one common share of the Company at $0.25 for thirty-six months following closing. Proceeds from this private placement will be used for the implementation of the new business strategy and for general working capital purposes. Finder's Fees and/or relating commissions are expected to be paid in connection with this proposed private placement.

By completing this major acquisition, the Company further intends to change its core business and orientation and accordingly, an Extraordinary and Special Meeting of the Shareholders to vote on the proposed change of orientation is in preparation.

PROPERTIES ACQUIRED

ACFAW.COM further announces that it has entered into agreements to acquire, subject to Shareholder and regulatory approval, a total of 101 claims for 50.5 km2 in Quebec's Abitibi and North Shore regions. Historical work in both regions have shown an excellent potential for PGE systems. The properties are outlined as follows:



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PROPERTY NAME CLAIMS HECTARES KM2
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VILLEBON 23 981.38 9.81
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LAC JULIE 17 852 9.35
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ISOUKUSTOUC COMPLEX 32 1,603 17.6
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MANICOUAGAN CONSTELLATION 29 1,453 15.95
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TOTAL 101 5,060 50.5
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Villebon Property

The Villebon property is located less than 2 kilometers east of Provincial Highway 117, about 21 km south of Louvicourt village and about 45 km south-east of Val d'Or. The property is located more precisely close the north boundary of LaVerendrye Provincial Park. Provincial Highway 117 links Val d'Or to Montreal.

The Property hosts kilometric long mafic-ultramafic intrusives in the Val-d'Or greenstone sequence, of which a portion hosts the Villebon Zone with a historical mineral resource of 421,820 tons grading 0.72% Nickel, 0.52% Copper and 1.09 g/t Platinum (Scott, 1987), based on eight historical drill holes (non-NI 43-101 compliant).

The Property was jointly acquired by St-Georges Minerals Inc. and LiteWave Corp from Fancamp Exploration and Sheridan Platinum in February 2009. The Company agreed to acquire St-Georges' portion of the Property and its obligations. St-Georges issued 2,225,000 shares to the vendors, and Litewave is required to pay $200,000 over two years and then an advance royalty payment of $20,000 on an annual basis. The Property is subject to a 2% Net Smelter Return ("NSR") on 18 claims and to a 1% NSR on 5 claims covering the Villebon Zone. A total of 1% of the 2% NSR can be purchased for $1,000,000. LiteWave would assume a remaining property payment of $80,000 on the Villebon Zone 5 claims to Tectonic Resources as well as an existing 2% NSR, of which 1% can be purchased for $1,000,000.

Isoukustouc Complex and Lac Julie Properties

The Isoukustouc Complex of the Property (Manic III, Mathilda and B40) are located less than 10 kilometres west of the Manic-3 hydro generating station within the Manicouagan Reservoir. The Lac Julie Property is located approximately 65 kilometers further to the east, close to Lac La Blache.

The Manicouagan region is situated at the intersection of Highways 138 and 389. Provincial Highway 138 links Montreal and Natashquan and follows the north shore of the St. Lawrence River. Highway 389 provides access to the mining towns of the northeast and links Baie-Comeau to the Labrador border.

In 1998, Outokumpu Mines Inc. performed helicopter-borne magnetic and electromagnetic surveys (2,519 line-kilometers) as well as geological mapping and ground geophysical surveys on the Lac La Blache area that included the Lac Julie Property. The Lac Julie Ni-Cu occurrence was discovered during time linked to a dyke or sill, containing up to 1.51 % Ni and 0.31% Cu. The Manic III occurrence was discovered by Phil Boudrias in 1986. In 2001, Fancamp Exploration Ltd. undertook trenching of two (2) nickel-copper-cobalt showings on Manic III, with the significant assay results of 2.4% nickel, 0.55% copper and 0.12% cobalt.

Mineralization at Mathilda consists of disseminated and massive vein pyrrhotite, chalcopyrite, pyrite, pentlandite and trace molybdenite in sulphides hosted in a pyroxenite dyke. Assays grade up to 1.5% nickel, 0.67% copper and 0.31% cobalt in different samples.

Assay results on B40 (Isoukustouc Proper) yield 3.84% Ni, 17% Cu, 0.2 % Co and 1400 ppm PGE.

Manicouagan Constellation of Properties

Located north and west of the town of Baie-Comeau, Quebec, the Manicouagan Constellation is constituted of 8 distinct mineral exploration properties. These properties were held by St-Georges and planned to be developed through a 50-50 Joint-Venture agreement with LiteWave Corp. an American (Nevada) public corporation (OTC: LTWV) which holds various mining properties owned by St-Georges. The Company plans to assume the current financial obligation of St-Georges and work in collaboration with LiteWave Corp. to evaluate the full potential of these properties.

The properties are located in the general area of the Manicouagan River along the North Shore of the St. Lawrence River, and will be explored not only for Platinum and Palladium, but also Gold, Cobalt, Copper and Nickel. The properties were part of a regional lake-bottom sediment survey completed by the Ministere des ressources naturelles et de la Faune (the "MRNFQ") in early 2000 and showed significant Nickel, PGE's, Precious and Base Metals anomalies which were further prospected in subsequent years by local North Shore prospectors. The properties are summarized as follows: (click on the following link: http://media3.marketwire.com/docs/acfawcom.pdf)

An independent NI 43-101 Technical Report for these properties was commissioned from Consul-Teck Mining Consultants (of Val-d'Or, Quebec) by St-Georges and LiteWave Corp. It will be provided to the Company with an accurate claim status, an account of the historical mineral resources and provide an independent recommendation for future exploration programs. The report should be ready for publication before the end of the December 2009.

ASSET PURCHASE

In payment for the 101 Platinum Group Mineral Claims the Company intends to purchase, the Company will issue to shareholders of St-Georges a total of no less than 117,900,400 common shares.

Jean-Sebastien Lavallee P.Geo, a qualified person under NI 43-101, has reviewed and approved the technical content of this release. Mr. Lavallee has over 15 years of exploration experience in Canada, having worked as a consultant for numerous exploration companies through Consul-Teck Exploration Inc.

CORPORATE STRATEGY AND CHANGE IN BUSINESS DIRECTION AND ORIENTATION

The board of Directors of the Company agreed to negotiate with current management of St-Georges for a transition from the current main business of web-service provider to the business of Mining Exploration and to transfer to the St-Georges' Management the control over the Company's operations. Two (2) directors suggested by St-Georges should join the board of directors of the Company within the next few days.

The closing of the current proposed transaction would trigger a change of control of the Company that has to be approved by the shareholders in an Extraordinary and Special Annual Shareholders Meeting. The date and the place of the meeting should be announced later this month and should take place early 2010.

Shareholders will have to vote on new directors proposed by the Company and approve a name change.

ON BEHALF OF THE BOARD OF DIRECTORS

Francois Houille De Beaulieu
President

Contact Information

  • ACFAW.COM
    Fr. H. de Beaulieu
    President
    514-933-1503
    514-933-9871 (FAX)
    ceo@acfaw.com