Kokanee Minerals Inc.
TSX VENTURE : KOK

December 06, 2010 16:42 ET

Kokanee Options Prospective Property in Morogoro, Tanzania

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 6, 2010) - KOKANEE MINERAL INC. (TSX VENTURE:KOK)

The "Company" reports that, in conjunction with its experience and presence in Tanzania, it has optioned a prospective property in the Morogoro area of east central Tanzania.

The property consisting of 19.16 km2 covers the immediate south extension of the zone identified on Sidon International's Morogoro MEG property. The same rocks that host the 1,500 m strike length of that zone continue on to the optioned property. The company is optioning the property from a company owned by the company's director.

Preliminary work has identified quartz veins and new artisanal workings on the Prospecting Licence (PL) that are less than 4 months old. The optioning company made an application for the PL and has received the Offer of Grant from the Ministry of Mines, the United Republic of Tanzania, and has initiated the PL issuance process by paying the preparation fee.

The property is being acquired from a private Tanzanian company for payments of $5 million and issuing 2.4 million shares and completing $5 million in exploration in the next 3 years.

This release has been reviewed by Glen Macdonald, P.Geo., the designated Qualified Person.

On behalf of the Board of Directors

Souhail Abi Farrage, President and Director

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the content of this press release.

Contact Information

  • Kokanee Minerals Inc.
    Abby Farrage
    1 (509) 954-1458
    or
    Kokanee Minerals Inc.
    John Ulmer
    1 (778) 994-6453
    info@kokaneeminerals.com
    or
    Kokanee Minerals Inc.
    Head Office Address
    809 27 Alexander Street,
    Vancouver, BC; V6A 1B2