December 11, 2006 21:28 ET

Maestro Expands Kings Canyon Property in Utah

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 11, 2006) - Maestro Ventures Ltd. (TSX VENTURE:MAP) is pleased to announce that it has signed an option agreement with Crown Resources Corp. of Colorado, to earn a 100% interest in an additional 1,525 acres of state leases and unpatented mineral claims adjoining Maestro's 2,160 acre property in the Kings Canyon area of Millard County, Utah, USA.

Pursuant to terms of the agreement, Maestro has agreed to pay Crown US$50,000 on the date of TSX Venture Exchange approval of the option agreement, and pay US$1,000,000 or, at the option of the Crown, the equivalent value in common shares of Maestro by the date that is the earlier of either the 7th anniversary of the agreement, or on the commencement of commercial production on the property. Maestro has also agreed to issue 50,000 shares upon TSX Venture Exchange approval of the option agreement and 75,000 shares upon each of the first through seventh anniversaries of the option agreement. The property is subject to a royalty of four percent (4%) in kind of all refined gold and silver and four percent (4%) of the net smelter returns for other metals and minerals, produced from the property. The royalty is currently held by Newmont Mining Corporation (as successor in interest to Franco-Nevada Mining Corporation, Inc. and Euro-Nevada Mining Corporation, Inc.).

Known exploration in the Kings Canyon vicinity began in 1983 when Noranda explored areas several miles to the south of the Kings Canyon area. Others to explore this area include Echo Bay, Gold Star Exploration, and Crown Resources. From 1990 to 1993 Crown conducted drilling programs on numerous jasperoid occurrences within a radius of several miles of the current property. A total of at least 156 drill holes have been completed on the Kings Canyon property for a total of 81,640 feet (24,890 meters). Over 100 of these holes were drilled on the Crown property by Crown, and a total of 47 drill holes were completed on the Maestro area at Kings Canyon by Crown Resources and Battle Mountain Gold.

Allan Williams, President of Maestro Ventures Ltd., comments: "We are excited about expanding Maestro's position in Kings Canyon and look forward to commencing work on the property in early 2007."

On Behalf of the Board of Directors

Allan W. Williams, President & CEO

Maestro Ventures Ltd.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • Maestro Ventures Ltd.
    Allan W. Williams
    President & CEO
    (604) 484-7088
    (604) 484-7044 (FAX)