News

February 17, 2009

Hidefield Decides To Focus Its Exploration Activities On Argentina And Retreat From Alaska and Brazil

By Charles Wyatt

Aim-traded Hidefield Gold has not been too busy on the news front of late, but as chairman Ken Judge explains “in difficult times it is better to get on with overdue restructuring rather than attempting much in the way of promotion.” Just last week, he announced that Hidefield was going to sell its interest in the South Estelle project in Alaska to Millrock Resources. At one time Millrock had an option to acquire an 80 per cent interest in the South Estelle project from the Golden Zone joint venture in which Hidefield partners Mines Trust, but that arrangement has been superseded by this latest deal which gives Millrock a 100 per cent interest in the South Estelle project. Hidefield for its part ends up with US$100,000, a million shares in Millrock and a one per cent net smelter royalty which could be worth a bit if Estelle is taken into production.

Hidefield has a 60 per cent interest in the Golden Zone project, and an option to earn up to 100 per cent, subject to a 2.5 per cent net smelter royalty (NSR), by making a series of staged cash, share and property expenditures. The Golden Zone property is located 240 kilometres north of Anchorage and contains a measured and indicated resource of approximately 253,000 ounces of gold, 1,180,000 ounces of silver, and 6,114,000 pounds of copper. The South Estelle property is located approximately...