News

July 07, 2008

Mill Bay Ventures Follows An Old Mining Adage And Cozies Up To Goldsource Mines’ Saskatchewan Coal Property

By Christian Gradley

Probably the most well known and oft-repeated adage in mining is: “the best place to look for a new mine is near an old mine”. Mill Bay Ventures and its president, William Glasier, have put the saying into regular practice. “The reason people put a lot of weight in the old adage,” Mr Glasier says, “is because like most other ancient adages, it has been tested by time and has proven itself as a truth”. Hoping that the adage can continue its centuries-old string of wins, the company has snapped up land in Saskatchewan near Goldsource Mines’ exceptionally exciting coal intercepts, as well as a number of gold properties in Nevada adjacent to Barrick, Newmont and Kinross projects, and land in British Columbia near two proven gold mines.

To start from the top: at the end of April, Goldsource Mines announced that it had intercepted 22.6 metres of continuous coal, ranked as high volatile bituminous C and sub-bituminous A, in two separate holes that it had drilled more than 1.5 kilometres apart. Mere days later, in keeping with its subscription to the “old truth,” Mill Bay Ventures had secured a coal prospecting permit encompassing more than 18,000 hectares due west of Goldsource. Since securing this initial permit, Mill Bay...