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nrj · 26-05-2005, 15:30

Northwestern signs Letter of Intent to become 100% owner of Picachos Project, Mexico
Thursday May 26, 10:12 am ET

TORONTO, May 26 /PRNewswire-FirstCall/ - Northwestern Mineral Ventures Inc. (TSX-V: NWT - News; OTCBB: NWTMF - News) is pleased to announce an amendment to its Option Agreement with RNC Gold Inc. (TSX: RNC - News) covering the promising silver- gold Picachos Project. The Letter of Intent grants Northwestern the right to acquire a 100% interest in the property portfolio. The Picachos Project includes the 7,700-hectare (19,000-acre) silver-gold Picachos project area located in Durango State and the 17,800-hectare (43,900-acre) Tango gold claims in Sinaloa State.
"Through this Letter of Intent, Northwestern can significantly increase its stake in southwestern Mexico," said Kabir Ahmed, President and CEO of Northwestern. "Based on work conducted to date, favorable geology and the close proximity to producing mines, we believe the Picachos Project hosts exciting potential. We look forward to continued exploration and development at Picachos with a view to reaching commercial production."

The 2005 exploration program at Picachos is continuing, and consists of airborne magnetometer surveys, soil geochemistry and trenching. Work is expected to be completed in the third quarter of 2005. On the Tango gold claims, all of the characteristics reported from an initial exploration program suggest that the property may overlie a significant high-sulfidation epithermal gold system with both bulk tonnage and high-grade vein potential.

Under the terms of the Letter of Intent, Northwestern will be granted the right at feasibility to acquire RNC's remaining 50% stake in the Picachos Project. The purchase price of C$20 million is payable as: C$3 million at feasibility, C$9 million at the commencement of commercial production, and C$2 million on each of the first through fourth anniversaries of the commencement of commercial production. Upon execution of a Formal Agreement, incorporating the terms of the Letter of Intent, Northwestern will issue 100,000 common shares from its treasury to RNC as consideration for the agreement. The shares will be subject to any applicable regulatory hold periods. Completion of this Agreement is subject to board and regulatory approval.

ABOUT NORTHWESTERN:

Northwestern Mineral Ventures (www.northwestmineral.com) is an emerging international exploration company with an experienced management team. The company is focused on properties with potential uranium and iron-oxide copper-gold targets and currently has interests in Mexico's Durango and Sinaloa provinces and Canada's Northwest Territories. Northwestern is listed on the NASD Bulletin Board under the symbol "NWTMF" and the TSX Venture Exchange under the symbol "NWT."

The TSX Venture Exchange has not reviewed and does not accept

responsibility for the adequacy or accuracy of this news release.

This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.

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Source: Northwestern Mineral Ventures Inc.

26-05-2005, 15:30	#63
nrj TBB Goldmember Registriert seit: Dec 2004 Beiträge: 641	wenigstens gibts mal wieder news! Northwestern signs Letter of Intent to become 100% owner of Picachos Project, Mexico Thursday May 26, 10:12 am ET TORONTO, May 26 /PRNewswire-FirstCall/ - Northwestern Mineral Ventures Inc. (TSX-V: NWT - News; OTCBB: NWTMF - News) is pleased to announce an amendment to its Option Agreement with RNC Gold Inc. (TSX: RNC - News) covering the promising silver- gold Picachos Project. The Letter of Intent grants Northwestern the right to acquire a 100% interest in the property portfolio. The Picachos Project includes the 7,700-hectare (19,000-acre) silver-gold Picachos project area located in Durango State and the 17,800-hectare (43,900-acre) Tango gold claims in Sinaloa State. "Through this Letter of Intent, Northwestern can significantly increase its stake in southwestern Mexico," said Kabir Ahmed, President and CEO of Northwestern. "Based on work conducted to date, favorable geology and the close proximity to producing mines, we believe the Picachos Project hosts exciting potential. We look forward to continued exploration and development at Picachos with a view to reaching commercial production." The 2005 exploration program at Picachos is continuing, and consists of airborne magnetometer surveys, soil geochemistry and trenching. Work is expected to be completed in the third quarter of 2005. On the Tango gold claims, all of the characteristics reported from an initial exploration program suggest that the property may overlie a significant high-sulfidation epithermal gold system with both bulk tonnage and high-grade vein potential. Under the terms of the Letter of Intent, Northwestern will be granted the right at feasibility to acquire RNC's remaining 50% stake in the Picachos Project. The purchase price of C$20 million is payable as: C$3 million at feasibility, C$9 million at the commencement of commercial production, and C$2 million on each of the first through fourth anniversaries of the commencement of commercial production. Upon execution of a Formal Agreement, incorporating the terms of the Letter of Intent, Northwestern will issue 100,000 common shares from its treasury to RNC as consideration for the agreement. The shares will be subject to any applicable regulatory hold periods. Completion of this Agreement is subject to board and regulatory approval. ABOUT NORTHWESTERN: Northwestern Mineral Ventures (www.northwestmineral.com) is an emerging international exploration company with an experienced management team. The company is focused on properties with potential uranium and iron-oxide copper-gold targets and currently has interests in Mexico's Durango and Sinaloa provinces and Canada's Northwest Territories. Northwestern is listed on the NASD Bulletin Board under the symbol "NWTMF" and the TSX Venture Exchange under the symbol "NWT." The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. -------------------------------------------------------------------------------- Source: Northwestern Mineral Ventures Inc.