VANCOUVER, British Columbia, Aug. 13, 2002 (PRIMEZONE) -- Alchemy Ventures Ltd. (TSX Venture Exchange:ALY) announced today it has completed the final assignment agreement with Idaho Industrial Minerals ("IIM"), a private Idaho corporation, securing Alchemy's right to acquire a 100% interest in certain mineral lease applications in Latah County, Idaho (the "Helmer-Bovill Property") subject to the approval of the TSX Venture Exchange. To expedite the evaluation and, if warranted, the development of the Helmer Bovill Property, Mr. Roger Kauffman, has agreed to join the board of directors of Alchemy Ventures Ltd. and has been appointed, President, CEO and Chairman. As part of the reorganization, Roderick Christie has resigned as a director and officer.
Under the terms of the agreement Alchemy may acquire a 100% interest in 14 lease applications that comprise the Helmer Bovill property by making share issuances to IIM totaling 1.75 million shares. The share issuances will be based upon certain milestones being reached including perfection of the lease applications and completion of a positive feasibility study. As part of the regulatory approval process of the agreement, Alchemy has commissioned an independent engineer to complete a geological report in accordance with BC Policy 43-101. This report has been completed and will be submitted to the regulatory authorities for approval along with the assignment agreement.
The Helmer Bovill property hosts feldspar and kaolin mineralization of economic interest. The minerals of economic interest are hosted in zones of residual clays. Clay deposits have been identified throughout the area, some of which have been the subject of previously successful mining efforts. The next phase of assessment of the property will be a systematic drill program to allow for definitive characterization of the clays within the areas tested. This testing will assess the characteristics of both the kaolin and feldspar mineralization. Preliminary sampling from a select area of one of the clay deposits indicates a highly desirable feldspar product can be produced.
To guide the company through the next stages of its development, Roger Kauffman has agreed to join the company's Board of Directors and has been appointed President and CEO. Mr. Kauffman has significant mining experience having over 30 years in the industry and has held the position of Executive Vice President, COO and Vice President of Industrial Minerals with Hecla Mining Company and President, Vice President and COO with Amax Gold. Mr. Kauffman's experience also includes numerous years of mine operations, engineering and mine construction experience.
During Mr. Kauffman's tenure at Hecla Mining Company he was responsible for the operation, development and growth of Hecla's highly successful industrial minerals operations including The KT-Clay Company and The Colorado Aggregate Company. Alchemy is very pleased to announce Mr. Kauffman's appointment with the Company and feels that his background and experience will be very beneficial to the proposed development of the Company's properties.
With the appointment of Mr. Kauffman, the board of directors of Alchemy Ventures Ltd. is now comprised of Allan Ball, Roger Kauffman and Barry Girling. A fourth director is expected to be appointed shortly. Roderick Christie will provide interim consulting and transition services to the company during the reorganization period.
As part of the management and corporate reorganization, Alchemy is in the process of relocating its offices to the downtown Vancouver core. For additional information on Alchemy Ventures Ltd. or the Helmer Bovill Property, please contact Barry Girling at:
Alchemy Ventures Ltd. 900 - 580 Hornby Street Vancouver, BC V6C 3B6 Telephone 604-806-0626 Facsimile 604-684-0642 Email wbg@malaspinaconsultants.com On behalf of the Board of Directors of Alchemy Ventures Ltd. "Barry Girling" Barry Girling, B.Comm. Director and Secretary
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.