VANCOUVER, British Columbia--(BUSINESS WIRE)--May 13, 2002--Falcon Ventures International Corp. (CDNX: FNV - News) has completed a purchase agreement for 10,000 acres of land with various airborne magnetic features in the Otish Mountains area of Northern Quebec. Ditem Exploration and Ashton Mining have discovered kimberlitic intrusions, some of which are highly diamondiferous in this region. (See Ashton Mining press release dated Dec 17, 2001 "Renard 1 & 2")
The acquired properties consisting of 83 claims are located in 3 areas of interest. The first is 40 km South East of the Ashton discovery situated along a key structural corridor. The second area is situated between the Ashton and Ditem discoveries. The third area selected is located at the junction of the Wemindji and Otish structural corridor.
The properties are suggestive of the presence of over 35 exploration targets.
The terms of the agreement provide for Falcon Ventures to purchase from Polestar Staking Ltd. an undivided 100-per-cent interest in 4315 hectares of diamond exploration claims for a cash payment of $10,000 and 300,000 Falcon shares. The Vendor will retain a Royalty of two percent of the Net Smelter Return ("NSR") with respect to the metals and a two percent of the gross proceeds of production ("GPP") with respect of other minerals. Falcon may purchase these rights for two million dollars or any portion thereof at any time. Claims are pending final approval by Quebec Ministries of Natural Resources.
Falcon Ventures welcomes the opportunity to participate in exploration associated with the recent diamond discoveries of Quebec.
On behalf of the Board
- "David Power"
- President and Director
TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Falcon Ventures International Corp. David Power, 780/454-4950