On September 15, 2006,
Beeston Enterpises Ltd. (“Beeston” or the “Company”) acquired a 100 %
interest in 19 contiguous mineral claims, referred to as the “Ruth Lake
Property”, from Candorado Operating Company Ltd. (“Candorado”). Under
the terms of purchase, the Company will be required to pay a royalty
of 2 % of net smelter returns on any production from these claims,
subject to a $1,000,000 royalty pay out.
Subsequent, on January
31, 2007, upon payment of a total of $50,000, Beeston obtained an option
to acquire up to a 60 % interest in three mineral claims, referred to as
the “Bluff Lake Property”, also from Candorado. These mining claims are
located approximately 8 km north west of the Ruth Lake Property.
Beeston can earn an undivided 50 % interest in the Bluff Lake Property
by carrying out a $200,000 exploration program on the property by
December 31, 2007. Upon acquiring a 50 % interest in the Bluff Lake
Property, the Company has a further option to acquire an addition 10 %
interest in this property by carrying out a $250,000 exploration program
thereon by December 31, 2008.
The Ruth Lake Property
and the Bluff Lake Property are both situate within the geological
Quesnel Terrane, also know as the Quesnel Trough. This geological are
hosts the Mount Polley, Mount Milligan and Lorraine alkalic copper-gold
deposits to the north of these properties and the Rayfield River, Afton-Jax
and Copper Mountain mineral deposits to the south. The GWR Resources
Inc.’s Lac La Hache property borders the Bluff Lake Property to the
south and is within approximately 5 km to the west of Beeston’s Ruth
Lake Property.
The Company carried out
a small exploration program on the Ruth Lake Property in 2007 and will
be carrying out another small exploration program on this property in
2008. The exploration program planned for 2008 will follow up on the
results of its initial exploration work performed in 2007.
Due to labour and
equipment shortages in the industry in 2007 resulting from the
significant increase in exploration and development activity in British
Columbia during the year, the Company was only able to complete the
initial phase of a two phase exploration program on the Bluff Lake
Property. However, the Company was able to obtain an extension for the
completion of the second phase of its exploration program to June 30,
2008. Beeston will carry out a $165,000 exploration program on the
Bluff Lake Property during late spring 2008 which will be more than
enough for it to exercise the option to acquire a 50 % interest in the
Bluff Lake Property. Based on the results of this exploration program,
the Company will decide on whether or not to perform additional
exploration work in 2008, with or without the intent of exercising the
option for an addition 10 % interest in the Ruth Lake Property.
In an effort to complete
more exploration work on it large holding of mining claims, on January
18, 2007 Beeston granted an option to Kranti Resources Inc. (“Kranti”),
a junior resource company, on one of the mining claims comprising its
Ruth Lake Property. Kranti can acquire a 100 % interest in this mining
claim, subject to a 2 % net smelter royalty to each of Beeston and
Candorado, upon payment of the sum of $20,000 to Beeston, which has been
paid, plus the performance of $175,000 of exploration work on the mining
claim over a period of four years. Kranti recently completed a
preliminary exploration program for $25,000 on this mining claim.
Visitors to this Web
Site are invited to view the more detailed presentations of the Ruth
Lake Property and the Bluff Lake Property that are contained in the web
links to this Web Site.
