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News Update


Explorer Expands Ontario Gold Project
News Update

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The acquisition would increase Cross River Ventures' Manitou property land package to 6,570 hectares.

Additions (dark red) to the Manitou Gold Project, NW Ontario, Canada

Cross River Ventures Corp. (CRVC:CSE; CSRVF:OTC; C6R:FWB) announced in a news release it was granted the option, by the existing owners, to acquire 100% of the Lower Manitou gold project in Ontario, Canada.

To exercise the option, the Vancouver, British Columbia-based explorer must make cash payments and issue shares to the owners in three tranches over two years. It will pay $26,000 and issue 200,000 common shares upon execution of the option agreement and on the one year anniversary of that event. On the two-year anniversary, Cross River will pay a final $26,000.

The existing owners will hold a 1.5% royalty on commercial production from the project. However, at any time, Cross River may purchase half of that royalty for $500,000 in cash.

With the Lower Manitou project acquisition, Cross River would expand its Manitou property to 6,570 hectares. Lower Manitou consists of various mineral claims that "host four historic gold occurrences including numerous shafts and workings dating back to the late 1800s," the release noted. Only limited historical drilling has been done there, in 1983.

"The most notable mineralization has been found around the Reliance Prospect; a 2-km long NNE striking zone of well-defined sulfide bearing, quartz flooded shearing over a 20 ft width," the company reported. "The addition of the Lower Manitou claims will allow Cross River to systematically explore these prospective shear zones over an 8km long strike-length to identify targets with the highest chance of significant endowment."

The company noted that "field crews are scheduled to begin prospecting and ground-truthing on the property in mid May, with an initial focus on assessing these mineralized structures and prospecting along these trends to extend mineralization potential."


1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Cross River Ventures. Please click here for more information.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Cross River Ventures, a company mentioned in this article.

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