GREENWOOD VILLAGE, Colo., April 15, 2004 (PRIMEZONE) -- Calais Resources, Inc. (OTCBB:CAAUF) herein the "Company" announces that it has entered into an agreement to acquire all outstanding interests to the operational and acquisitional agreements for the patented and unpatented mineral rights at the Nevada Manhattan Gold District from Argus Resources, parties associated with Argus Resources, and White Caps Mines.
The new agreement between Calais, Argus Resources, parties associated with Argus, and White Caps Mines allows Calais to obtain 100% ownership of all of their mineral interests included in the Nevada Manhattan Gold District. Calais now claims 100% interest to acquire all of the Nevada Manhattan Gold District patented and unpatented mineral rights from the previous parties involved, agreements.
Also in the new agreement, Calais and the parties involved agreed to a future buydown provision on the NSR royalties whereas Calais or interested parties could acquire up to 4% of applicable 5% NSR royalties as recorded in the Nevada property agreements for $3,000,000 per 1%. This agreement is very important as it resolves the issue that the project may be economically unfeasible due to a 5% NSR royalty.
Calais and other affiliated parties have held interests in the Manhattan Gold District agreements since 1982. The Manhattan Gold District now over 2628 acres of mineral interests, lies directly between two major discovered gold deposits. The district lies 12 miles south of the world class gold producing deposit at Round Mountain operated by Barrick. Barrick and the Round Mountain deposit produced 758,298 ounces of gold in 2003, with mineral reserves 1.6 million ounces of gold in 2003 (source: barrick.com/1 Global Operations). The district also lies 17 miles north of the major new gold discovery at Midway operated by Midway Gold and Newmont Mining.
Calais is obviously very optimistic of the recent agreements due to the location of the Nevada Manhattan Gold District, in respect to the large discoveries near the Manhattan district.
Cautionary Note to United States Investors Concerning Forward Looking Statements
The future conduct of the company's business and its response to issues raised by third parties are dependent upon a number of factors, and there can be no assurance that the company will be able to conduct its operations as contemplated. Certain statements contained in this release using the terms "may", "expects to", "projects", "estimates", "plans", and other terms denoting future possibilities, are forward-looking statements in accordance with the Private Securities Litigation Reform Act of 1995. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability.