Radisson picks up moly properties (January 16, 2006)

Following on an option agreement with two local prospectors, Radisson Mining Resources (RDS-V) has assembled a land package near Vickers Lake, 100 km south of Dryden in northwestern Ontario, with plans to explore for molybdenum and gold.

The option dealt by prospectors Sherridon Johnson and Kevin Prouty covered 32 claim units (about 5 sq. km) over a surface showing of veins exposed in a road cut on a provincial secondary highway. Grab samples from the showing and other surface exposures in the immediate area ran 0.15% to 0.64% molybdenum.

Johnson and Prouty get $50,000 in cash and 50,000 shares of Radisson, and keep a 2% net smelter return that Radisson can buy out for $1 million.

Radisson has since staked a further 13 sq. km in the Vickers Lake area and other claims near Manitou Lake, and has optioned another property near the showings from a prospecting syndicate. The syndicate receives $68,000 cash and 50,000 shares of Radisson over three years, and retains a 2% net smelter return.