Status of Adrian claims still unsettled

Shareholders of Adrian Resources (VSE) are still awaiting final status on title to ground strategically situated adjacent to the Eskay Creek project in northwestern British Columbia.

Recently, Adrian received copies of an inspection report recommending the DUP 3 claim be cancelled in response to a complaint filed under Section 35 of the Mineral Tenure Act.

The claim is part of the property held by Adrian under option agreements with two separate parties allowing it to earn either a 50% or up to a 100% interest in the claims.

Because of the recent recommendation that the DUP 3 claim be cancelled, Adrian said no further consideration is payable under the agreement with Paul Dupras and Alex Briden until the option holders under this agreement “conclusively prove title to the ground covered by the DUP claims.”

The DUP 1-3 claims replaced the SKI 1-3 claims that were cancelled by the Chief Gold Commissioner in 1988. The SKI 1-3 claims are subject to an agreement between Adrian and Arc Resource group. Arc has since appealed the decision of the Chief Gold Commissioner to cancel these claims.

If the DUP 3 claim is cancelled, it will be replaced by the IKS 3 claim which is subject to the agreement between Adrian and Arc.

Adrian is also awaiting inspection reports for the DUP 1 and DUP 2 claims which are also subject to Section 35 complaints. If they are cancelled, they will be replaced by other claims subject to the agreement between Adrian and Arc.

Adrian also announced the completion of a 45-mile winter road adjoining the Hyland gold property to the Alaska Hwy. The Hyland gold project, 44 miles northeast of Watson Lake in the Yukon, is a joint venture involving Adrian with 30%, Silverquest Resources (VSE) with 40%, and NDU Resources (VSE) with the remaining 30% interest.

The partners are planning a 19,500-ft. reverse circulation drill program to start in late February or early March. The exploration target is a sediment-hosted, bulk tonnage prospect outlined by trenching during the 1988 season.